Last Saturday, Runway Square hosted 2020’s first edition of Fashion For Brunch at Cecconi’s, Soho House Mumbai. Runway Square editor, Charu Gaur sat down with a globe-trotting and fashion-forward panel consisting of Deepika Gehani (Sr, Vice President Marketing – Reliance Brands Ltd.), luxury blogger Riaan George, fashion innovator and RSQ collaborator Akshay Tyagi, and celebrity fashion stylist Namita Alexander to shed light on luxury fashion and travel spending trends of the millennials.
They discussed how millennials and/or elder millennials, the biggest segment of the target audience for luxury shopping, have caused the brands, no matter how big or small, how new or historic, to change their aesthetics and brand proposition. Today, Bottega Veneta has a whole new style, Celine is nowhere close to Old Celine, and Burberry and hordes of brands have a new logo. All just for millennials’ thirst for story-telling!
Later, the conversation quickly turned to the sustainability of creative resources vs. demand/production and how rental and resale platforms are making luxury accessible with a more mindful approach. This led the conversation to Instagram and the need to shop for the perfect wardrobe (especially before a holiday), contradicting the need for sustainability in fashion. Similarly, the need for exclusive luxury holiday experiences (to show off on Instagram) has put unnecessary pressure on brands and millennials alike. And taking the power of influence into account, we have Bollywood, digital influencers, and models topping the influential list after all no one influences the luxury shopping and travel decisions of millennials as much as them.
While the answer to how millennials do luxury might be as elaborate as their way of life, you can not ignore how they have prompted the luxury sector to make the much need gear upgrade. But will sustainable luxury be the next IT thing on the millennial mind? Will millennials continue to define luxury? Or Gen Z takes up the charge soon?
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