The Future of Luxury Goods

Highsnobiety x BCG recently released a white paper on the future of luxury goods - here’s a quick recap of the 25pg paper.

By 2026 Millennials and Gen Zers will make up over 60% of the luxury consumer good market. But these generations are not like their predecessors. Millennials and Zers value culture over all. They see through the bullshit of influencers and are looking for inspiration from people and brands that ooze authenticity, powerful narratives, proactive community involvement, and transparency. Dead are the days of going to Lord & Taylor and browsing the racks for the latest trend and product. We (Millennial here!) want to hunt the dark depths of the web, resale included, to find the perfect item or brand to add to our collection. Don’t buy it? Look to Supreme as the prime example of how a small brand used NYC skate ideology to win over an entire generation. Brands that emphasize a culture are seeing 2-3x the revenue growth of other luxury brands.

Do social media influencers still make sense? Well, it depends. We’re scouring the internet to find the perfect piece, and yes we’re going to come across influencers on this inspiration journey, but we can tell when an influencer has been paid to promote something. BUT this doesn’t really bother us as long as the partnership makes sense and both the brand and influencer share the same cultural ideologies and an authentic connection.

What this study means to me as a brand manager: Brands can and should gradually stop spending big bucks advertising in high fashion outlets like Vogue (sorry Vogue, I still love you), and should start using their voice to share their brand story and what they stand for/by through social media, blog posts, and community action. This is an exciting time - a time for young luxury brands to break into a club that previously had few members. You no longer need big advertising dollars to get to the top, you just need a purpose; an authentic message or powerful idea that proactively supports a culture or community. We’ll find you and do the rest.

F&B TRENDS 2019

Taking into account this year's runways, the food and restaurant industry will have its own unique set of trends for Fall 2018 into Winter 2019. Check out some fun twists on everyday items below:

Iridescent Smallwares are making a splash, from glassware to silverware

Smoke Grey glassware is sophisticated and unique

Terrazzo & Camp style serving dishes are a blast fro the past, and all the rage

Forecasting the Future

I recently attended the GlobalShop convention at McCormick Place in Chicago. GlobalShop is a retail and restaurant trade-show that features vendors showing off new in-store concepts and displays. While a few booths caught my eye, the real winners were the lectures. I sat in on two very informative programs; Designing for Gen-Z and Fast Fashion. 

Tips and tricks for setting your sights on the future included visits to trend shows and concept stores, but also looking to lifestyle trends to see into the future of retail. Lifestyle trends are changing rapidly with Generation Z coming into adulthood. These 12-22yr olds are driving change in a world where connectivity is everything. They've grown up in a world where everything has been at their fingertips since the day they were born. Transparency is key. They care about sustainability, employee treatment at the stores they purchase from, and how open companies are in the media. Food is delivered to their door at the push of a button; no human interaction necessary for instant gratification. Authenticity is everything. Gen-Z may spend 3 hours a day on YouTube, but it isn't looking at celebrities, it's to watch all-access channels of everyday people. It's applauded to be imperfect, unique, and relatable. Forget texting, they Facetime. They don't care if their make-up is perfect, they want to convey emotion, LIVE. Access to technology has lead to better education, leading to a smarter and more liberal mindset. 48% of young adults consider themselves heterosexual. Gen-Z believes that gender is fluid. They are independent and purposeful. What will all of this mean for the retail world of tomorrow? 

In the mean time, today's lifestyle trends include Mindfulness, Hygge, Circularity, Sustainability, and Sharing vs. Owning. Millennials have changed our lifestyle because they value the experience over purchased goods. Ownership isn't important. Pet parenting and multigenerational households have taken over. If they do buy something, it better be handcrafted, artisanal, and Instagram-able. 

Check our some amazing concept stores for retail inspiration below:

Merci, Paris | Bikini Berlin | Story, NYC

NYFW September 2017

Fashion Weeks around the world inspire a years worth of product design. Last week's New York Fashion Week was undoubtedly no different. With big collars and bold colors we are in for a season of deconstructed looks and a metallic overload with emphasis on the importance of texture.

TOP TRENDS

Burgundy: You might be able to get away with jungle green, but shades of dark red are stealing the show

Graphic + Patterns: Mix and match fun graphic Ts with flowing floral or metallic skirts

Texture: Everything from fur, velvet, lace, embroidery, appliqué, and last but not least, shearling, made an appearance on the runways

Edge: Some are calling it the new Americana. The runways were monochromatic - think all black, different textures, sheer elements, and some seriously dark make-up

Metals: Anything goes in gold and silver. Shoes, skirts, jackets, full on pant suits

Cuff & Collar: That oversized cuff we saw all summer isn't going away just yet. If anything, it's more dramatic and we added an even bigger collar