The report said younger consumers favour friends recommendations over celebrities when making purchases, with half of the consumers more likely to buy products through a friends recommendation, than through influencer or celebrity recommendation. This is contrary to many brand strategies that invest heavily on endorsements either through celebrities or through influencers on social media platforms.
"We have seen a demand uptick of over 105% year-on-year in the first half of the year (January-June 2023) in the Gen Z fashion segment," a spokesperson for fashion platform Myntra, which has over 8.6 million Gen Z consumers, said. "We have witnessed over 550% increase in search keywords like "hot pink" and "Barbie." Social media and OTT platforms wield significant influence over Gen Z consumers," she said.