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  •  Words by Maddie O'Reilly, Content & Luxury Fashion Specialist

How the online Luxury Fashion industry and customer changed in 2021

We delve into exactly how the luxury fashion landscape has drastically changed in 2021 and why

What actually happened within the Luxe Fashion market?

However, it wasn’t just the luxe fashion market that had an upheaval…

But, what brands are doing the most?

How does this new attitude influence the luxe fashion customers purchasing habits?

And who is this new generation of customers?

“The market share of Gen Z customers (born between 1996 and 2015) will grow from just 8% in 2019 to 20% in 2025. Then, looking to the Gen Y customer base (born between 1981 and 1995), this will rise from 36% market share to 50% in the same period. Meaning that in just four years 70% of luxury customers will be aged below 40 and in turn, this group of customers, over this time frame, will have contributed to 180% of the luxury market’s growth."

But, what does this mean for luxury fashion brands?

What channels are best to invest in to capture this new customer?

“A further aspect is a long-term trend since 2009 of a decline in footfall in UK destinations of around -1.5% a year, primarily due to the migration of a proportion of retail spending online and so, even in the absence of Covid, it is likely that footfall would currently be around -3% lower than the 2019 level.”

So, how can brands capitalise on this shift?

How can brands standout from the crowd?

Want to know more about how Luxury Fashion will look in 2022?

Maddie O'Reilly, Content & Luxury Fashion Specialist
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