"Streetwear is analogous to an artist’s street art or a hip-hop artist’s lyrics: picking a spot and dropping a signature.”
I read the HYPEBEAST & Strategy& Streetwear Impact Report so you don’t have to. A long thread ⬇ 👟
❌ 2/3 of consumers believe streetwear products don’t go out of style
🛒 Key tool powering streetwear’s DTC relationship is the “drop” model
🎶 80% of consumers report hip-hop/rap as a key influence
💰 70% of consumers reported an income of <$40K
Spend and retail trends:
👟 Consumers spend up to 5x on streetwear than non-streetwear
⬆ Asian consumers have the highest streetwear per month
👌 $100-300 per product is the sweet spot for pricing
📣 2/3 of consumers reported high importance on brand activism
The distinction between streetwear + the fashion industry is who drives taste-making. Streetwear subverts the insider formula with a more democratic model.
Pioneers/inspos: Jebbia (Supreme), Shawn Stussy (Stussy), Warhol, Basquiat, Dapper Dan (DJ), Fujiwara (DJ/designer), Abloh
Key moments in the industry:
2011 venture investment in Japan’s @BAPEOFFICIAL
2017 Supreme x LV collab with Abloh as Vuitton’s creative director
2017 Supreme’s sale to The Carlyle Group for $500M
2018 Concepts deal with Zappos
2018 Stadium Goods investment from LVMH
📈Insta acct Diet Prada (critiques of industry knockoffs) has 1M+ follows
📱Brands have proven DNVB viability with brands like Anti Social Social Club, Brain Dead exclusively online
🎨Influences other than musicians include contemporary art (42%), sports (40%)
Double clicking on streetwear’s “drop” model...
🛒 54% of consumers are willing to wait in line for a product drop
🛍 53% prefer physical brand stores, 42% prefer brand’s e-commerce site, 28% prefer resale
💻 StockX, Insta, FB groups as most frequented resale platforms
Consumers are young + discerning, in almost cult-like relationship with brands that D2Cs are desperate to crack. The undeniable cool + practicality that drives streetwear obvi sells for extremely high prices (but only 'authentic', savvy brands and resellers succeed).
Simply put, streetwear is not a trend within fashion but rather the fashion component of a larger popular culture shift that spans fashion, art and music. It's contingent, almost exclusively, on know-how. Here's looking at you, Millennials + Gen Z.
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