Luxury is a growing market that continues to flourish. More consumers have been investing in luxurious fashion and accessories. These pieces have become popularized by the millennial generation; who have made it clear that they want the finer things in life. Luxurious brands are taking notice of what is desired.
Why This Generation Is Attracted To Luxury
The younger generation is more inclined to purchase an luxury item than older generations. This is because of social media’s influence. Social media is changing the way people shop and how they perceive success. Most luxury fashion garments and accessories are bought online. A majority of the revenue that luxury fashion makes is in footwear.
The generation that was born in the early to mid-’80s and early 2000s are called millennials. This generation has been influencing fashion for the past 2 decades. At this time, they are the most significant demographic to luxury brands. Many in the millennial generation have been influenced by celebrities and social media influencers. When a celebrity or influencer is seen with a luxurious outfit or accessory, many people are attracted to obtaining the same item. The luxury fashion houses are listening to what the consumer wants.
How Luxury Brands Are Ahead In The Fashion Market
A luxurious fashion piece or accessory is a statement of status. When someone is wearing a high-end outfit or carrying around some chanel clutch bags, they are making a statement that they are successful and of high stature. This feeds to what the younger generation strives for. This evolving movement in the luxury market is not just in the U.S., but also in Europe and Asia is also seeing a boom in luxury spending.
Many luxurious brands have adapted their price points so that an array of consumers can have the luxury experience. Fast fashion is a luxury brand’s nemesis. However, as fast fashion continues to gain momentum, luxury fashion is timeless and refined. Fast fashion typically is what is on tend at the moment. The style does not have the longevity of staying power.
How Luxury Fashion Is Adapting To The Consumers Needs
In past generations, dressing formally for everyday life was the standard look. Now, consumers want to dress comfortably in their daily lives. With the rise in people working from home, and more businesses adapting to a laid back casual work environment, the athleisure style can be seen often. Luxury brands are aware and is offering consumers the look of casual wear, yet at a luxurious level.
How Social Media Drives The Luxury Movement
Social media has changed fashion. When people go to fashion blogger’s pages, a majority of the time they will see a luxurious item on display. Luxury brands are making higher sales because of social media’s influence. The power of fashion bloggers is significant; therefore, engaging many luxury brands to collaborate with influencers that have a high amount of followers. The engagement between consumers and luxury brands is evident on social media. Often, when a consumer is scrolling through a site, they will run into luxury fashion ads.