When we are talking about resilient industries, Luxury probably tops the charts. It is a growing industry and one of the quickest to be back on its feet following a crisis of any sort. Over the last three pandemic years, the luxury industry did stumble a little, but it bounced right back even quicker than most of us expected. Currently, the fundamentals of almost all leading Future of Luxury industries are looking excellent, to say the least.
This year the global segment of the luxury business is set to hit record-breaking trajectories according to leading forecasts. But what’s going to be the future of luxury? What will the luxury industry look like this year and in the coming years? Let’s find out about Future of Luxury.
Online purchases
Over the coming years, physical stores will be replaced by online shopping giants. With a vast majority of people wanting to stay home amid crisis, they would prefer purchasing assets online. That means we could expect a solid boom in the eCommerce segment in the coming months and years. As of now, the segment has already boomed with several usual grocery and retail chains coming up with their luxury lines.
Local European markets will rule
Yes! According to luxury trend forecasts, local European trends will dominate global fashion even more in the coming years. So in 2022, you can expect an eclectic European luxury fashion haul thanks to European luxury brands and their online stores.
Millennials and Gen Z would be the highest bidders
When it comes to luxury fashion offline or online, it is ultimately the millennials and Gen Z who would invest the most in this segment. The majority of them would have the purchasing power and they would explore various online luxury retail chains. That is why it is more than important to understand the pulse of your core audience and create outfits and accessories that address their needs. According to data from luxe, the luxury industry segment will boom by a whopping 130% in the coming three years. So, stay on top of the trends to keep your luxury business booming.
Sustainable luxury
Because millennials and Gen Z would be the primary consumers of luxury fashion, they would want sustainable alternatives to the common outfit and accessory options. One of them is lab-grown diamonds that we discuss in the following section.
Lab-grown diamonds
Finally, one of the biggest trends that will take over the luxury market by storm would be stunning lab grown diamonds. These diamonds are already in demand given the fact that they are cheaper and free of any form of cruelty. With human rights activists coming to the forefront more people are inclined to purchase luxury assets that do not harm anyone. And lab-grown diamonds exactly fit that requirement. To know more about lab-grown diamonds and their impact on the luxury industry check it out online. As you explore, you will also find some of the best collections of lab-grown diamonds that are to die for!
Used luxury assets
While it may not seem apparent but used luxury assets are steadily capitalizing on a market and over the next couple of years, they will stand out as a growing trend. With more pop-op outlets for used luxury assets coming up, this trend is here to stay.
NFTs will rule
The luxury and fashion industry, in general, will be completely transformed with the advent of NFTs and similar technological advancements. Thanks to NFTs, upper-end luxury can now have an exclusive and accessible line.
Bottom Line
Now that you know where the luxury market is headed you would probably want to stay on top of your toes by investing in the right tools that will be in demand in the coming years. As mentioned already, lab grown diamond is one such asset that’s going to skyrocket sooner than you think. Given that these diamonds are cruelty-free and cheaper, their demand will naturally go up. Until then explore lab grown diamonds and our other recommended fashion trends.
