It is no surprise to most people that the luxury fashion industry is in a turmoil right now. Consumers are tightening their pursestrings when it comes to fashion as the prices are rather high now. Furthermore, some brands admittedly claim that their shoppers are reducing in numbers.
According to Malaysia Sun, the post-pandemic surge in global luxury sales of handbags, shoes, and apparel is expected to stall this year due to a creativity crisis and price hikes. Bain consultancy forecasts flat luxury sales in 2024, citing political uncertainty in the U.S. and economic uncertainty in China.
Major fashion houses are grappling with a “creativity crisis,” shifting focus to super-wealthy customers at the expense of the middle class and Gen-Z. Brands need clarity and strategic adjustments to thrive.
However, a YouTuber, Jessie Styles observed that these luxury dupes could also play a role in ruining these luxury brands. She states that she understands why consumers are headed towards the dupes and get the look they want for a more affordable price.
What is a dupe?
A dupe is known as a form of imitation of an original design. However, it is not classified as a fake as the brand would paste their own branding on the item. There are plenty of examples of dupes being sold, and they’re mainly sold by brands like H&M and Zara. There are mid range luxury brands doing this as well, like Coach, Michael Kors and Tory Burch.
The Bowerman Group states, designer dupes, once considered knockoffs, have become trendy among Gen Z consumers seeking affordable alternatives. Influencers promote these “perfect dupes” for luxury brands on platforms like TikTok.
Gen Z values transparency, social causes, and individualism. Luxury brands must adapt to this trend while maintaining exclusivity.
Regardless, there are luxury fashion houses that have items inspired by other brands. Quite literally, most brands would have a simple black leather handbag with their logos stamped on it. At this point, the consumers may feel a lack of creativity in the air, but at the same time, it is this lack of creativity that is a comfort zone for these brands as well.
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