April 12, 2016

How Luxury Travel Is Changing the Fashion Industry

Increasingly, high-end travel is taking on the traditional role that hard luxury goods have played in the past in rapidly developing economies — a form of social currency, an indicator of one’s socio-economic status. Today, a skiing vacation to St. Moritz or a culinary journey to Japan’s top restaurants is equated with the sort of privilege among wealthy Chinese and Indian consumers once reserved for products such as an Hermès Birkin or a Rolex timepiece. In 2015 Chinese tourists spent an estimated $229 billion on overseas shopping for luxury goods, but as cultural shifts drive these valuable tourist dollars away from luxury fashion towards luxury experiences, fashion brands must quickly adapt to the age of “experience” across the globe, tailoring their marketing to the unique consumer behaviors of each region.

Read more about how luxury experiences trump luxury labels.

Topics: Culture, Vertical - Fashion, Consumer Insights

Recent

Popular