What is expected from luxury brands by shoppers has been wholly redefined in recent times; Millennials and Gen Z have entirely changed what a luxury brand must do to survive and thrive in the market. From the rising demand for high-end e-commerce to changing consumer behaviour and disruptive business models, there is a multitude of luxury shopper trends that you can use to the advantage of your brand.
Read on to discover some of the trends that we believe will be central to luxury brands’ success in 2021 and beyond.
Luxury Brand E-Commerce
We know it sounds like it’s all anyone can talk about, but the fact that we’ve been locked down for most of the past year has transformed the way everyone shops, high-end shoppers included. With luxury brands offering more in terms of their digital experience due to the coronavirus pandemic, customers will continue to shop online thanks to the convenience and more expansive selections. Brands such as Burberry are using reimagining their digital experiences, facilitating greater growth levels and business performance.
As research shows that luxury sales online doubled throughout 2020 and now accounts for almost a quarter of the market, luxury e-commerce is going nowhere anytime soon.
With the growth of sustainability, the second-hand luxe market has shown incredible growth in recent years. Consignment services such as Vestaire Collective were able to take advantage of those clearing out their wardrobes throughout lockdown, and luxury shoppers were able to get their hands on incredible deals as well as vintage or one-off pieces. As found by ThredUP, 40% of Gen Z shoppers bought second-hand goods in 2020, so to appeal to the future generation of luxury shoppers, facilitating second-hand luxury will be crucial.
Fashion giant Kering is now investing in Vestaire Collective, so it is clear that the stalwarts of luxury are starting to get on board with this changing consumer behaviour. Is this really a trend you can afford to sleep on?
Conscientious Luxury Brand Consumption
Luxury used to be all about conspicuous consumption, showing off labels and logos on clothes and accessories to show your standing in society. However, the coronavirus pandemic’s impact has been that shoppers have reassessed what is essential to them and the values they stand for.
As stated by Forbes, “True luxury whispers. It does not scream”.
Throughout 2021 and beyond, it will be crucial for luxury brands to focus on value, quality and craftsmanship instead of prominent logos. This allows for the strengthening of luxury brand perception, which has been shown to increase customer loyalty and acquisition.
The luxury market never stands still, so it’s essential to always keep on top of new marketing and consumer behaviour trends. However, aligning with the changes in shopping behaviour should support your brand’s success and growth, so it’s definitely worth the work. To discover more of the business trends we expect to play a big part in 2021, you should head back to our blog.
If you’ve previously dismissed affiliate marketing for your luxury brand, you’re missing a trick. Shoppers are savvier than ever, and they’re happy to shop around for the best price. Implementing an affiliate strategy will ensure your brand is at the forefront. Ready to get the ball rolling? Get in touch with the team today; it’s time to level up.