Catch Fashion, Analyzed Based on Consumer Purchase Big Data
[Asia Economy Reporter Jo In-kyung] Next year, the domestic luxury commerce market is expected to be driven by categories such as men's, kids', and living. So-called "new luxury" brands like Tom Brown, Ami, and Maison Margiela, which contrast with traditional luxury brands, are also expected to continue their popularity.
On the 24th, luxury platform Catch Fashion analyzed consumer purchase information and shopping trends for the second half of this year and identified the keywords forecasting the 2022 luxury commerce market as ▲Category expansion ▲New luxury replacing traditional brands (Alternative) ▲Trustworthy authentic products ▲Brand collaboration ▲Transparent platform operation (Honest).
First, the luxury category, which was mainly consumed in fashion apparel and accessories, is expected to become more segmented and expand across the lifestyle spectrum. In particular, within the fashion category, the luxury brand market for men's fashion, jewelry, and watches is expected to grow. This year, the ratio of male to female buyers on Catch Fashion was evenly distributed at 49 to 51, and the proportion of male buyers increased as the age group became younger.
Aligned with trends such as "8-pocket" and "Gold Kids," where spending on children, nephews, and grandchildren is not spared, the kids' luxury market is also expected to grow further. As time spent at home increases, the living category is also becoming more premiumized, and luxury brands like Prada and Herm?s are launching pet-exclusive products, accelerating the "pet economy" luxury trend.
With the participation of the MZ generation (Millennials + Generation Z) in the luxury market, brands with rarity that can replace rapidly changing trends are expected to be continuously discovered. This year, Catch Fashion saw remarkable advances from contemporary brands called new luxury, such as Fear of God, Jacquemus, Lemaire, Our Legacy, and Ganni. Next year, large fashion companies importing overseas brands and department stores affected by overseas brand entries are expected to intensify their search for "up-and-coming" overseas brands.
Along with the growth of the resale market, the craze for collaborations within luxury brands, which stimulate the desire to collect based on rarity, is also expected to continue. This year, the fashion industry attracted attention with various luxury brand collaborations such as Dior×Nike, Balenciaga×Gucci, Versace×Fendi, and Gucci×The North Face, and collaboration products like Margiela×Reebok, Nike×Sacai, and Jil Sander×Birkenstock were popular on Catch Fashion.
As the online luxury market expands and counterfeit controversies surrounding platforms continue, consumers' demand for "trustworthy products" is expected to grow further. Given ongoing issues such as counterfeit supply by some platforms and customs authorities' detection of counterfeit goods in overseas direct purchases, securing a reliable supply chain will be key to the future luxury commerce market. Voices are also growing to call for self-reflection from platforms that use copyrighted content without permission or fail to disclose information transparently.
Lee Woo-chang, CEO of Catch Fashion, predicted, "As the luxury consumption market expands into living and kids categories, and trends such as increased collaboration between luxury brands and the rapid rise of new luxury brands continue, the demand for luxury seeking new value will steadily increase next year as well."
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