![Vogue Business surveyed almost 1,000 consumers about how their luxury spending habits have changed and how brands can better meet their needs amid the market slowdown.<br /><br />Follow me on Twitch: https://www.twitch.tv/fashionroadman<br />My E-Book: https://www.thefashionarchivemag.com/shop<br />Patreon: https://www.patreon.com/fashionroadman<br />Spotify: https://open.spotify.com/show/30khAeSML8vrmhrbCL86Ca<br />Join My Fashion Discord: https://discord.gg/vW6vMz2eHq<br />Website: https://www.thefashionarchivemag.com/<br />Social Media: https://linktr.ee/fashionroadman<br />Join this channel to get access to perks:<br />https://www.youtube.com/channel/UCVmPyrwjL0wepDhmvgzlOcA/join<br /><br />Donate To The Channel: https://monzo.me/odunayomichaelojo<br />___________________<br />MORE INFO<br />Overcoming the luxury slowdown won’t just be a case of waiting the market out: brands need to listen to consumers and adapt accordingly. The luxury industry lost some 50 million customers in 2024, according to Bain. Inflation and the rising cost of living have forced some to cut back. Meanwhile, consumer confidence is also suffering — particularly in China, which has hit many brands.<br />To understand how spending habits are changing and what brands could do to better reach luxury customers, Vogue Business surveyed almost 1,000 Vogue and GQ readers in the US and the UK and Vogue Business readers globally. The key takeaway is that consumers are aware of price increases and are looking for more value. Those under 35 are shopping more for luxury than those over 35, but they’re shopping through alternative channels like resale or sample sales. Most concerningly for brands, sentiment towards luxury brands is relatively negative; consumers said brands could improve their appeal by providing better value for money, more ethical practices and improved product quality.<br /><br />The vast majority (77 per cent) of respondents agree that luxury fashion items cost more than they did a year ago. This has led to shifts in their shopping behaviour: 37 per cent agree that they shop less for luxury fashion than they did a year prior, and two-thirds said they are more likely to wait for discounts or sales to purchase luxury fashion items than before.<br /><br />Among those who have reduced their luxury spending, the primary reasons are that luxury items no longer offer good value to justify the price (41 per cent) and that they prefer to spend their money on other things (41 per cent).<br /><br />Many customers who said their perception of luxury brands has declined in the past year cited quality as a concern. “Some luxury brands have increased their prices significantly but the quality has reduced. Luxury no longer means long-lasting quality product,” said one respondent.<br />Because of the perceived lack of value across luxury today, consumers are seeking alternatives from contemporary brands or vintage resellers. “The value of goods against the price [has caused my perception of luxury brands to decline], and the rise of new, silent luxury brands that are really competitively priced and good quality,” said one respondent. “Secondhand products are, paradoxically, of better quality than the recent products of the same brand,” one respondent noted.<br /><br />#fashion #luxuryfashion #style #fashionreview #fashionnews](https://melanatenow.com/wp-content/plugins/youtube-feed-pro/img/placeholder.png)
Vogue Business surveyed almost 1,000 consumers about how their luxury spending habits have changed and how brands can better meet their needs amid the market slowdown.
Follow me on Twitch: https://www.twitch.tv/fashionroadman
My E-Book: https://www.thefashionarchivemag.com/shop
Patreon: https://www.patreon.com/fashionroadman
Spotify: https://open.spotify.com/show/30khAeSML8vrmhrbCL86Ca
Join My Fashion Discord: https://discord.gg/vW6vMz2eHq
Website: https://www.thefashionarchivemag.com/
Social Media: https://linktr.ee/fashionroadman
Join this channel to get access to perks:
https://www.youtube.com/channel/UCVmPyrwjL0wepDhmvgzlOcA/join
Donate To The Channel: https://monzo.me/odunayomichaelojo
___________________
MORE INFO
Overcoming the luxury slowdown won’t just be a case of waiting the market out: brands need to listen to consumers and adapt accordingly. The luxury industry lost some 50 million customers in 2024, according to Bain. Inflation and the rising cost of living have forced some to cut back. Meanwhile, consumer confidence is also suffering — particularly in China, which has hit many brands.
To understand how spending habits are changing and what brands could do to better reach luxury customers, Vogue Business surveyed almost 1,000 Vogue and GQ readers in the US and the UK and Vogue Business readers globally. The key takeaway is that consumers are aware of price increases and are looking for more value. Those under 35 are shopping more for luxury than those over 35, but they’re shopping through alternative channels like resale or sample sales. Most concerningly for brands, sentiment towards luxury brands is relatively negative; consumers said brands could improve their appeal by providing better value for money, more ethical practices and improved product quality.
The vast majority (77 per cent) of respondents agree that luxury fashion items cost more than they did a year ago. This has led to shifts in their shopping behaviour: 37 per cent agree that they shop less for luxury fashion than they did a year prior, and two-thirds said they are more likely to wait for discounts or sales to purchase luxury fashion items than before.
Among those who have reduced their luxury spending, the primary reasons are that luxury items no longer offer good value to justify the price (41 per cent) and that they prefer to spend their money on other things (41 per cent).
Many customers who said their perception of luxury brands has declined in the past year cited quality as a concern. “Some luxury brands have increased their prices significantly but the quality has reduced. Luxury no longer means long-lasting quality product,” said one respondent.
Because of the perceived lack of value across luxury today, consumers are seeking alternatives from contemporary brands or vintage resellers. “The value of goods against the price [has caused my perception of luxury brands to decline], and the rise of new, silent luxury brands that are really competitively priced and good quality,” said one respondent. “Secondhand products are, paradoxically, of better quality than the recent products of the same brand,” one respondent noted.
#fashion #luxuryfashion #style #fashionreview #fashionnews