Luxury Fashion Industry Dying? Customers No Longer Interested in Overpriced Bags
The topic of whether the luxury fashion industry is dying has been a rather popular topic on social media, especially among YouTubers. Brands like Chanel, Gucci, Prada have raised their prices up to astronomical levels.
The topic of whether the luxury fashion industry is dying has been a rather popular topic on social media, especially among YouTubers. Brands like Chanel, Gucci, Prada have raised their prices up to astronomical levels. Other brands like YSL have been unofficially reducing their prices in 2024.
Is luxury fashion dying?
Luxury YouTuber enthusiast, Sophie Shohet discussed the issue. She states that the luxury unboxings on YouTube are repetitive and boring. This is in lieu of people constantly unboxing the same bags every time. For the most part, the prices are expensive to the point that those who are still buying these items, are buying the same black classic pieces.
Comments under her video state that these brands are now “ripping people off” with the alleged reduced quality and increased prices. Just 5-6 years ago, it was an entirely different story. For example, the Louis Vuitton Alma bag was less than half the price that it is today.
Another commenter states, “I think the reason the luxury community is decreasing is because their quality is getting worse. I wouldn’t even consider buying a new Chanel bag simply because of the quality and the high price that doesn’t match that quality.”
RepTrak’s report reveals a decline in consumer trust towards brands, with luxury goods not exempt. The overall reputation score fell for the second consecutive year, signaling a “reputational recession.”
A five-point drop in reputation can lead to a 4-5% loss in customer support. Luxury brands like Rolls Royce, Rolex, and Mercedes Benz remain in the top 10, despite some slipping in ranks. The report suggests that luxury brands must align with intrinsic values and social issues beyond mere ESG compliance to maintain their reputational strength.
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Dr Ahmad Zaharuddin Sani