Abhay Gupta, Founder & CEO – Luxury Connect and Author of the book ‘The Incredible Indian Luxury Bazaar’ recently alluded his thoughts on the evolving scenario in the luxury landscape.
With the rapidly evolving consumer taste and changing preferences, brands and stylists alike are struggling to keep pace. An onrush of global brands, a host of on line offers, a multitude of social media influencers and an over explosive digital space is blurring the lines being offered by each brand in the world of fashion & retail. The new young customer, the generation Z along with the coming of age millennial are both seeking newer offerings.
In such a rapidly changing fashion canvass, can we perhaps summarise the key new frontiers? So let us dig deep in the nuanced world to figure out What is What…
The Inverted pyramid phenomenon is peaking: With the millennials and gen Z seeking authenticity over brand name, the true mix and match culture is at its peak. With luxury brands trading down and high street fashion brands trading up, the trend is the amalgamation of the two. It is quite common to see the stylist effortlessly showcasing an expensive hand bag or shoe with a Marks & Spencer’s or even a Zara dress.
Repeat, share, recycle & upcycle: With the younger lot questioning the waste quotient of all fashion brands, sustainability has suddenly become the big buzz word. Buy less – buy good seems to be the mantra. Re cycle earlier trends, up cycle, repeat and also share seems to drive reduced consumption. With the likes of Donald Trump and family leading the pack by not changing their outfit even once during the entire day’s jam packed schedule in India, seem to have set the example at the highest levels.
Affordable fashion Is the Segment to Be In: A strong case exists for catering to first-time luxury buyers who have recently seen a rise in their disposable incomes. Thanks to 4G, they now have access to cheap & fast internet via smartphones. With sophisticated tastes and awareness of international trends, this affluent demographic wants better goods & services which the luxury industry is primed to offer. The Uniclo’s, MnS, HnM and Zara are clear winners in this race.
Rent a fashion is here to stay: With global names like a HnM already experimenting with the rent a dress trend, the ‘rent a runway’ trend seems to have come main stream. In India, names like a Confidential Couture offer recycled high end fashion besides names like ‘Rent it Bae’ reaching out to masses with their premium merchandise.
The rise of the ‘fit’ customer: Worldwide, there is a cultural shift towards sports including running as part of a growing emphasis on fitness, especially among the urban population. Technology is getting integrated as part of wearable. There are smart clothing items in the market with embedded health sensors and medical monitors. Outside of apparel too, fitness wearable that sync to smart phones have gone mainstream.
Check out these fascinating nuggets in the world of Apparel, Fashion and Lifestyle says, Abhay before we chart out any business strategy/ model.