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Young consumers see luxury as more than a transaction, says report

By Don-Alvin Adegeest

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Fashion

Niche brands and quality goods that are artistic and unique are capturing the interest of young luxury consumers.

In a white paper released by online lifestyle platform Highsnobiety, the publication explores the priorities of the new luxury consumer that its audience reflects.

“For us, the message is clear: consumer relationships with brands are no longer purely transactional,” said Jian Deleon, editorial director at Highsnobiety, New York. “They’re not just buying things, they’re buying into value systems, lifestyles and products that help them define themselves.”

The study, called The New Luxury, surveyed 4,984 16-34 year-old global users and assembled a comparison panel of 2,379 people in the same age group in the United States and United Kingdom. The majority of respondents, 73 percent, were male.

Eighty-five percent of respondents believe what their clothes represent is as important as the quality and design. More than a third of those surveyed have also purchased clothing, footwear or accessories that cost 500 dollars and upwards in the last 12 months.

When it comes to defining the mindset and influencer, 84 percent of respondents said they define themselves by their style and had 4.6 times as many followers as the average Instagram user.

“New Luxury” isn’t just about what you wear, but also what you know, according to the authors of the white paper. Creativity and commerce have merged with like-minded communities around the globe. Selling out is no longer seen as detrimental to authenticity, but what’s changed is more and more outsiders want to ‘buy in’ to this burgeoning movement.

26 percent of users believe a product undiscovered by the masses is a driver for desirability of a new luxury product.

“The why behind the buy”

"The new luxury consumer seeks inspiring brands over aspirational products. Free from the once-captivating spell of opacity used by luxury brands to attach a certain je ne sais quoi to their products, consumers began to hold transparency in higher esteem. The young luxury consumer is hungry for a deeper purpose in life over materialism."

96 percent of Highsnobiety readers report an interest in traditional brands who take unexpected created changes or collaborate in unexpected ways.

Blended retail experiences - from phone to pop-up to physical store to laptop - is the new ‘phygital’ retail, allowing customers to discover and purchase along their own journey and preferences. As long as the experience between online and offline are seamlessly married.

Photo credit: Balenciaga sneakers, source: Highsnobiety; article source: Highsnobiety white paper “The New Luxury”

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