Exclusives, experiences, jewels and Instagram are top luxe holiday trends - YNAP
Luxury shoppers are using the current long ‘cyber weekend’ to treat themselves to exclusives, including high-end watches and fine jewellery. And as many as 25% of female customers are planning to buy fine jewellery for themselves in the run-up to the end of year festivities.
That's according to Yoox Net-A-Porter Group (YNAP) which issued its holiday season luxury spending report on Friday.
The information about high-end jewellery’s appeal was particularly interesting given its relatively recent appearance on a variety of luxury fashion-focused e-tail sites. But e-tailers’ investment in the category is clearly paying off.
It's also significant that a large number of women are buying jewellery for themselves, a big change for a category that has a history of men buying products for women.
But experiences count too, especially for the young. YNAP also said that affluent millennials are “set to be the weekend’s biggest spenders, with more than half seeking one-of-a-kind experiences as gifts.”
And while these trends are being seen most among the millennial demographic, they’re making an impact on all age groups.
The insights come from a global survey of 2,600 luxury customers whose replies highlighted “the growing importance of exclusivity for luxury customers when choosing gifts, the increasing trend towards high-end self-gifting and the unstoppable rise of Instagram as a source of inspiration for the luxury customer as the holiday season gets under way.”
The survey showed that more than 40% of luxury shoppers are looking for something special when shopping for luxury goods in general, something that isn't widely available elsewhere. This means the increasing number of exclusivity deals that the biggest luxury e-tailers have been striking lately certainly make good commercial sense.
And when it comes to gifts in particular, the desire for exclusivity is even more pronounced (46% of shoppers and 52% of millennials want exclusives). But exclusivity doesn't have to mean products, with 47% of luxury customers (and 54% of millennials) also seeking “one-of-a kind experiences as gifts.”
Such experiences at Net-A-Porter could include an Ultimate Wellness Retreat in Abu Dhabi, a bespoke gem-setting class with Jaeger-LeCoultre with limited-edition Reverso watch, a bespoke shoe experience with Gianvito Rossi, or a head-to-toe beauty experience in London or New York.
Mr Porter is also active on the exclusivity/experiences front, as expected, but it’s perhaps more surprising that outlet site Yoox has increased the number of exclusive capsule collections on offer, with brands including Montblanc, Fornasetti, and Seletti, plus its Mary Poppins Returns-Disney collab due next month.
SELF-GIFTING & INSTAGRAM
The survey showed that a third of luxury customers plan to start their gift shopping this weekend and that will include self-gifting, with 65% intending to treat themselves (70% of millennials).
As mentioned, fine jewellery and watches are key here, but partywear is among other popular choices for customers wanting to treat themselves, with over 40% of customers planning to shop the category this season.
Meanwhile Instagram continues to be a huge source of inspiration for luxury customers, and it's actually becoming even more influential with more than half saying it affects their shopping habits more than it did three years ago. Almost 70% of female luxury customers and almost 60% of men are now inspired to shop by Instagram. And when it comes to millennials, 80% of female customers visit fashion brands on the platform.
Net-A-Porter said that a single post on Instagram can drive a huge sales peak and its own Instagram shop will focus heavily on partywear and fine jewellery & watches over the holiday season. Mr Porter has actually launched a new Instagram account solely dedicated to luxury watches.
Yoox is also leveraging Instagram to promote its gift guide and seasonal promotions, while The Outnet will be using the platform to showcase an exclusive content collaboration with fashion influencer Blair Eadie to promote the brand’s Party Edit.
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