The luxury fashion industry switches to virtual platforms in light of COVID-19
Trend - The merging of the luxury fashion industry with the digital space has taken place in the last few years, but now it's being ramped up as brands are forced to find new and unique ways to present their products. These reinterpreted virtual runways and lookbooks aim to mitigate COVID-19's impact on the fashion industry.
Insight - As people face unprecedented disruptions to their finances and normal routines, industries associated with luxury are not exactly top-of-mind for most. However, the chances of disregard for luxury products and services decrease when brands within this space are able to pare down and become more accessible to customers--whether that's in messaging or in cost. Though consumers are currently dealing with enormous loss, the escapism that luxury brands can provide still holds value.
Insight - As people face unprecedented disruptions to their finances and normal routines, industries associated with luxury are not exactly top-of-mind for most. However, the chances of disregard for luxury products and services decrease when brands within this space are able to pare down and become more accessible to customers--whether that's in messaging or in cost. Though consumers are currently dealing with enormous loss, the escapism that luxury brands can provide still holds value.
Workshop Question - How is your brand providing value to customers amidst uncertainty?
Trend Themes
1. Virtual Fashion Shows - As social distancing practices become more commonplace, luxury fashion brands are exploring virtual runway shows and lookbooks as a way to showcase their latest collections.
2. At-home Fashion Campaigns - With the closure of studio spaces due to social distancing protocols, fashion retailers are showcasing their latest designs in more relaxed and personal spaces, such as the models' homes.
3. Virtual Fashion in Games - As more people are spending time indoors, video games such as The Sims are providing an outlet for fashion creativity through virtual streetwear options from luxury brands.
Industry Implications
1. Fashion - The luxury fashion industry is exploring new ways to showcase their collections in light of social distancing practices, including virtual runway shows and at-home photoshoots.
2. Gaming - As people spend more time at home, video game companies are offering new features and content, such as virtual fashion options and events in games.
3. Technology - The merging of luxury fashion with technology continues to be a growing trend, as brands explore new ways to incorporate digital experiences into the customer journey.
