What is the future of luxury, designer goods?

luxury brands uncertain future

There’ll always be a need for superior, quality merchandise from the luxury space. Consumers are drawn to tradition, prestige and standing in addition to a luxury brand’s narrative.

But to stay relevant, the business will have to introduce innovative retail concepts and sharpen their electronic engagement to make sure the sales expertise becomes immersive both online and in store.

It is not a case of destroying customs, far from it. It’s an acknowledgment that we will need to evolve with the present climate.

What is more, long-held principles are being contested, rewritten or replaced entirely.

Previously designer and luxury fashion would have seen collaborations as brand dilution. But more than ever before we see less brand purity, as luxury brands collaborate with new designers and artists, partnerships that are utilised to surprise and pleasure, enhance brand awareness and momentum, and exposure to the brand to new audiences.

All these collaborations work on challenging convention and supplying a dose of cool that catches and activates the attention of the next generation of luxury consumers.

The character of fast fashion is to focus on speed, higher volume and low prices to deliver collections inspired by the most recent celebrity fashions and runway looks. We’re purchasing more of it and more often, which means fashion is short lived and almost disposable. Quick fashion relies on cheap labour in developing nations, while high turnover puts a substantial toll on the environment which leads to water pollution and the increased use of toxic chemicals and degrees of textile waste.

Moving forward, brands will need to get a closer look at consumer purchasing behaviour to decrease the devastating effect on the environment for a sustainable future. Companies will need to be accountable and lead this dialogue.