What you need to know
The designer fashion market is experiencing major changes as the sector embraces the shift towards shopping more online and the higher visibility from social media. Young consumers are now driving sales of luxury goods, with 82% of Younger Millennials having bought a designer fashion item in the last three years. A trend for streetwear has helped heritage luxury brands become more relevant and credible to this audience and there have been numerous collaborations between designers and sportswear brands including Prada and adidas and Ralph Lauren and skate brand Palace. Demand amongst this young consumer base has been fuelled by social media and the growing importance of influencers such as Lizzy Hadfield, Monikh and Susanna Lau who have normalised the purchase of designer fashion. In order to maintain the loyalty of these young customers, designer brands will need to ensure that they tap into the changing attitudes of this demographic. These young shoppers look for brands that represent their values and they believe that the price of designer fashion means that it should be more ethical than high street fashion, that there should be more luxury items available in plus sizes and they are ready to call out brands for their lack of diversity.
The way these young consumers shop is changing and they are more likely than other demographics to buy designer fashion that has good reviews and that they have seen on social media. Luxury brands are having to review the way they promote themselves and where they advertise. In an effort to target these young shoppers, several designer brands including Burberry and Ralph Lauren have launched campaigns on social media site TikTok in 2019, where the focus is on using video content to promote entertainment and authenticity rather than hard selling.
Products covered in this Report
This Report looks at purchasing of high-end designer fashion brands such as Burberry, Michael Kors, Gucci and Jimmy Choo etc. We are not including premium high street brands such as Ted Baker, Whistles or Reiss.
The Report includes: clothing, footwear, underwear, nightwear, handbags, watches, jewellery and other fashion accessories.
The Report excludes: luggage, purses, wallets and eyewear.
