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Luxury Market Recovery in Asia Pacific

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This month’s Fashion Friday podcast series by Euromonitor International analyses the drivers of the recovery of the Asian luxury market, with examples of brands putting extra effort into expansion in the Asia Pacific region.

Under COVID-19, the global luxury market shrunk by 15%. However, in the Asia Pacific, stronger resilience, where the industry has only registered a 7% decrease in 2020 is expected. While for other major regions, such as North America and Europe, the market declined by nearly 20%.

This resilience in APAC has been shaped by three key drivers: 1) consumer confidence in terms of future expenditure and investment has appeared much more positive in APAC, 2) robust luxury consumption among Chinese luxury shoppers has been shifted from overseas markets to the domestic market due to widespread travel restrictions in 2020, and 3) digitalisation of luxury brands catalysed by the COVID-19 pandemic has compensated the loss from physical retail much better in APAC.
Digitalisation was already in motion pre-COVID-19, but the pandemic accelerated this progress. Proactive interaction and engagement with the younger generations continue to play a key role in regaining consumers’ trust and loyalty as we move into a post-COVID-19 world, especially in China. Technology conglomerates have been playing an increasingly influential role in China’s luxury Industry. Prime examples are Chanel bringing its fashion show online for the first time with Tencent and Tmall launching luxury Soho in early 2020 as an online outlet.

Personalisation and sustainability are the other two essential trends. Specifically, in sustainability, circularity is another key trend influencing the market and future brand strategies. For example, in Hong Kong, pre-loved brands and consignment sites have been transitioning from being niche to more mass orientated. At the global level, Gucci is taking steps towards circular luxury by joining forces with the second-hand platform, The RealReal.
Personalisation plays an important role in the luxury goods market now and in the future. In Japan, personalisation was implemented in both goods and services. After the Japanese government announced the state of the emergency, Tiffany started to offer a free engraving service that the brand usually charges for at USD20 or more. The promotion aimed to target the ceremony season in Japan and emotionally support consumers. Luxury cosmetics brands including Clé de Peau Beauté launched an online consultation service where customers can book a slot to have a one-to-one consultation with a beauty adviser.

Between 2020 and 2025, the luxury goods market is expected to expand at 7% constant value CAGR to add a further USD87 billion. To grow in this attractive market, it is essential for companies to understand the key trends and successfully engage with consumers in this unique region.

Written and created for FashionUnited by Euromonitor. Explore more fashion-related podcasts by Euromonitor here.

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Fashion

Video: Anne Barge SS22 collection

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Video: Anne Barge SS22 collection

In this video, fashion label Anne Barge has presented its SS22
collection at New York Bridal Fashion Week (NYFW).

Watch the video below.

Do you want to see more clothing collections? Click here to view the FashionUnited Marketplace.

Video: VRAI Magazine via YouTube

Photo credit: VRAI Magazine, YouTube

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Fila collaborates with Flock Together initiative on capsule

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Image: Fila x LN-CC x Flock Together
Image: Fila x LN-CC x Flock Together

Sportswear label Fila has unveiled a collaboration with birdwatching initiative Flock Together in the form of an apparel and footwear capsule, to be exclusively sold through LN-CC.

In a range of hike-wear gear made for urban exploring, the collection intends to bring people into nature and engage with their community. The selection includes a reinvented version of the Fila Trailblazer hiking shoe and two shearling fleece designs.

The colourways of the line are inspired by the Kingfisher bird, with a scannable near field communication (NFC) tag present in the hiking shoe that takes buyers to a dedicated page outlining the best places in the UK to spot a Kingfisher.

Image: Fila x LN-CC x Flock Together
Image: Fila x LN-CC x Flock Together

15 percent of all sales of the collection will go towards the Flock Together community fund.

Buying and creative director at LN-CC, Reece Crisp, expressed his enthusiasm over the collaboration in a release, stating: “We’re super excited for LN-CC to be part of this project.

“Flock Together encompasses everything that’s great about community and wellness, two driving forces that are integral to LN-CC too.

“Flock Together’s growth has been both a reaction to, and antidote from, a difficult eighteen months by bringing people together and encouraging outdoor consciousness, so we are honoured to share our platform in amplifying its much-needed positivity while working with Fila in creating this tribute to the Kingfisher.”

Flock Together, founded back in the 2020 covid-19 lockdowns, brings BIPOC together to engage in birdwatching and other nature-oriented activities.

It has previously partnered on an event with Timberland, hosting a range of spoken word presentations at the nature reserve, Woodbury Wetlands. Sponsored by the apparel label, the event aimed to promote the voices in its growing community adjacent to guiding guests through the nature reserve.

Image: Fila x LN-CC x Flock Together
Image: Fila x LN-CC x Flock Together
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Video: Jenny Yoo SS22 collection

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Video: Jenny Yoo SS22 collection

In this video, fashion label Jenny Yoo has presented its SS22 collection
at New York Bridal Fashion Week (NYFW).

Watch the video below.

Do you want to see more clothing collections? Click here to view the FashionUnited Marketplace.

Video: Jenny Yoo via YouTube

Photo credit: Jenny Yoo, YouTube

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