Designer brands enter the lifestyle space to better align with customer values
Trend - Luxury fashion houses are entering the lifestyle space, particularly as it relates to discovery and self-improvement, in a variety of ways–whether that involves travel or social/political affiliations.
Insight - Due to increasing conversations online surrounding individual beliefs and principles, today's younger consumer often cares more about the values of a brand than its products or services. As a result, these Gen Z and younger Millennial consumers respond more positively to brands that align with their personal values and rituals.
Insight - Due to increasing conversations online surrounding individual beliefs and principles, today's younger consumer often cares more about the values of a brand than its products or services. As a result, these Gen Z and younger Millennial consumers respond more positively to brands that align with their personal values and rituals.
Workshop Question - How could your brand expand its partnerships to better cater to the Millennial and Gen Z consumer?
Trend Themes
1. Values-based Branding - Luxury fashion brands are entering the lifestyle space and aligning with customers' personal values and beliefs to respond more positively and build their brand identity.
2. Luxury Sportswear - Luxury brands are creating sporting goods with higher-end price tags to offer consumers a lavish lifestyle, creating opportunities for wearables and collaborations with fitness centers.
3. Fashion History Education - Luxury fashion brands are creating educational travel apps and virtual experiences to showcase their heritage and history, highlighting the need for AR and VR implementations within fashion and retail industries.
Industry Implications
1. Fashion - Expanding luxury into lifestyle space can broaden customer base and increase brand loyalty by creating a strong narrative and values-based brand identity.
2. Fitness - Collaboration opportunities are available between luxury brands and fitness centers for branding and creating exclusive luxury sportswear lines catering to high-end athletes.
3. Travel and Hospitality - Luxury fashion hotels and travel apps provide opportunities for both branding and educational experiences, advocating for unique marketing strategies and customers engagement.
