The Future Of Luxury: Top Luxury Trends To Stay Ahead In 2021
The past year has been quite difficult for all of us. With the new year having arrived, we all want nothing more than to put all of this behind us and return to what used to be the norm for the world.
However, it is important to keep in mind that some of the impacts the pandemic may have had during this time might turn into something permanent. Our focus is on how it has changed the fashion industry- luxury brands like Gucci and Yves Saint Laurent in particular.
There is no doubt that consumer expectations and demands have changed quite a bit which has caused these businesses to evolve quickly and adapt accordingly. This imperative is likely to continue moving into 2021. To explore where the future of luxury truly lies, let’s take a look a the top luxury trends that you should stay ahead of in 2021:
Combining Luxury with Wellness
While the world of fashion and beauty did not suffer the greatest hit as a result of the pandemic, it was not exactly spared either. The luxury sector has, however, been among the ones to recover the quickest, finding a receptive market that is willing to invest in high quality, innovative items and apparel. Keeping this in mind, one of the hottest trends for luxury brands coming into 2021 is to find ways to combine the notion of health, quality of life, and wellness into the products they are manufacturing and sponsoring.
This would include smart wear and wearable trackers that allow individuals to lead a more health conscious lifestyle. The same consideration must also be adopted when manufacturing, marketing, and communicating the products. It is important to display to your audience that your utmost priority is ensuring wellbeing and safety.
Virtual Fashion Shows
One of the biggest changes that have been brought about because of the pandemic is the shift towards a virtual paradigm. The inability to continue carrying out vendor-vendee relationships face to face has caused browsing and shopping to be conducted largely through digital interfaces, especially when it comes to luxury items. The average consumer of luxury brands expects the business to be able to work their way around this obstacle and cater to them. As we mentioned before, it is all about creating a model that centers around the consumer and their expectations.
With people currently quite wary of unnecessary gatherings, and for good reason, digital channels will continue to be the primary means of luxury browsing and shopping. One of the most well received practices has been that of carrying out virtual live shows and not nearly enough brands have capitalized on this innovative and novel idea that has worked so well for those who gave it a shot.
Live streaming fashion shows on various online platforms allows potential customers to access luxury apparel at their convenience without having to leave the comfort of their homes. Take it one step further and immerse your viewers in a virtually rendered Augmented Reality environment that makes them feel they are sitting in the front row.
Live Luxury Shopping
Continuing in the same vein, another hot trend for this year will be live shopping. Here, the clients of the brand will be given exclusive live shopping services where they would be connected with an expert or advisor who will display the latest in-season products. The customers can visualize the products, communicate with the retailer, and make immediate online purchases as they desire. As such, this approach combines the best of both worlds and allows the customers to shop from luxury brands without having to compromise on the in-store experience.
Video Based Shopping Campaigns
It is all about driving engagement by inducing a human touch in digital campaigns. That is one of the biggest disadvantages of a wholly digital experience- the ability to form a human connection with the customer through face to face interaction is lost.
One way to engage a customer’s interest is by providing them an immersive and interactive online experience that enables them to make choices and take unique approaches just as they would in a real life scenario. Video based marketing campaigns that advertise to the customer at the same time as it allows them to make in-app purchases is an innovative way to do this.
Fashion x Video Games
One of the breakout collaborations for the year as we continue to explore the vast array of technological solutions in the world of fashion is going to be between luxury brands and video games. Whether it is video game inspired luxury apparel or digital fashion shows happening within video games, the possibilities are endless and incredibly exciting.
Animal Crossing, a family friendly video game that has been quite popular with the masses, hosted an in-game fashion show featuring virtually rendered outfits from brands like Loewe and Prada just last year. There is a lot of ground to be covered and options to be explored in this genre in 2021.
Shift Towards Subscriptions
The notion of e-commerce and digital shopping experiences, while accelerated out of necessity, is born to create convenience for the consumer. That is why it would not be a surprise if luxury brands move towards primarily subscription baked models in 2021. These would allow the customer to experience the brand whenever they need or want it. It also gives the brand more potential to personalize each client’s experience.
Catering to the Local Audience
Another factor to consider would be the increased interest of individuals to purchase locally produced and sold items. While digital platforms give luxury brands access to markets all over the globe regardless of distance and location, they should not miss out on capitalizing on their local sensibilities.
Reselling Used Luxury Items
In addition to your primary market, it is time for luxury brands to start catering to their secondary markets as well. Many big name brands are officially formalizing resale partnerships, including the likes of Burberry and Gucci. This trend is going to be quite popular in 2021 and provides mutual benefit to all parties involved.