Luxury goods industry is experiencing a sudden shift in customer preferences. Customers are no longer drawn to brands with flashy logo embellished bags like Gucci, Prada or Louis Vuitton. Instead they are preferring pieces that are hard to find and that reflect their own personal style and individuality. One of the reasons that affluent buyers are changing their buying patterns, is that they do not want to come across as showing off their wealth to their friends of the lower income bracket. Another reason is social media which makes fashion trends obsolete at a very fast pace, which is why customers want to find unique understated pieces. Luxury brands are trying to be more creative with their sales approach to not lose their customers but the results are still to be seen. Read full article here.
