With store closures, reduced custom, and an abundance of excess stock, the luxury industry is feeling the impact of the pandemic. Alibaba hopes that Luxury Soho, a platform to sell excess stock at discounted prices, will lure Chinese Gen Zers into post-COVID-19 spending.
Accustomed to rapid service and easily accessible products, Gen Yers and Zers are causing the luxury industry to bend to their e-commerce expectations. What do they want out of a high-end shopping experience? And how are haute couture brands grabbing the attention of these digital natives?
In an always-on consumer culture, people are used to buying what they want whenever they want. But can possessions comfort and fulfill us during uncertain times? Canvas8 spoke to Bruce Hood, author of Possessed, to understand the psychology behind owning new things.
The Telfar Shopping Bag may not be as recognizable or as expensive as iconic designs from Chanel or Dior, but it has become just as coveted among fashionistas. It’s attracted young shoppers with the chance to be part of an inclusive community, rewriting the rules of the ‘It bag’ in the process.
Traditionally worn by the men of the household, more and more women in China are snapping up suits to fill their wardrobes. What does this shift in fashion preferences reveal of their position in society, and how can luxury houses and e-commerce sites cater to their increasingly lavish tastes?