Luxury brands must remain relevant and the way to do that is know exactly what consumers want each year. Luxury consumers in 2024 want quality, exclusivity and a feeling of belonging. They want innovation and brands that are innovative as they come up with new products and ideas. Without authentic and unique stories that clearly and vividly articulate what the brands ‘stands’ for, the potential for creating extreme value will be difficult to maintain. Equite Research prodcits that up to 50% of today’s luxury brands will be gone by 2030 – in 7 years. It will be the result of poor brand storytelling.
Looking back at fall 2023 – between Nov. 1 and Nov 29 – sales of luxury apparel were down 13% year over year for U.S domestic online and in-store sales
