The luxury industry is in a state of constant transformation. The trends are changing and most of the high-end brands are experiencing a significant rise in sales. Their investment in the digitalization of their brands is paying off. Some of the most sought-after high-end brands have reported that introducing online shopping has done wonders for their sales.
We all know how some luxury brands are still reluctant to disclose their prices online and incorporate the online sales function. Well, it is clear now that it is their own loss. According to an estimate, by 2025, almost 20% of the total sales on luxury brands will take place online. Many luxury brands have stepped ahead and incorporated online shopping functions. For instance, recently I was able to shop Khaadi luxury collection via their official site. Since I’m a huge fan of ethnic wear, I was so glad that I could shop for my favorite pieces from the comfort zone of my house.
Also, the widened earning disparity coupled with the generational shift among luxury customers is changing the approach of the affluent customers. Millennials are into shopping experiences rather than the goods they are buying. If the experience is not good, they wouldn’t care about the product. Luxury brands will have to deliver new and better services as well as experiences to meet the new consumer expectations.
5 Critical and Leading Trends in Luxury Fashion
- Personalization at Scale.
- Inclusive Diversity.
- Millennial-Minded.
- New Players and New Playbook.
- Beyond the Logic of Brand Purity.
Personalization at Scale
We will witness that luxury brands are becoming more convenient and personalized. The modern luxury shoppers are seeking seamless physical as well as digital experiences. They want their online experiences to be as good as their offline shopping experiences. It’s time that luxury brands come up with a flawless and Omni-channel shopping mechanism.
Future consumers will expect to incorporate futuristic technologies like Artificial Intelligence and Augmented Reality. Leveraging social media forums will also be expected. Social media can play a massive role in creative inspirations, value-generating, and crowdsourced customer inputs.
Inclusive Diversity
Brands are finally embracing diversity. Gender fluidity and diversity have gained momentum. Customers are expecting that the luxury brands will be experimenting more outside the conventional confines of gender-based clothing. They expect them to celebrate diversity. They are beginning to go beyond the traditional confines of what is expected of women’s and men’s fashion.
Millennial-Minded
Luxury brands will put in an effort to stay relevant to the modern context. They will have to welcome the progressive interpretation of the notion of luxury. They will have to pour in their effort to focus on the individuality of every customer. It has to be more than just a demographic change. They will go beyond the generation-specific efforts. Only then, they will able to meet the expectations and the mindset of the modern luxury customers.
The new driving force of luxury is the millennial-minded customers. Their motivations, influence, values, and behaviors have the potential to redefine luxury. At every step, luxury brands have to pour their effort, from brand positioning, sustainable development of products, smooth business operations, and effective marketing strategy.
New Players and New Playbook
Legacy brands can no longer associate luxury with them. The luxury industry is taken by storm with a proliferation of niche brands and digital-born names. The new and innovative digital brands are not emerging as more capable of meeting the expectations of modern customers. And that’s why we are witnessing the emergence of brand new luxury brands especially targeted to various consumer groups.
Existing luxury Fashion brands will need to get away from ultra-exclusivity to a brand new flavor of inclusivity. Only then, they will be successful in aligning with the social shift. Otherwise, the new innovative brands will replace them in no time. The new trends are challenging the traditional luxury market is going to go through a complete makeover.
Beyond the Logic of Brand Purity
We will be seeing more collaborations than ever in the next few years. This cross-industry and cross-brand contamination will bring on vivid cultural transformations. The modern consumers are going to enthusiastically welcome this incredible change.
This new trend will go beyond capsule collabs to strategic and creative talent appointments. It will also result in innovative business models. The whole concept of “luxury” is going to change. You will see a mix and match of the high and the low.
Let’s embrace the future of luxury Fashion!
