The words luxury brand are mentioned and you will definitely picture many labels such as Gucci, Balenciaga, Louis Vuitton, Armani, Prada, Christian Dior and more coming to mind quickly. So what exactly is luxury? Well, luxury brands share these features – they are high quality, long-lasting and expensive. Luxury goods also have limited distribution. You can wear or use a luxury garment or item for several years and still get admiring glances. This is because the design of a luxury item is often trendy, futuristic and pleasing to the eyes.
Luxury goods are made of high-grade or premium materials so they will last longer than the fake goods they inspire. Generally, these items are derived from the design studios which have a consistent imprint on the fashion items they create. When you buy a luxury item, you can also expect superb craftsmanship that is the highest in the industry.
A luxury product is more than just beautiful design and well-made workmanship. There are many beautiful garments that are well made too but are considered very common since they are very accessible. One such brand is & Other Stories, for instance. There are many stores all over the world that is full of attractive merchandise. Their products are easily available and affordable. In contrast to luxury brands, & Other Stories flood the market.
One feature that defines a luxury brand is the high level of service they offer. Many luxury brands sell their products to specific clients and always make sure that they fit and please the customers. Such service is the key to building customer loyalty.
According to research in 2020, the luxury fashion market size was valued at USD 110.64 billion and it is expected to reach USD 153.97 billion by 2026. The worst recorded dip happened during the pandemic and it has since grown by nearly one-third to 288 billion euros last year. The war in Ukraine or the inflation affected the growth of luxury fashion.
Although in most parts of the world, many are facing higher fuel and energy prices, a report has indicated that the global luxury market remains set for growth and this is largely due to the world’s wealthiest people who are resilient. Despite the first signs of economic uncertainty, sales of personal luxury goods like clothes, accessories and footwear recorded high double-digit growth in the first quarter of 2022. It is forecasted that the sales of high-end personal goods will grow by 15% this year. This is due to the rise in the number of high-net-worth individuals.
Some of the top key luxury brands covered in the market report include the following:-
- Dolce and Gabbana
- Coach Michael Kors
- Louis Vuitton
The growing popularity among the young population belonging to the millennials and Gen Z generation, increasing brand loyalty among customers, and increasing association of luxury brands by individuals also play a part. Gen Y with more disposable income also contributes to the growth. These consumers are demonstrating that they value high-quality products compared to traditional luxury consumers. They are more spontaneous and are more gamed to explore new brands.