The report, developed in collaboration with WGSN (online fashion industry industry research company), analyzes the luxury segment’s revival after the recent economic downturn, revealing how consumers are paying more attention to value, quality and craftsmanship.
"Designers and stewards of luxury fashion brands can expect consumers to push the envelope in 2010, seeking more value for their money," said Claire Hamilton, US editor of retail and consumer research for WGSN Think Tank. "Pricing is still going to be a factor, but quality and craftsmanship are at the forefront of the value equation, while also connecting design on an emotional level,"
196 users from a Mercedes-Benz online community of “Gen Y” consumers took part in the survey. 55 percent of them “strongly agreed” that a “modern with classic design that can be used for years to come” should be the philosophy that describes a desirable clothing item. 82 percent said that if they were handed a $5,000 clothing-only voucher, they would use it to purchase one or two special “timeless” items rather than choosing to buy more products.
"Luxury buyers are willing to spend, but an approach to being more selective and purchasing in fewer categories will continue," said Kristi Steinberg, manager of market research and strategy for Mercedes-Benz USA. "Today's value-conscious consumers need ammunition to justify making high-dollar purchases and our research shows that brands and products with timeless appeal and long-term functionality are highly attractive given market conditions,"
For more information about the Mercedes Benz Fashion Week, you can browse the event’s dedicated website.
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