“Look, she wears Gucci.”
Traditionally, the concept of luxury has always been about signalling status and obvious wealth, with brands being the engine behind the luxury goods market.
However, fashion has gone through many phases within the last decade, from being a vanity or investment pieces that you pass down to your next generation. Nowadays, for many Millennials like myself, it’s purely an appreciation of original, unique and exquisitely crafted products that tell a great story. Luxury brands have become much more approachable and experimental since the social media era, with Instagram-worthy designs being one of the considerations for many designers before rolling out their collections (salute to the powerful influence of social media).
LUXURY CAN BE A $50 LIPSTICK OR A $2,000 HOODIE
This behaviour and mindset are changing with the influence of streetwear reshaping the luxury market for status symbols. With fashion houses like Gucci, Off-White, Balenciaga, Vetements that constantly gather inspirations from underground, subculture and streetwear style, a new point of view has arisen.
Nowadays, brands can often sell non-luxurious products without any damage to their prestige – athletic pieces like sneakers, trainers and hoodies have now topped the most sought-after products from high-end labels*. Millennials nowadays are more willing to spend their money on one unique designer item over 10 similar high street products that have smaller life cycles.
One thing for sure, that luxury can be defined as, without a doubt – the objects (or experiences) of desire.