Our most prevailing industry, the fashion industry is pictured with intense competition and audiences who are most concerned with quality and value for their money. The perceptions around luxury have changed a great deal over the years and brands need to understand the nuances to succeed. Research indicates that men and women are associated with different shopping behavioral choices especially when shopping for luxury fashion items.
The term 'Luxury' isn't defined as it used to be. Shifting consumer values of younger generations prioritize trends over classics. You will gradually realize products in the market are not timeless at all, as the brands dictate them as trends. In current terms, fashion has to be 'highly Instagrammable' to be hyped on social media trends. The pretentious business has expanded its market due to the Luxury needed target audience. The Vogue Fashion Business has surveyed more than 8,000 luxury consumers worldwide.
Have you ever wondered, why this particular section is prevailing so much in our higher segment of fashion lovers?
Firstly, we sometimes buy luxury items to show things to other people, and what we’re trying to show is a complicated question. Secondly, is the idea of essentialism—we’re not just sensitive to how things look, but to beliefs about their creation. Some luxury items echo not merely because of aesthetics, but because it's pleasing.
The ongoing social media 'Trendsetters' play a major role in helping the market outlast. In fact, they hold the majority percentage of the consumers in their buying standards. When making purchases, Trendsetters are most likely to be influenced by social media influencers and shopping websites. When asked about their recent luxury purchases, they were most likely to have bought Fashion, followed by Liquor, and Travel.
In the end, luxury marketers need to focus on identifying the power centers and status leaders in their respective categories—and how they’re changing today.