Luxury is thriving as much as it ever has, but what’s changed in 2020 is the luxury consumer and the way they think and buy. Especially millennials and Generation Z. For this reason, luxury brands are taking decades-old formulas and putting them to the test with new and disruptive ideas that are sure to take high fashion by storm.
1. Bye bye history, make way for the future
Brand heritage uses to mean everything to luxury houses, but suddenly, history isn’t so important anymore. While those helming brands are still being respectful towards its roots, they’re looking more towards the future and less about the past. Today, values are shifting to being all about premium, design, craftsmanship, and exclusivity. Apparently, people only care about a brand if its created value within 24 hours. Savage, but we kind of get it.
2. Adding some heart to it
While product development used to be the holy grail, brands are trying to humanize themselves so that they seem like they have a soul and aren’t just churning out products for the sake of pure sales. It’s called people innovation, and it’s all about giving those in charge creatively (i.e. designers and artists) freedom to create without being stifled by a formula. The idea is, this will encourage more out of the box thinking.
3. Chatbots and digital consumerism
An in-store concierge and an aggressive sales team used to represent the fashion industry. In an age where online luxury thrives over department stores, some digital pressure is being applied instead. This pressure feels less forced and makes the consumer feel like they have a choice from a safe distance – their computer. Sales bots instead text and contact consumers in other ways, since you know, millennials hate in-person interaction and like to problem solve via text.