Today, the major luxury brands are vying for innovation to increase their market share and participate in a triple revolution: the predominance of China (24% of the global luxury market), digitalization, and the rejuvenation of consumers.
They have to adapt to the new consumption patterns of luxury consumers, especially Chinese consumers, who are increasingly young and connected.
To do so, they use social networks and influencers and reinvent new customer experiences.
Brands now understand that children, pre-teens, and young adults are a target of choice to aim at since they directly influence the purchases made by their parents. In order to attract them, the brands use influencers or muses. Models are, for example, replaced by actors, actresses or sportsmen, such as Kylian Mbappe for Dior. Young people are getting richer and richer, thanks to the new professions of influence and the artistic world, like in music and contemporary art. Marketing is reinventing itself, photos are enriched by videos. Formats increasingly used on social networks like TikTok are a real goldmine for fashion houses.
Fast fashion, ultra-fast fashion, and recently luxury goods, notably Prada, use TikTok to talk to their younger and more connected consumers, who are willing to buy online
At a time of mistrust towards brands, influencers bring a real added value. They are sometimes followed by millions of subscribers and have managed to create a relationship of trust with their audience. Indeed, subscribers prefer to follow the advice of people who seem authentic.
Content turns into art, illustrations blend with fashion to become one. Artist Kehinde Wiley recently presented a series of portraits of the former president and other important figures of black American culture presented by Gucci at the LACMA museum in Los Angeles for the Art + Film Gala. Content is diversifying, and items of clothing are becoming true works of art, like at the Louis Vuitton Fall/Winter 2021-2022 men’s show, where bags were transformed into airplanes.
In order to generate more sales and much more interaction, brands are partnering with each other to become one. Collaborations have been consistently emerging, like in 2021, between Fendi and Versace, which gave birth to Fendace, or between Gucci x Balenciaga. Hoping to discover associations between luxury brands and young designers in 2022. The already established brands could sponsor emerging brands … To be continued.
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Flora Di Carlo