Luxury’s results ‘superweek’ underscored just how far consumer demand has fallen. Macroeconomic gloom is part of the problem, but there may be deeper issues with big luxury’s value proposition. Read more https://lnkd.in/eFf82xXh
When consumers see too many influencers getting a champagne lifestyle for free from these brands, it can be very off-putting. The quality of the clothing and the ethics of supply chains is having people thinking twice. Plus with excessive price rises, those who have been successful in business and life, value money very differently. They can see the rises are not in line with inflation. Finally, sustainability. The well-heeled have taken to second-hand like a duck to water. There is social capital in wearing vintage. They are displaying their sustainability virtue card. and they have started to notice that items made 20 years ago are of better quality. Especially leather goods.
Looks like the shine is coming off that luxury bling, huh? When folks are tightening their belts, they’re not exactly sprinting to drop cash on designer handbags and fancy watches. Sure, the economy's playing its part, but let’s be real—luxury brands might be slipping on their swagger. They need to remind people why their stuff is worth the splurge. It’s time for them to dig deep, innovate, and maybe sprinkle in a bit of soul to keep the dream alive. If they don’t, they might find themselves as yesterday’s news.
Sustainable Weave appreciates the insights from The Business of Fashion on the challenges facing the luxury sector. Addressing macroeconomic factors and reassessing core value propositions are essential. Integrating sustainability into the luxury fashion narrative can meet evolving consumer expectations and drive long-term growth. #SustainableWeave #LuxuryFashion #Sustainability #ConsumerDemand
Steffi D.
2mo
will always be worth it.
Kayode Ambode
2mo
Insightful!
Brand Partnership @ SSENSE | Passionate about Fashion, Design and Culture
2moI don’t know if it’s a loss of consumer demand, more than it is consumer pivoting. There are alternatives and substitutes on all levels of the “luxury chain” now. You can find that LV runway look - albeit without the monograms, but similarly cut, at almost all price points. Paying for “quality” also doesn’t mean what it used to, when even mid-range brands are now manufacturing in the traditional legacy locales (Italy, Portugal, Japan etc.). My finger is pointed at the eternal ever-asking question of where is the creativity in todays fashion? We have moments, but a consistent showcase of objectively good design is missing. 🤷♂️