4. Working more with local influencers versus big stars
Expect to see less Kardashian-Jenner sponsorship and more cool, underground influencers with cult followings and an edge. Influencers who are closely connected to friends and family are proven more trustworthy and authentic than mega-influencers or celebrities, who simply use their status to tout influence. Say no to fake influencers, and yes to genuine social media fashionistas who value relationships and built trust over sales.
5. Male millennials are a huge part of the 2020 consumer market
Whereas older women used to dominate the luxury market, an unexpected new demographic is entering: men aged 23-36! Yes, male millennial are big spenders and reaching peak consumerism. A whopping 62% of millennial are flexing their spending muscles before they settle down, and brands are reaping the benefits.
6. Affordable luxury makes an untouchable world more touchable
While exclusivity is still at work in high fashion, brands are trying to maintain relevance by becoming a little more accessible to more people. This doesn’t mean that the regular H&M crowd is going to turn into a luxury consumer, but that out-of-reach “you can’t sit with us” vibe is so early 2000s. But in a time when finances are tight, consumers are focused on practicality, research, and visible branding. This attitude of frugality is what we mean by “affordable luxury.”