Shifts in the market have accelerated and luxury brands are transforming from makers of products to purpose-driven actors in the push for a more sustainable, diverse and equal society.
As the world emerges from the pandemic, a permanent shift towards “purpose” and “brand values” remain central to purchase decision.
Traceability is the top objective for business of luxury today and vertical integration is a way to achieve it. Luxury moves from being conspicuous to being conscious and sustainable.and McKinsey & Co., fashion’s supply chains will continue to face deep disruption ahead from logistical logjams, materials shortages and rising costs.
One would believe that the pandemic was a dress rehearsal for a new, more technologically turbulent world. Simple ecommerce has reshaped into a more immersive experiences.As consumers spend more time online and the hype around the metaverse continues to cascade into virtual goods, fashion leaders will unlock new ways of engaging with high-value younger cohorts.
Much of the excitement around virtual environments is directed towards NFTs, which have seen an explosion of interest over the past year. A 3D avatar is becoming a reality where in a customer could create his or her own avatar and dress him with clothes he could like. Whether in-store or remotely, these interactions will play a critical part in maintaining customer loyalty.
With tourists set to stay local in 2022, consumers and brands alike must double down on domestic luxury shopping.: With more and more awareness of ethical standards, employee well-being, gender equality, diversity and inclusivity, brands can no longer be simply profit oriented.
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