LUXURY MARKET

“The change in how consumers define luxury and the new path to purchase is dramatically redefining the marketing strategy. Luxury brands must be very agile and innovative in order to gain the favours of the new luxury consumer.”

(Forbes, 2022)

LUXURY MARKET

The luxury market is still going through a turbulent time in an ever changing landscape in regards to fashion. Brands must learn to adapt and remain agile as a new consumer steps forwards creating waves within the industry. Luxury is one of the most resilient industries continuing to see growth even after the pandemic. Luxury is defined as images within the minds of consumers that represent high quality, expense and a long lasting nature. There are believed to be 10 luxury brand values defined by Danziger which are: superior performance, craftsmanship, exclusivity, innovation, sense of place & time, sophistication & design aesthetic, creative expression, relevance, heritage, and responsibility. The definition of luxury is expected to continue to evolve in 2022 becoming even more diverse and contextual. “The change in how consumers define luxury and the new path to purchase is dramatically redefining the marketing strategy. Luxury brands must be very agile and innovative in order to gain the favours of the new luxury consumer.” (Forbes, 2022) Where luxury was once driven by logos, product and heritage, it is now driven by renewed sense of purpose and responsibility driven by consumer changes. For brands to remain relevant they must be consumer centric, Gen Z and millennials will make up 70% of the luxury market by 2025 driving 130% growth (Beauloye E. , 2022). However, to reach these figures, brands must understand and commit to the values of these consumers who search for value and experience driven lifestyles.