Luxury fashion is all about making people feel unique, one-of-a-kind, and superior to others. The products you design and the way you market them must reflect this perception.
From the opulent royal courts to the democratization of ready-to-wear and the rise of accessories, the industry has evolved alongside socio-cultural and economic changes. This has been especially true in the past decade, with trends inspired by a variety of influences.
The digital era has opened up new possibilities for the industry as well, from social media and influencer marketing to virtual and augmented reality shopping experiences. Many consumers are also interested in sustainable fashion, with conscious shoppers seeking brands that align with their values. Additionally, the supply chain challenges of the past year—war conflicts, labor shortages, and heightened costs due to war zones and lockdowns—have pushed brands to innovate their supply chains.
While previous generations purchased luxury items to signify wealth and status, millennial and Gen Z consumers are reshaping the definition of luxury and what it means for them. This younger audience drives 85% of the growth of the luxury goods sector, and brands need to understand their specific needs.
The millennial and Gen Z consumer has different expectations for what constitutes luxury, from the aesthetics of an item to its meaning. As a result, many luxury brands are expanding their product lines and curatorial offerings to capture this new clientele. This includes offering a wider range of materials, from vegan leather to recycled plastic, and incorporating technological innovations, such as smart fabrics that adapt to the wearer’s temperature, biometric monitoring, and more. luxury fashion