The luxury industry has a hard time keeping up with their customers. While she was re -enhanced and raised her in the 2010s, she does not expect her to get out of her. For this reason, the media brand Highsnobiety, together with the Boston Consulting Group, interviewed more than 66,710 consumers: Inside in eleven key markets: China, South Korea, Japan, the USA, Great Britain, Spain, France, Italy, Germany, Germany and VAE. The results were published in a white paper.
“The efforts of luxury fashion to become compatible have worked. But the consumers: inside and fans who spent this decade with consuming, learning and developing this are disillusioned from the luxury promise. It is a classic case: The students: Inside. Luxury brands could not always deliver the ingenuity and the craft that were expected to be known. Exorbitant prize, ”explains Highsnobiety editor-in-chief Noah Johnson.
What can luxury brands do to understand how their customers: tick and what they expect from a brand? What do luxury consumers want: inside of your favorite brands? Do we already live at a time after the luxury or at its climax? The white paper “Luxury Redefined: Stop Selling the Dream. Start Fitting Into Reality” followed these questions.
“Luxury buyers: Inside are smarter than ever and expecting the brands they buy are just as clever – if not even wiser. They see how Fast fashion merges luxury and vice versa. The crisis with which the industry is confronted does not affect the demand for beautiful things. It is about a growing dislike against outdated ideas of marketing and the sale of these things,” warns Johnson.
Stability and authenticity: Today’s luxury consumer wish: inside
Stability and authenticity are the key words that today’s luxury consumer: search inside. They want brands and products that are real and fit into their world. They should survive the time and not just be part of a trend.
“A greater importance of the cultural dexterity of brands. Modefans have become suspicious of advertising that overestimate and reduce the quality of the material.
Luxury consumer: buy brands on the inside that you understand
Unlike in earlier decades, today’s luxury consumer: inside with branded worlds in which they are supposed to fit in, are ready. Instead, they want brands and products that fit into their lives, seamlessly. This means that if you reject certain luxury brands or retail companies, you do not reject luxury per se, but outdated ideas, as the survey showed.
“We are at a turning point. The old fashion model, the dream world, which is based on exclusivity, excessive prices and artificial hype, crumbles,” confirms Luigi Bernasconi, Merchandising consultant from Lugano, Switzerland.
The feeling of buying luxury, but not just anything, is underpinned by the increased expenses for luxury products last year. These have risen in all age groups and product categories, but mostly with clothing, shoes and accessories (for 94 percent of the Gen z consumer: inside and 97 percent of baby boomers). Generation Z and Millennials are more likely to buy jewelry and watches.
“It feels sexyer, local niche brands or products from friend: to buy inside: buy inside and combine with vintage than to pay for an obvious luxury group, the quality of which is probably below average anyway,” says Lara Casselman, Art Director from Berlin.
November is no longer enough
While products had to be new, state -of -the -art and trend -oriented in the past, this no longer applies today. This represents a dilemma for an industry that is used to fashion cycles. “Within our lifetime, it has become synonymous for worse in many ways: cheap, reactive, perhaps with AI and creatively restricted by the requirements of a global market. Complain that anything is never really new anyway (as in the film industry: all remakes, continues, retro) and that algorithm tiredness hinders the search for the hottest product always appear less important, ”is a realization.
But that’s also an opportunity: Vintage has probably never been so popular, and luxury brands are good to look for hidden treasures deep in their archives. And speaking out of treasures: The hunting is as part of the purchase as the product itself: “Finding something unusual (and how you found it) becomes as important as the garment itself,” said the study.
What can the luxury industry do?
According to the white paper, a new definition of luxury must be found. In view of Fast fashion and technology, it also has to slow down: “The pace has also changed – Fast fashion has accelerated the trends so much that people are now withdrawing and longing for something with more depth. It is not so that they don’t spend money, but they are more demanding – they want pieces that feel long that feel like an investment and not like something.”
It is also good to know that luxury is not dead, but only redefined. Brands and retailers: Inside should note that this is no longer a top-down approach where you dictate what is popular, but a bottom-up approach that is based on what is desired and fits cultural dexterity. “With time and easier access to information, the consumers form: Inside, increasingly themselves and see the value of becoming influencers themselves: to become inside instead of being influenced,” said the conclusion.
Luxury Redefined
Radiness is a characteristic of newly defined luxury, starting with high -quality and cleanly processed materials. Highsnobiety has identified five areas that have changed or who have to change, for everyone who wants to abandon a piece of this newly defined luxury industry: Wherever the claim was, there is now relevance; Where there used to be imagination is now a reality. The focus on the Markenaura has shifted to the proof of product, and the hype gives way to lasting quality. Instead of novelty, there is now legacy, and what was previously future -oriented must now become future -proof.
These new paradigms are supported by the luxury attractiveness drivers: quality and craftsmanship, unique designs, clear values, independent brands, a strong social media presence, a feeling of exclusivity and status as well as timelessness and tradition.
This coincides with what consumer: the most relevant inside when you find out about a brand: innovation and design philosophy, craftsmanship and production process, core values, purpose and mission as well as ethical and environmentally friendly practices.
The white paper illuminates other important areas such as consistency and simplicity and shows who inspires the choice of style of the respondents. It also offers a case study.
“Luxury fashion is recaptured by consumers: the inside, which are more clever, conscious and less enthusiastic about the hype. The brands that will shape the next era are not necessarily the loudest, largest or most innovative, but those who listen best – those who spectacle for substance and status against storytelling. In a market that is saturated, which is saturated Authenticity of the keys.
The full white paper ‘Luxury Redefined: Stop Selling the Dream. Starting Fitting Into Reality ‘can be downloaded from the Highsnobty website.
This article was used with digital tools translated.
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