In the dynamic realm of UK fashion, Gen Z graduates are embracing entrepreneurship and luxury aspirations. The Fashion Retail Academy’s latest report, part of Fashioning The Future, unveils that 51% of fashion students are eager to launch their businesses, while an impressive 73% aspire to join the ranks of high-end luxury brands.
This report signifies a strong emphasis on earning potential, particularly in sectors perceived as offering higher compensation. A majority of surveyed students prioritize salary as a crucial factor in their retail job search.
Interestingly, only 30% express a preference for working at independent boutiques, with 23% leaning towards streetwear or sportswear brands, and a mere 15% showing interest in e-commerce fashion retail.
As these aspiring professionals plan their careers, concerns about ‘pay not keeping pace with inflation’ lead the list at 67%. Other worries include securing a job with a preferred employer (32%), developing new skills (28%), uncertainty over long-term job security (27%), and the impact of AI on job roles (26%). Surprisingly, issues like lack of mental health support (17%), Diversity, Equity & Inclusion (15%), and insufficient sustainability actions by companies (12%) rank lower on the list of concerns.
In the job search journey, the report highlights that 55% of students prioritize ‘salary and other health and wellbeing benefits.’ Regarding expected initial salaries, 44% anticipate between £20,000 and £24,999, while 36% expect salaries between £25,000 and £29,999. A mere 2% foresee starting with a salary exceeding £40,000.
Additionally, the survey indicates that 48% of students would accept a less competitive salary and benefits package to work for their favorite brand or a company aligned with their values. Lee Lucas, CEO of the Fashion Retail Academy, acknowledges students’ concerns about salary amid the cost of living crisis and notes the intriguing willingness of almost half to compromise for the opportunity to work with beloved brands. The report also acknowledges the students’ apprehension about the rapid advancements in AI technology.