Luxury Fashion - US - January 2020
Overview
 
What you need to know
Luxury purchases aren’t exclusive to affluent consumers, as many see value in investing in their appearance. Consumers can rationalize purchasing high quality, high use items and do so from brands that cater to them, offering better return on their investment. However, consumers want reassurance before buying, seeking to avoid buyer’s remorse and wasted purchases, as well as inauthentic ones. Exclusivity is less appealing and, instead, consumers see value in accessible, approachable luxury, meaning products that are still high quality, but feel less unrealistic and more achievable, even if that doesn’t mean owning such items or buying them new. In order to grow and evolve, luxury brands need to fit into consumers’ lives, by offering excellent service on and offline, and making luxury fashion realistic through circular purchasing options and flexible payment options.

Definition
For the purposes of this Report, Mintel has used the following definitions:

This Report will focus on luxury fashion brands and consumers’ attitudes toward and behaviors and preferences for shopping such products, including apparel and accessories. For more information on the luxury category, see Mintel Reports: The Luxury Consumer – US, August 2019; Luxury Beauty Consumer – US, September 2019, Luxury Travel – US, September 2019 and Luxury Cars – US, December 2019. Additionally, information about the fine jewelry category can be found in Watches and Jewelry – US, March 2019.