Luxury Fashion - US - January 2020
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Luxury fashion isn’t only for high net worth or affluent consumers. In fact, a similar amount of affluent consumers made no luxury purchases compared to the general population. It’s important to recognize that future growth will depend on consumers of all income levels, and with looming economic concerns, many consumers – regardless of income levels – will be looking for more affordability.
"Luxury purchases aren’t exclusive to affluent consumers, as many see value in investing in their appearance. Consumers can rationalize purchasing high quality, high use items and do so from brands that cater to them, offering better return on their investment. However, consumers want reassurance before buying, seeking to avoid buyer’s remorse and wasted purchases, as well as inauthentic ones. Exclusivity is less appealing and, instead, consumers see value in accessible, approachable luxury, meaning products that are still high quality, but feel less unrealistic and more achievable, even if that doesn’t mean owning such items or buying them new. In order to grow and evolve, luxury brands need to fit into consumers’ lives, by offering excellent service on and offline, and making luxury fashion realistic through circular purchasing options and flexible payment options."
- Alexis DeSalva, Retail & Apparel Analyst
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