Luxury fashion is on the rise and Multi-ethnic new audiences are driving this hot demand. Online luxury shopping is up by 50% increase in dollar sales, where growth for purchasing high-end luxury online is increasingly expanding from footwear, accessories, and apparel.
Luxury Fashion
According to The NPD Group, “The luxury market is evolving, new brands are getting attention, and online retailer platforms are elevating the competitive landscape,” Marshal Cohen, chief industry advisor for NPD, said in a statement accompanying the report.
He continued: “The younger, multi-ethnic demographic that is more attracted to purchasing designer products online — even more than the average online accessories, footwear, or apparel buyer — is a major contributor to this evolution.”
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The Gucci GG Marmont Crystal Embellished Leather Belt is a top new Gucci belt design that multi-ethnic audiences are obsessed with buying online. There is even competition to purchase the latest Gucci belt to show off on social media.
What is Multi-ethnic?
For luxury brands, attracting multi-ethnic audiences is about appealing to the consistency of several ethnic groups. Luxury brands must be able to appeal to people from a variety of different races, religions, cultures, backgrounds, etc.
For luxury retail, the marketplace is now split between luxury and discount. Where we at MC still believe that affordable luxury will find space in the luxury world, more as an intro to luxury brands. However, the middle is vastly disappearing. Where middle-income and lower-income shoppers are being forced to shop at discount stores. The problem is that discount retail stores are slowly going out of business.