For young Brits, luxury brands are no longer seen as too expensive and unaffordable, thanks to the diversity of products that the market now offers - and that’s why so many are now turning to the brands they previously only dreamed of. According to a new survey from Little Black Book, it appears that the majority of British youth now believe that luxury brands are more accessible than ever. Young consumers are able to keep up with and invest in luxury products at a rate they can sustain.
1. Luxury On a Budget: Young Brits Embrace High-End Brands
Young Brits are bucking the trend and showing it is possible to have luxury, on a budget. They are embracing high-end brands such as:
Perfectly blending fashion and affordability, they aren’t just buying the same items as their peers, they are investing in luxury classics that will stay with them for years. These classy investments don’t necessarily cost the earth either, young people are discovering the art of making high-end brands attainable.
2. Rising Cost of Living Drives Trend Towards Expensive Accessories
As the cost of living continues to rise, people are searching for ways to save money in any and every way imaginable. However, it appears that living a frugal lifestyle has had a surprising effect – an increase in sales for high-end, luxury accessories.
Rather than cut back on “luxury” items, now more than ever, people are ready to splurge on fashionable items that can set them apart from the crowd. People want the feeling of true indulgence by opting for pieces with a higher price tag and designer look. It’s even become a status symbol among their peers.
- Upscale Shopping Malls – Perhaps the most visible symbol of this shift in shoppers’ habits is the recent rise in upscale shopping malls in major cities. Though they may be pricier than their outlets counterparts, people seem emboldened to access them.
- High Quality Materials – Customers are increasingly interested in the build quality of their products. They don’t mind digging deeper into their pockets for accessories crafted from sterling silver or high-grade leather as they know these materials ensure quality and will last the test of time.
High-end fashion accessories are quickly becoming a necessity for many, rather than a simple want. It’s clear that the rising cost of living has had an unexpected consequence for the fashion industry.
3. Luxury is for Everyone: British Youth Shirk Price Tag
In the modern age, luxury items are becoming increasingly accessible to younger generations. While often thought of as the preserve of the wealthy, luxury goods are no longer just for the affluent. British youth are now welcoming the opportunity to access wearables with more extravagant designs and features.
An example of this is wearable tech. Devices such as smart watches offer a range of functions, from messaging to health app tracking, all without placing an emphasis on the price tag. This means more young people can enjoy the convenience and styling of luxury products without worrying about their budget. In addition, website-based stores are providing more branches of luxury such as makeup and designer clothing to people on a budget.
- Product Variety: Luxury brands are expanding specific product ranges with diverse offerings.
- More Accessible: Luxury products are becoming increasingly accessible to younger generations.
- Functionality: Wearable tech allows access to a range of functions, without an emphasis on the price tag.
4. Can Affordability Co-Exist with Quality? Question Marks Over Luxury Market Dominance
In the current age of luxury retail, the question of the ability for prices to be more accessible through quality produce looms large. In many parts of the world, fans of designer labels struggle to balance a love for the finer things in life with practical economic considerations. Unlike ever before, the confidence of the luxury market has dipped and their price point has yet to properly adjust.
At the same time, a lack of affordability in the luxury goods market has created a two-tier system. On one hand, the wealthy can easily purchase what they need when they need it. On the other, those hoping to buy items for less must make do with versions of lower quality or create DIY solutions. With the market divided, brands are now feeling the pressure to answer the questions and make good on their promise to “build quality and keep prices low”.
- High Quality: Demand for high quality products which can stand the test of time.
- Low Cost: Desire to own products and services without breaking the bank.
- DIY Solutions: Growing trend of creating DIY solutions as a cost-effective alternative.
The future of luxury looks bright in the eyes of young Brits, and that’s something that everyone can agree on. With a new generation of shoppers comes fresh new perspectives on how to purchase and experience luxury, and it’s shaping the way the products and services are marketed and priced. Who knows, maybe in the near future, luxury products and services won’t just be exclusive to a privileged few, but will be available and accessible to all.