Denim will always be classic, and for millennials (ages 18-34), it is all they can think about. In a study done by NPD, millennials represent 28 percent of all jean sales in the U.S., showing a renewed interest in the denim market.
In the last 12 months, ending in May 2015, jean sales as a whole have fallen 5 percent, but for Millennials, it increased by 2 percent. So while jeans are losing popularity with many of Americans, millennials will not let denim die. Especially the older part of the group, as 13 percent of sales come from ages 25-34.
“Denim is facing a real opportunity to build on past and present success with subtle strategic changes. While the industry is not yet in a state of recovery, brands are focusing their energy on the younger customer base, where jeans sales are growing,” said Marshal Cohen, the chief industry analyst for The NPD Group, Inc.
Recently, NPD conducted a survey revealing that 63 percent of people said ‘they love their jeans’, but it must be a specific pair because only 32 percent of those actually bought a new pair in the past 5 months. The study also determined that, “1 out of every 4 consumers said they can’t find jeans they like or that fit well anymore.”
Cohen brainstorms to come up with a solution to this ever-growing problem by producing jeans that are versatile for all age groups and styles.
“There are missed opportunities across the denim retail landscape, from the limited distribution of classic styles, fuller cuts, and peripheral specialty sizes, to the absence of color that is living large in so many other industries. Providing a broader mix of product that appeals to a broader audience, with variety stocked in stores, will help to bridge the gap between what consumers are buying, what they want to buy, and rejuvenation of the denim market,“ Cohen announces.
With all the vintage love coming from millennials, it is no surprise that they have been the largest denim consumers lately. Overalls, high-waisted shorts, denim skirts and dresses, have all come back to style in recent years and just in the last couple of months.
Denim, a true American staple, is hard to ever see dying, but to be sure, the industry will keep appealing to more than just the millennials.