At the end of 2024, the Luxury Fashion Industry finds itself in a major predicament of its own making. Consumers have caught onto the game, now brands are bracing for the backlash. Buyers are no longer charmed by the “expensive” handbag and other accessories with sky high price tag.
The recent headlines report shopper fatigue for luxury goods. When a major newspaper reads “Death Spiral of Luxury Fashion” there is a big problem. In lock corporate step, houses evolved in Overpriced Zaras, neglecting quality for quantity, big fast profit over long term customer loyalty. Speaking to a colleague concerning these issues, he told a story of buyer’s remorse of people complaining about a certain top tier brand’s handbag coming apart at the seams after a few months of carriage.
It will be an interesting 2025 to see if the Luxury Fashion can regain its footing or continue on# a downward spiral. Only time will tell.
