The Luxury of Youth
The Luxury of Youth
In the late 1990s and early 2000s, the fast fashion industry was booming and took the fashion industry by storm. Fast fashion brands particularly targeted the younger generation with attractive prices, and young people were quickly seduced with an urge to access the latest trends at lower costs.
This is the reason why luxury brands were initially growing with fear, questioning how new generation consumers would react to their exposure to luxury products. The initial apprehension quickly faded in recent years when the youth displayed unexpectedly opposite behaviors. While fast fashion remains an industry particularly attractive for the youth population with the democratization of affordable clothing, the growing interest for luxury goods from this same generation has consistently been proven.
The Youth Generation Reshaping the Luxury Industry
Market research and surveys show that most of the young consumers care about the quality, branding and values of a brand. In other words, youths would prioritize societal values including the cultural, political and ethical aspects of a brand, and have very often reprimanded fast fashion for their lack of awareness in sustainability, ethics and quality. Second-hand clothing, thrift shopping, and luxury assets increased in popularity and appear as a shopping alternative responding to customers’ increasing demands.
While the luxury industry has many positive and exclusive attributes — guaranteed high quality and sustainability, younger consumers are often being overloaded with information through media and social media. As a result, they would investigate further if they can trust the brands they consume and look for complete transparency: how the products are produced, where the material is coming from, who the brands are employing and more. Are we ready to follow the younger generation’s high expectations?
The Introduction of Luxury Into the Youth Generation
The adoption of new technology from luxury brands became essential to catch the interest of a younger audience composed of digital natives. Previously, we have seen several luxury brands adopting new technology such as augmented reality (AR) or artificial intelligence (AI). More recently, the advent of blockchain technology disrupted many industries and the luxury industry did not miss this opportunity. Some luxury brands have launched partnerships with blockchain companies to develop exclusive NFTs fashion lines such as Gucci or Dolce&Gabanna. To learn more about how new technology and blockchain has transformed the luxury industry, click here to read one of LuxFi’s previous articles on digital luxury.
With the newest digital technology, the youth are listening. Yet, the biggest issue to address is still the younger generation’s increasing demand. Can they really trust the brands they are consuming?
What is the purpose of LuxFi?
The beauty of blockchain lies in a decentralized ecosystem where the information is secured and cannot be altered or tampered with. LuxFi serves as a sustainable, safe, transparent and user-friendly platform in the luxury industry. The ecosystem includes the possibility for users to buy and sell authentic luxury assets through the NFT marketplace where anyone can convert real-life luxury assets into NFTs.
With the aspiration to bridge real-world luxury assets with digital assets (NFTs), LuxFi is constantly and widely supporting the use of innovative and cutting-edge technology. Knowing that the youth is the next-generation reshaping all industries, LuxFi hopes to democratize the use of blockchain technology through luxury and provide the best experience for future generations.
To know more about LuxFi’s mission to unite blockchain and luxury together, follow our social media channels below.
About LuxFi
LuxFi is the world’s first asset-backed NFT marketplace for luxury assets, where people can buy, sell and invest in luxury assets using cryptocurrencies and traditional payments. We eliminate counterfeiting while minting an NFT on a multi-chain blockchain network, with a focus on luxury assets that hold value well and have a high resale value. Leveraging our big data intelligence system and unique algorithm for automated data collecting and data processing, the value of each NFT on our platform is backed by real-world data.
Stay tuned on our social media channels:
Website: https://www.luxfi.io
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Telegram Announcement Channel: https://t.me/luxfinews
Telegram Official Group: https://t.me/Luxfiofficial
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