The luxury industry has encountered major challenges in recent years, especially with the onset of the pandemic, as consumer habits have significantly shifted. In order for brands to thrive on an international scale, it is imperative for them to have a profound understanding of these new behavior patterns. NellyRodi, a trend consulting agency, has recently presented 10 vital trends that they believe are essential for successful internationalization.
According to NellyRodi, brands must possess a deep comprehension of local customs and consumption trends in order to effectively operate on a global level. Nathalie Rozborsky, deputy CEO of NellyRodi, emphasized the significance of knowing the brand’s identity and understanding their consumer community. She highlighted the fact that the value chain has been inverted, with end-consumers now being the primary driving force behind product design and production.
To gain an intimate understanding of contemporary luxury consumers, NellyRodi has identified 10 key consumption trends. The first trend, “Serenity,” underscores the need for reassurance during times of stress and uncertainty. “Simplicity” represents the desire for straightforward solutions and a return to the essentials. “Solidarity” has become a fundamental principle as brands engage with their customers and take on the role of change agents. “Sensitivity” refers to the horizontal relationship between customers and brands, where brands genuinely pay attention to their customers’ needs and desires. “Spirituality” reflects the search for meaning in actions and the environment. “Spontaneity” represents the desire for novelty, freshness, and creativity, particularly among younger consumers. “Sustainability” and “Singularity” are also crucial elements, as customers now expect brands to be committed to sustainability and to stand out with unique characteristics.
The notion of “Security” is of utmost importance, especially when it comes to product quality, customer service, and data privacy, particularly in the midst of the pandemic. Lastly, “Subversion” highlights the need for brands to embrace change and push boundaries.
These 10 trends are closely intertwined with the fashion and luxury industry, which is currently experiencing significant transformation. Established brands are facing disruption from new market players, social media influencers, and emerging business models that heavily rely on customer data collection. To respond to these changes, brands must consider new drivers of desirability, such as genuine brand commitment and innovative in-store experiences.
In conclusion, understanding these new global consumption trends is essential for luxury brands to thrive in international markets and successfully navigate the evolving landscape of the industry. Brands must adapt to the changing needs and desires of consumers, demonstrate a strong commitment to sustainability, and differentiate themselves from their competitors. By embracing these trends, brands can create a comprehensive roadmap for recovery and expansion into new markets.
Useful links:
1. Business of Fashion
2. Vogue Business
