Exploring the Role of Prospect Theory for Fast‐Fashion Practice as Experienced Through a Generational Lens: Marketing an Environmental Business Strategy That Appeals to Fashion Identity and Time Horizon Values

ABSTRACT The financially lucrative fast‐fashion business strategy is criticised for impacting detrimentally on the environment, with marketing tactics encouraging frequent‐impulsive fashion consumption. This research presents a novel conceptual framework merging fashion involvement values within prospect theory, creating a fashion‐identity‐time‐horizon lexicon which is examined within three generational cohorts (Z, Y and X). Dyadic interviews with 12 participants provided rich and insightful data, with analysis revealing four theoretical contributions to knowledge: (1) fast‐fashion marketing encourages passive consumption, (2) fashion fads differ from fashion style, (3) the same medium that stimulates fast fashion can be used to promote the circular economy and (4) confidence in fashion evolves with maturity. Managerial contributions include practical ways in which fast‐fashion retailers can shift towards a more environmentally focused business strategy that would appeal to consumers' fashion identities and time horizons, as well as sustainability values. Recommendations are made to align with regulations emerging from France to curb fast‐fashion sales.