Wemanage Journal: dataFORMAT_05 — Digital Life
This month the fifth episode of our column in which we analyze the data coming from the new trends in the world of fashion and luxury, thanks to the data provided by Fashion in Process Research Lab (FiP) of the Politecnico di Milano, is dedicated to the in-depth study of a theme we have already mentioned in the past: the new opportunities provided by the evolution of digital life.
According to the data, in fact, the new generations seem increasingly interested in the development of digital life: given that the latest data, dating back to 2020, have analyzed that Gen Z spends on average at least 8 hours a day in front of the screens. These soaring levels of engagement have spawned a new generation of digital fashion creatives pushing the limits of possibility online. Brands, meanwhile, see the emerging “metaverse,” in which people work, play, socialise and shop, as an opportunity to engage more deeply and creatively with their customers and unlock new value streams.
And this can make high fashion much more accessible and aimed at a varied audience: the price range for Prada, Thom Browne, and Balenciaga’s complete look in the Meta fashion store is $ 2.99 to $ 8.99. These aspects trigger reflections on how wearing these skins on our digital avatar could be a unique, value-signaling, and experimental language to express ourselves and a significant driver of the creative economy, or if they will only be another vehicle for imitation and brand advertising . A new field that some pioneers have been experimenting with for some time: for the first time in 2019, Quantstamp CEO Richard Ma gave his wife a $ 9500 dress that did not physically exist. Today digital fashion represents the connection between virtual reality and tailoring. Indeed, working solely in digital allows designers to create objects that push the boundaries of the extravagant and the possible since digital clothes are coined and sold as NFT on online platforms or used as filters on social media. And this could also mean a drastic reduction in waste and overproduction in industry, also given the attention that the new generations give to environmental issues, favouring brands that are sensitive to social issues.
And the evolution will not only concern fashion, but also its ambassadors: Lil Miquela, a digitally created influencer, now has more than three million followers on Instagram. A profile that collaborates with brands such as Calvin Klein and Prada and personalities such as Millie Bobby Brown, and Bella Hadid. No one can predict what she will say, what she will wear or what she will do, being its software based on computerised calculations collecting and translating big data from the web. Digital companies believe the future of influencers is clear: artificial intelligence will be able to replace physical people for the creation of viral content on social media.
The increasing weight that the digital world will have on business, however, also generates concerns: 53% of fashion executives say it is either likely or very likely their company will experience a significant cyber-attack in 2022.
We are facing large and rapid changes, therefore, which can bring really interesting opportunities.