Driven by consumers’ willingness to once again buy high-end fashion items, the global luxury sector has started to recover. As per Vogue Business Index, around 16 per cent consumers plan to increase their spending on luxury fashion in the next six months. The majority of these shoppers will be millennials and Gen Z buyers. Around 19 per cent Gen Z luxury buyers will increase their spending on luxury compared to just 11 per cent at the end of 2020. Luxury fashion will be particularly preferred by Gen Z buyers in the US, UK and South Korea, says a report by The Star.

Consumers are also looking for renewed shopping experience. Henceforth, they plan to integrate all sales channels for a cross-channel experience. Future luxury fashion purchases will also be driven by consumers’ increasing emphasis on sustainability and transparency. Around 62 per cent consumers plan to purchase luxury fashion items from brands confirming to these principles only. They also plan to buy more from brands Louis Vuitton and Gucci