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Casual fashion driving Luxury market

According to a study by consultancy Bain, casual luxury is driving global sales of high-end apparel, footwear and handbags as big-spending consumers are opting for popular choices in T-shirts, sneakers and rubber sliders.

This trend of casual fashion is driven by Millennials, with help also from their comfort-seeking parents and the next generation of consumers, teens.

It is helping boost sales of personal luxury items including apparel, footwear and handbags, to upwards of 280 billion euros (329 billion), up 8 percent from 260 billion euros in 2017.

While a strong euro is penalizing sales to tourists in Europe, local consumers are filling the void to keep the market steady with a projected growth of 2-4 percent.

Younger consumers who had long been detached from luxury are now buying individual elements that appeal to them.

The demand for casual and street wear gives the luxury producers a new creative outlet — such as luxury Birkenstock-style footwear. And it is also giving household names like Fila, Nike, Adidas and Birkenstock more access to big-spending consumers of luxury goods, D’Arpizio said.

 

 
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