According to a new survey, Fashioning The Future, by the Fashion Retail Academy, today’s Gen Z fashion students have aspirations to be their own bosses.
When asked to give three choices as to “What kind of fashion business would you most like to work for”, 51% of students expressed an interest in setting up their own business after they graduate, in a strong demonstration of Gen Z’s entrepreneurial spirit.
Almost three-quarters (73%) of fashion students polled said they would most like to work for a luxury brand. This suggests they may be prioritising earning potential in a sector of the industry that is perceived to be higher-paying, particularly as the majority of those surveyed said that salary was important to them when looking for a job in retail.
Meanwhile, 30% said they would most like to work at an independent boutique, 23% of respondents said they would most like to work for a streetwear or sportswear brand, and just 15% for an ecommerce fashion retailer.
When asked what their three greatest concerns are around their future career in fashion, ‘pay not keeping pace with inflation’ ranked highest by a distance, with 67% of respondents singling it out as a concern.
Other concerns were ‘not being able to secure a job with my preferred employer’ (32%), ‘not being able to develop new skills’ (28%), ‘uncertainty over long-term job security’ (27%), ‘job role threatened by the rise of AI’ (26%) and ‘lack of flexible working options’ (23%).
Just 17% of students said ‘lack of wellbeing and mental health support’ was a concern, 15%‘Diversity, Equity & Inclusion not being prioritised by employers’ and 12% ‘companies not taking sufficient action on sustainability’.
When asked what three things are most important to them when they look to secure a job in fashion and retail, ‘salary and other health and wellbeing benefits’ secured the biggest chunk of the vote, with 55% of respondents marking it down as important.
In second place of important factors when looking for a job, 47% of respondents said ‘a diverse, equal and inclusive work culture’ while, in third place, securing 46% of the vote, students identified ‘promotion prospects and a clear career path’ as crucial to future roles. Other factors identified as important when seeking a job were ‘flexible work’ (37%), ‘ongoing training and development’ (29%) and ‘appeal of the employer as a brand’ (23%). Only 8% of those polled said the financial health of their prospective employer was important.
Among the students polled, 44% were expecting initial salaries to be between £20,000 and £24,999, while 36% were expecting a salary between £25,000 and £29,999. Only 2% of respondents expected to start on a salary of over £40,000.
Meanwhile, almost half of survey respondents (48%) said they would accept a less competitive salary and benefits package to work at their favourite brand, or a company that is closely aligned with their values.
Lee Lucas, CEO, Fashion Retail Academy, commented:
“This initial survey of the fashion leaders of tomorrow revealed some things that were expected and others that perhaps weren’t.
“The fact that more than half of those fashion students polled said they would like to start their own fashion or retail business, suggests a strong entrepreneurial spirit within Gen Z, which bodes well for the future.
“Amid the ongoing cost of living crisis, and with inflation in the double digits not so long ago, it’s no surprise that the greatest concern among students is their salary not keeping pace with inflation.
“At the same time, it’s interesting that almost half of respondents would take a reduced salary if it meant they could work for their favourite brands. It’s also understandable that over a quarter of students are concerned about AI given the speed at which this technology is advancing.“