How Luxury Fashion Brands Approach the Next 12 Months Could Be Key
In March, retail sales and online sales fell with the closure of shops and people switching to survival mode. Food and drink sales soared as people stocked up on essentials and retreated behind closed doors. Later in April, everyone started adjusting to the new normal. Spending habits changed as people started focusing more on saving rather than spending. In the next few months, people are likely to shift their investments to areas such as medical insurance. Unfortunately, luxury fashion brands are among those businesses affected by the changes people are making due to Covid-19. So, the approaches they take in the next few months will dictate how successful they can be in these difficult times.
Approaches Luxury Fashion Brands Have Been Taking During This Pandemic
The most strategic approach at the moment is to acknowledge the platforms they can use to access customers. People are now spending more time on social media and the internet in general. According to recent data by Facebook, the amount of time users spend on their app has gone up by 70% since the start of confinement. It is a platform that fashion brands should aim to exploit. The main focus should be to move away from traditional marketing.
Altering campaigns to positive marketing saw Nike raise their online sales. The company closed all its stores and asked employees to stay home while being compensated. Instead of advertising their newest shoe, they encouraged people to stay home safe and healthy. Other smaller brands such as Allbirds followed this move by announcing on Instagram that they would donate one pair of sneakers to health workers for every pair a customer buys.
Creating content for consumers at home is also useful. Platforms such as TikTok assist brands in reaching many young consumers. A brand such as Jacquemus is posting videos of models at the beach wearing their floral bikinis or hats. Gen Z and Balmain’s Oliver Rousteing are also utilizing this platform by posting runway clips and inspirational content.
Another approach is to ensure safety for employees and also to customers. As the virus spread across Switzerland, one of the most successful watchmakers, which is none other than everyone’s favourite company: Rolex, closed down 3 of its production centres. However, they are putting in place safety measures as directed by the government to ensure that they re-open soon. Fashion industries should focus on continuing production to ensure that businesses continue to operate. Some retailers who had orders cancelled them, but with people adapting to the new lifestyle, they can now get back in business.
Luxury Brands Are Never Going to Be Out of Fashion
Buying a luxury shoe from a brand such as Nike is uncommon these days. Luxury goods have an undeniable appeal – shoes are more comfortable, the leather is softer despite the price being high. Luxury fashion brands offer high-quality products for various reasons.
A good example is luxury watches. The price tag on a Rolex watch maybe thousands of dollars, but it is likely to last your lifetime and maybe give it as a gift to one of your children. There are several watches over 100 years old that are auctioned for millions of dollars.
An example, such as the one above, will never need a replacement. These products are made to last as long as they are taken care of well. It also goes to clothes from brands such as Gucci or Dolce & Gabbana which all offer high-quality products that you do not expect to fade. You can only get tired of them or outgrow them.
Some popular luxury brands have a logo or symbol that distinguishes them from any other. When you dress in any of their products, people will always recognize it as fashionable. You can buy a Gucci product from ten years ago and still feel classy with it. A Rolex watch from the 1950s will earn you more respect than a cheap quartz watch produced in recent years.
Quality will always matter. Competition for high-quality products has been going on for years, trying to impress customers looking for quality.