Fashion

| the luxury fashion world |


Traditionally the luxury industry has used opacity as a way to build mystique and desirability, but the younger generation of luxury consumers expects and demands transparency. Millennials matter to the luxury goods industry: they are the world’s biggest generation, and their global spending power will soon be greater than any other generation, according to forecasts by World Data Lab. They are also willing to spend more on sustainable goods, according to a 2018 report by Nielsen. A recent Deloitte report on young luxury shoppers found that nearly a third considered a brand’s ethical credentials before making a purchase. In order to seduce the new luxury consumer, the industry has to change.

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