Why the Luxury Apparel Market is Booming
The luxury apparel market is said to be on track to recoup its losses from the pandemic era by an alarming amount. What are the reasons behind this boom? Especially when factoring in less than favourable economic and social conditions into the mix, it doesn’t seem like the type of industry to enjoy success rates as shown in recent forecasts. Is there just an ongoing need from the consumer for a luxury brand that will never recede? Or is luxury apparel doing something altogether special that other commerce channels have yet to tap into?
Mid and Post-Pandemic Splurge Culture
People spent a long time indoors doing nothing, seeing no one and going nowhere. When this came to an end, a large portion of them had a big pot of savings that had accumulated over the crazy year. Humans were ready to experience the world again and treat themselves as they did it. Luxury fashion is a big part of this. People were going out again after so long, so they wanted a nice outfit or a fantastic pair of shoes. It all added up to a perfect storm. These trends have stayed, only bolstered by the increase in spending during those long months inside their homes.
The Allure of the Influencer
One of the most relevant reasons behind the increase in luxury apparel sales is thanks to the thousands of social media influencers. With their millions of followers, they are able to either create affiliated content for luxury brands or must-have items, or simply promote their favourite things to their watchers. These videos and multi-media content collaboration reach hundreds of millions of eyes and ears. They feature everywhere and have become a staple part of celebrity culture in modern society. Luxury clothing brands have definitely been boosted because of this fact.
Asian and Middle Eastern Consumers
According to this article from Fibre2Fasion by Rami Cassis, the increase in Middle Eastern and Asian consumers stepping into the luxury limelight has significantly impacted the global hold designer and high-end brands have over consumers. The developing wealth and societal changes in these regions have led to not only a boost in adult fashion, but children’s clothing ranges as well. People want designer and they have the funds to access it. So, it’s not just a limited demographic any longer. The whole world has clocked on to the intricacy of designer and is buying it in droves.
Ecommerce Trends
It’s no secret that most of shopping has moved online. Though there is still everything to be gained from going to a physical store and having the whole luxury experience, the shift from in-person commerce interactions to online ones, has supported the boom as well. These digital arenas have allowed luxury brands to broaden their demographic, widen their sales strategies and approach how they sell in a holistic channel. There has been a phenomenal rise in outlet style channels and third-party sales funnels all thanks to the ability to represent a brand online.
So, there are in fact a few core reasons they luxury apparel is booming once more. Whether it is lingering trends from post-pandemic life or the big impact of influencers and the younger generation, there are certainly trends to be observed.
