In the middle of May, we were treated to a major event in the world of fashion. As if on cue, the fashion industry shook after an unprecedented shakeout which saw several big names lose their jobs. Models came face to face with reality as the industry was forced to take a step back and assess the situation. Shorts were exposed as the worst offenders in the industry’s pursuit of the perfect beach holiday, with the British Council estimating that between 4.1m and 7.9m jobs were at risk.
The Aftermath of COVID-19
The world of fashion would not be at the forefront of your mind if you’re reading this. That’s understandable considering the fact that we’re all still in the middle of a pandemic which has had a significant impact on our daily lives. We’re now in a position where the luxury industry is on the road to recovery, with the SMI Global Insights Team estimating that the luxury goods market will see growth in 2021, albeit at a reduced rate.
If you’re a luxury brand seeking to grow your business in the future, how can you maximise your take-up among the world’s wealthiest one percent? One option is to revisit your product range considering the pandemic’s effect on the luxury goods market. Not only did COVID-19 cause consumers to shun luxuries, but it also highlighted our need for more sustainable and ethical products. Brands will need to prove to customers that they are indeed taking the necessary steps to limit the environmental impact of their business.
New Product Launch
It’s been a tough 24-hours for the luxury industry, what with the Dow Jones suffering its biggest one-day drop in history and the FTSE 100 slumping by 5%. We’re no stranger to economic uncertainty, but having your industry severely undermined by a pandemic is something new. How can a luxury brand stand out in a world of cheap imitations? By ensuring that each product they release is of a high quality and unique in its design. This strategy will continue to serve the luxury industry well in the future, giving them the advantage of a brand name while also limiting their exposure to economic uncertainty. What’s more, the luxury industry is often associated with conspicuous consumption. However, in these unprecedented times, designers have an opportunity to showcase their unique talents and create something special. Products which are representative of this new found creative freedom will be highly coveted by our eco-conscious customers.
The luxury industry has always been associated with conspicuous consumption, enjoying luxurious lifestyles which are often defined by a collection of branded goods. It’s a reputation which continues to serve the industry well, with consumers buying luxury goods as a status symbol. In a world where life as we know it has changed, how can designers continue to pull this off? Branded residences provide an opportunity to continue this trend while also raising funds for charities. The residence itself becomes a work of art, an extension of the designer’s creative vision which is both luxurious and unique.
We’ve all been forced into a degree of social distancing, with businesses closing down and travel restricted. This has undoubtedly had an impact on tourism, with destinations across the world seeing major decline in visits. Luxury brands stand to gain from limiting the number of people who visit their destinations, creating a more luxurious holiday for those who do so. This, in turn, could reignite an interest in travel which was originally bled dry by the pandemic. Designers could capitalise on this by offering tailor-made holidays which take into consideration each person’s travel restrictions and lifestyle needs. What’s more, with the world seemingly shifting to a post-pandemic existence, travellers have a new appreciation for life in luxury.
The luxury industry must continue adapting to these new circumstances and changing customer needs. Designers have a responsibility to create unique and sustainable fashion, resulting in innovative and desirable products.