As you all know that the coronavirus crisis has hit the world unexpectedly. And the lockdown measures are heavily impacted the luxury industry including the segments like jewelry, beauty, fashion, accessories, and much more. However, the luxury is now finally getting its tech upgrade and changing for good.
For many years incumbents have refused to sell products online and shunned the latest tech innovations. But luxury-focused e-commerce entrepreneurs like Moda Operandi and FarFetech have changed the relationship between luxury brands and shoppers by successfully launching online retail stores.
Therefore, if 2020 has come up with a lot of challenges & uncertainties then the coming year will bring boundless opportunities with the right mindset for forward-looking luxury brands.
So, Here Are Top New Luxury Trends to Future-Proof Your Luxury Business
Adapt the Next Phase of Globalization
The COVID19 crisis has left countries vulnerable to the breakdown of global supply chains. People won’t forget the lack of sanitizers, masks, and important drugs that have caused death & disaster. Even the Tibi, an American fashion designer announced that its deliveries were also short by 80-cent zippers from china.
As the less productive period of globalization unfolding then maybe we may even head towards methodologies where worldwide luxury brands orchestrate portfolios of local luxury brands.
Second-Hand Market Boom
Before this coronavirus crisis, consulting companies like Altagamma and BCG forecasted that the Second-Hand Market would grow by 12% by 2021 due to its estimated 22 billion euros in 2018. The arrival of ecological and ethical contemplations among shoppers is thus a good possibility for websites like Vestiaire Collective, established in France and which has become one of the world's biggest online commercial centers to purchase and sell used designer accessories & clothes.
So, in these difficult times, customers may turn even more to these second-hand market. And buyers with luxury items and in need of money can sell their products, which automatically results in expanding the supply chain.
More Luxury Supply From China
If the corona stayed under control in China then luxury shopping will first restart from China. And the continued limitation on travel will mean that many buying that would have been made abroad will happen in China.
Fashion Shows Without Live Audience
Trade shows and fashion weeks have been fundamental ways that brands have kept up energetic associations with shoppers and trade accomplices. While we anticipate that some arrival should commonality on this front, we additionally accept that the luxury business—in a close joint effort with fashion week coordinators and trade affiliations—should find the elective approaches to convey a similar sort of magic that these shows offer during the limitations on global travel and large social gatherings. Luxury industry players may likewise consider pushing for an organized patching up of the fashion schedule, with brands streamlining and simplifying their introduction schedules.
New Eco-friendly Luxury Materials
With consumers knowing more and more about the impact of their consumption habits on the eco-system, startups are focusing on producing sustainable luxury goods like lab-grown meat companies have emerged.
The other popular luxury brands also have conscious about this new trend and as proof by the rise of ethical fashion brands such as Maiyet. Whereas some startups are producing plant-based leather made by ananas anam. And the lab-grown is also the development process selected by Diamond Foundry that is aimed to produce eco-friendly & ethical option to mined diamonds.
Therefore, as new sustainable materials rise and addition in ubiquity, the luxury industry might be squeezed by clients to convey significantly even more about their supply chain and favor these materials over customary mined and animal-based products.
So, in this advanced context of relative luxury ‘imaginative burnout', brands must recover their pioneer status by conveying an immortal and ideal type of important worth.
In 2020 and past, luxury brands should increase maintenance endeavors and think about novel approaches to pick up and help client reliability beyond the standard thoughts of remunerations.
In closing, as the familiar axiom goes, change is the only consistent. The leading luxury brands of the future will be the individuals who effectively recalibrate themselves in light of changing ideas of luxury and new customers' desires without weakening their core beliefs.