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Cautiously Luxurious

Cautiously Luxurious. revenues increased during 2017’s first half, uncertainty made investors cautious. Several luxury brands acquired companies during 2017, including Coach, which bought Kate Spade, and Michael Kors, which bought Jimmy Choo.

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Cautiously Luxurious

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  1. Cautiously Luxurious • revenues increased during 2017’s first half, uncertainty made investors cautious. • Several luxury brands acquired companies during 2017, including Coach, which bought Kate Spade, and Michael Kors, which bought Jimmy Choo. • The number of high-net-worth individuals (HNWI) continued to increase in the US during 2015 (the last year for which data is available) to 4.8 million, an increase of 2%, a slower growth rate than during previous years.

  2. Luxury and High Income Are Still Close Partners • More men with household income of $200,000+ (23.9%) bought formal wear during 2016 than less wealthy men with household income of $100,000+ (22.6%). • The tuxedo and costume rental industry generated $500 million in 2016 revenue, and is expected to decrease during the 2017–2021 period, as cheaper imports become more available, the marriage rate decreases and online competition increases. • According to GoBankingRate’s survey of wedding costs, the average groomsman spent $245.50 on a tuxedo, more than bridesmaids spent on average for their dresses.

  3. Leisurely Dressed for Success • According to Euromonitor International, the global men’s designer clothing market is forecasted to increase to almost $33 billion by 2020, an increase of 14% from 2015’s $29 billion, and to become a larger percentage of the overall luxury goods market. • Fewer jobs now require employees to dress formally for work, so more men are wearing sportswear-driven and more creatively designed clothes while women are wearing a greater range of styles from athleisure to trendy fashion-forward clothes. • The tech industry, which employs many Millennials (or former Millennials), was largely responsible for this trend, as Millennials “tend to be uncomfortable in rigid corporate structures” and value “a flexible approach to work.”

  4. Proms Across the Country • According to Yahoo Finance’s 2017 Prom Across America survey, teens in the Midwest spend the most on prom dresses, an average of $242.94, followed by teens in the Northeast, but they are most likely to wear the dress again. • Across the US, teens tend to wear traditional prom attire, dresses for girls and tuxedos for boys. They also feel that dress codes at prom are a good idea. • In the Northeast, parents are the most likely to pay for transportation and after-party costs. Southern parents are the most likely to pay for the prom dress or tuxedo.

  5. The Fur Statement • From 1990 to 2015, US fur sales increased approximately 50% to more than $1.5 billion. From 2013 to 2014, fur sales increased 7.3%. • Street style influencers, such as models Sara Sampaio and Leandra Medine, have been seen wearing outrageously dyed fur-like coats: a bright pink, cheetah-printed coat for Sara and a green and white cropped fur jacket for Leandra, sparking a demand for it. • Almost two-thirds of the women’s fall 2016 collections in New York Fashion Week shows included fur clothing, despite years of anti-fur activism by groups, such as PETA. Michael Kors had a variety of fur including some in green, magenta and metallic silver.

  6. Advertising Strategies • Utilize storytelling to help potential customers visualize how the product will match with their lifestyle and guide them to luxury fashions to express themselves. • For luxury brands, blend heritage/tradition with modern style to appeal to younger buyers. • Inspire a sense of belonging in an elite social circle for proms, with visuals of a group of well-dressed and attractive girls and their dates entering a prom as all heads turn.

  7. New Media Strategies • Showcase exclusivity with images of fashion shows, featuring your products on Instagram and Pinterest. • Highlight quality (a major driver of brand preference among Mmillennials) with videos posted to Facebook and YouTube showing fine detailing and construction of products. • Host a contest on Instagram for the Ultimate Prom Queen. Invite customers to upload photos of themselves in their prom dress with your store’s hashtag.

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