Changing Luxury Consumer Trends

The concept of luxury in the 21st century has evolved

over the past few years following the economic recession. Consumers are looking to spend their money on investment pieces and items that won't date after just one season but that can be brought out and worn year after year. The economy has certainly had an effect on 'disposable fashion' with many high-end premium brands reporting an increase in sales. For example, Mulberry saw their online sales increase 21% on last year, and total retail sales grew by 8%.

Analysts have found that when the economy is suffering, the luxury market actually sees an increase in sales. Whilst some may point out that the luxury market operates in isolation from many other elements of an economic downturn and is not representative of wider trends, it would seem that the buying habits of the wider mass market are also changing. New consumer values are emerging prioritising quality over price. Lasting quality that is worth investing in, rather than cheaper pieces that won't last.

The luxury watch market is one such sector that has experienced growth in a volatile economic climate. According to research by Euromonitor, UK sales of luxury jewellery are predicted to increase over the next four years. Consumer trends in the luxury watch industry suggest consumers are looking for unique, smaller designers rather than more well-known brands. Page and Cooper are a watch company who source individual suppliers from across Europe. They stock small, independent suppliers who produce limited numbers of quality designer pieces using traditional skills and materials. Many of the watches stocked by Page and Cooper are limited edition pieces, with only a small number ever manufactured by that particular supplier adding to the investment value and exclusivity.

Consumers value a personal service, something ecommerce sites can struggle to provide. Engaging content is one way in which brands are interacting with customers and creating a personal 'voice'. With new emerging platforms and integrated ecommerce sites brands are now combining content, commerce for consumers. Online premium retailor Net-a-porter have founded a publishing arm of the company called 'Porter' which will publish a magazine six times a year with global distribution and will be available via mobile and as an app.