The Changing Face of Luxury Fashion
Do we need to redefine what luxury means?
Beyoncé’s Renaissance album did a thing. Her final words on the album were: “So elegant and raunchy, this haute couture I’m flaunting, this Telfar bag imported, Birkins them shits in storage. I’m in my bag.” And Mrs Knowles-Carter has a point. As the way we communicate money and status changes the Birkin bag doesn’t exchange the same cultural cache it used to, making way for newcomers like Telfar to shift the luxury landscape and redefine what luxury means.
New luxury values are arising at a time when people find overt displays of luxury and wealth out of touch and obscene - it's why ‘eat the rich’ narratives are the flavour of the moment in the pop culture sphere after all. These new luxury values are particularly prevalent when thinking about the rise of fake luxury. I mean, why pay £15,000+ for a Birkin bag when you can get a decent knockoff for a fraction of the price?
Times are hard and cash-strapped fashion lovers still want to treat themselves with a little luxury splurge here and a little luxury splurge there, so it makes sense that they’re going to do so in a way that's kinder on their wallets. It’s why creative fashionistas like @methfountain have taken the iconic silhouette of bags like the Birkin and reimagined them with an artistic and affordable flair, the fast food meets luxury ‘Burkin’ mashup retails for $300 and is a satirical fashion steal compared to Birkin’s six-figure price tag.
Shoppers are breaking away from old aspirational luxury standards in favour of fun, tongue-in-cheek vibrant designs that offer something fresh and new, and a break from the ordinary. And traditional markers of luxury are being forced to adapt as old luxury values matter less and less to younger generations, with out-of-reach brands being given the side eye as Millennials and Gen Zers opt for designs that offer main character energy.
But according to The RealReal’s 2023 annual Luxury Consignment Report, young luxury consumers are now looking for something more than just bold designs. They want products that have extra value. Gen Z and Millennials are driving the vintage demand with sales of vintage archival pieces up +50% since January 2022, and on top of that Zers are recognised as the most circular generation as they bought and resold luxury items 52% more in 2022 - particularly in the women’s category.
Quality and longevity are also some of the major defining characteristics of what younger generations consider luxurious. As Millennials came of age in the Great Recession, entering the workforce during the peak financial crisis, and with Zers probably about to experience the same fate with another recession looming on the horizon, they want to make sure they get their bang for their buck as their worldview is shaped by economic uncertainty and financial instability.
Don’t get it twisted, old school luxury fashion isn't going anywhere. It has always and will always be a thing consumers crave and seek. However, in today's fashion scene, status symbolism looks a little different to times past, hence why fashion collaborations between luxury and high street brands are proving so popular. Uniqlo’s multiple collaborations with Marni, Crocs and Christopher Kane’s merger, and even Birkenstocks teaming up with Dior signal a new era of luxury that's more accessible and in tune with current consumer mindsets.
Luxury’s power has always been centred around its ability to convey money and status, and buying luxury goods used to mean that you were part of an exclusive community of insiders that were one step above the rest. But luxury codes are evolving and the changing face of luxury fashion means that cultural awareness, social prowess and environmental responsibility are emerging as the new luxury markers. At a time when brands old and new are grappling with what it means to be relevant, this next phase of consumer-led luxury could shake up what luxury even means.
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