Consumers who feel guilt over splurging on luxuries turn to other options
Trend - With the global economy being severely affected by the ongoing pandemic, many people are choosing to be more understated in their purchases--opting for resale luxury items or high-quality non-designer purchases instead of expensive designer goods.
Insight - As is the pattern after all economic crises, consumers are currently more wary of spending money on luxury items due to the financial stress that so many are under. In times of economic uncertainty, even those who remain privileged choose to be more understated in how they present themselves outwardly.
Insight - As is the pattern after all economic crises, consumers are currently more wary of spending money on luxury items due to the financial stress that so many are under. In times of economic uncertainty, even those who remain privileged choose to be more understated in how they present themselves outwardly.
Workshop Question - How is your brand prioritizing accessibility over luxury?
Trend Themes
1. Resale Luxury Items - In times of economic uncertainty, consumers are opting for resale luxury items or high-quality non-designer purchases instead of expensive designer goods, creating an opportunity for resale luxury platforms.
2. Accessible Luxury - Luxury brands are offering affordable options, such as Porsche's single-vehicle subscription service and Mango's affordable quilted totes, to appeal to the more price-conscious consumer segment.
3. Sustainable Luxury - Brands, like Linjer, are committing to sustainability by offering premium products at accessible price points and using recycled materials to appeal to environmentally-conscious consumers.
Industry Implications
1. Resale Luxury Platforms - Resale luxury platforms have an opportunity to cater to consumers who are opting for resale luxury items as a more affordable alternative to designer goods.
2. Affordable Luxury Products - The market for affordable luxury products is growing, creating opportunities for luxury brands to offer affordable options and for fast fashion labels to offer luxury-inspired pieces.
3. Sustainable Luxury Brands - Luxury brands that commit to sustainability have an opportunity to reach a growing segment of environmentally-conscious consumers, who prioritize sustainability in their purchasing decisions.
5 Featured, 45 Examples:
77,725 Total Clicks
Date Range:
Aug 20 — May 22
Trending:
Warm
Consumer Insight Topics:
