The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
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In 2020, the average person spent more than 13 hours per day on technology and media, up from 12 hours and 24 minutes in 2019.
“We are at a time where the worlds of technology, media, e-commerce and fashion are all colliding,” Michael Wolf, founder and chief executive of Activate Consulting, told BoF VOICES.
A subset of people Wolf dubbed super-users, 23 percent of the total audience, spend more than 14 hours a day on technology on media and over-index in every category of consumption, including e-commerce where they spend five times as much money as other users on purchases.
But looking to the future, nothing compares to the increased attention on the world of gaming, which Wolf described as the “new technology paradigm.” There are big opportunities for fashion brands, too, thanks to the importance of customisable “skins,” which can include clothing and other accessories used in games. “Everything you are going to be able to do in other worlds — in the internet and other places and the physical world — you’re going to be able to do inside of gaming,” Wolf said.
Watch and listen to more #BoFLIVE conversations here. To contact The Business of Fashion with comments, questions or speaker ideas please e-mail podcast@businessoffashion.com.
