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After two years of post-lockdown recession, economic challenges finally hit luxury brands and consumers this year. But it’s not all doom and gloom: affluent shoppers continued to purchase ultra high-end goods while the quiet luxury trend swept the world, spurred on by new brand launches from the likes of Phoebe Philo. Elsewhere, consumers have been inspired by new entry points to luxury, like food and unexpected tastemakers from the world of sport.
Vogue Business breaks down the top consumer trends for 2023.
Food is in fashion
Two weeks ago, Balenciaga presented its collaboration with LA health food café Erewhon during its Spring 2024 show: a see-now-buy-now collection of co-branded hoodies, T-shirts and accessories. The brand also released a limited-edition Balenciaga x Erewhon juice, for a cool $14, the week of the show. It’s the latest in a long string of fashion and food collaborations this year, cementing the idea that food is the new luxury and has become a status symbol for young consumers.
During the pandemic, Gen Z began romanticising their daily lives, placing added value on simple pleasures like grabbing a takeaway coffee or smoothie, and turning it into content. And as budgets tightened in 2023, young people continued to prioritise these more affordable luxuries, sharing their Joe and the Juice sandwiches or Erewhon hauls as part of their “day in the life” TikToks.
Luxury and beauty brands have leaned into the trend. In addition to Balenciaga, brands including Sky High Farm Workwear, Hailey Bieber’s Rhode and skincare label Agent Nateur, have collaborated on food products with Erewhon this year. Burberry took over London café Norman’s in line with its Spring/Summer 2024 show in September. In Paris, business is booming for luxury culinary provider Balbosté, which creates themed food concepts for brands from Chanel to Loewe, including VIC (very important client) dinners. The company grew 250 per cent this year, buoyed by increasing interest in Instagrammable food concepts from fashion houses.
Fashion and sports: Playing each other
From Travis Kelce to David Beckham, sports stars have had a big year in popular culture, representing half of the top 10 most Googled people of 2023. At men’s SS24 fashion week in June, sports stars took over the front row. From surfing, to the NFL or Formula One, fashion brands are tapping all kinds of sports stars as attendees and brand ambassadors, alongside existing talents like NBA players or the occasional footballer. Looking ahead to 2024, expect the relationship between sport and fashion to intensify in anticipation of the Paris Olympics.
Tennis is winning big. Gucci made waves during Wimbledon in July, when new ambassador Italian player Jannik Sinner walked onto centre court sporting a non-regulation monogrammed Gucci duffle (at Wimbledon, all kit has to be white). Louis Vuitton signed US tennis star Naomi Osaka back in 2021, before signing 20-year-old Spanish player Carlos Alcaraz — who’s currently ranked number one globally — as an ambassador in June of this year, ahead of his Wimbledon win. Meanwhile, American player Reilly Opelka has been spotted on Prada’s front row for the last two menswear seasons.
For 2024, we can expect brands to look to new regions and sports leagues to harness a more diverse sports audience, outside of key markets or men’s games. Prada signed Chinese basketball player Shuyu Yang as its latest brand ambassador in May. Beauty brands like Glossier and Nyx have partnered with the WNBA this year, underlining the untapped potential of women’s sports.
While luxury continues its investment in sport, sports brands are entering the fashion game, too. Nike crashed Paris Couture Week in July to stage a blockbuster dance show, by renowned choreographer Parris Goebel, to debut its “fashion-led” womenswear collection. Adidas launched Sportswear, its Gen Z-targeted fashion line, in February. Others have focused on high-fashion collaborations, such as Lululemon’s tie-in with Roksanda, or On’s multi-year Loewe partnership.
Minimalism rules, while maximalism creeps in
As predicted, quiet luxury continued to dominate fashion in 2023. After a pandemic peak, streetwear and sneaker growth normalised from 2022 to 2023, as consumers eschewed logos in favour of more minimalist, design-led brands like The Row, Toteme, Bottega Veneta and Our Legacy. The release of Succession season 4 in March galvanised the trend, with characters dressed in muted luxury labels like Brunello Cucinelli, Tom Ford and Zegna. After the season’s unveiling, searches for character Kendall Roy’s Loro Piana baseball cap increased 95 per cent on Lyst, according to 2023’s Year in Fashion Report.
The Olsen twins won accessory designers of the year at the CFDA Fashion Awards for their minimalist label The Row (last year, it went to more maximalist designer Luar). Phoebe Philo dropped the much-anticipated first collection for her eponymous label in November, polarising fans. As spending remains resilient among over-55s and affluent customers, refined materials and high-ticket pieces like cashmere knits also saw strong sales. During the SS24 shows, across four big cities, editors observed less logos and branding — most notably at Sabato de Sarno’s Gucci debut.
On the other hand, some consumers are responding to economic uncertainty with a desire for fun, frivolous fashion. Cheeky Prada sister label Miu Miu was named hottest brand of the year by Lyst, with its glittery panties, shown for AW23 in February, kicking off a major trend for SS24. The general consumer is buying in: Lyst says search for hot pants is up 133 per cent on 2022.
Concert fashion has also flown in the face of quiet luxury. From Beyoncé’s Renaissance tour costumes driving search for crystal-embellished pieces (up 81 per cent) and metallic fashion, to Taylor Swift’s Eras tour, which prompted trends for brightly coloured friendship bracelets and sequins on TikTok.
The new age of consumer scepticism
Consumers had a lot to say this year. Review content surged on TikTok and YouTube, as Gen Z audiences increasingly sought in-depth information about products before purchasing them. Founders that focused on educational, informative content in product details — like Tala’s Grace Beverley and Represent’s George and Mike Heaton — have scaled rapidly this year.
Consumers have also become increasingly wary of influencers, signalled by the backlash against Tarte’s “tone deaf” mega-influencer trip to Dubai at the beginning of the year, which some felt was insensitive during an economic downturn. Brands, therefore, started working more readily with nano and micro-influencers, who felt authentic to audiences researching products. Brands and retailers, from The Frankie Shop to Amazon, are encouraging user generated content, to turn their regular consumers into brand advocates and show online audiences what the average shopper looks like in their clothes.
Dupe culture skyrocketed this year, as creators on TikTok, YouTube and Instagram Reels shared dupes for luxury items as part of their product reviews, from cheaper versions of Lululemon leggings to fragrance dupes for viral scents such as Baccarat Rouge 540 by Maison Francis Kurkdjian. Partly a result of consumer price sensitivity in the current climate, changes in consumer mindset around the value of luxury goods have propelled due to cheaper items that appear to have the same look, feel or result. Some are concerned that dupe culture encourages the sale of fakes.
Even as brand scepticism and dupe culture surge, some labels have found backlash doesn’t always spell trouble. Across beauty, fashion and everything in between, brands learnt to embrace online criticism and turn it into satire this year.
New York brand Vaquera presented a T-shirt with “obscene dress” printed across the front for SS24, inspired by a negative Instagram comment on its AW23 collection. Swedish label Avavav sent unfinished looks made out of post-its down the Milan runway, with slogans like “I didn’t have time to finish this”. While Milan brand Sunnei’s latest show concept saw audiences rate each look with a paddle; the brand shared its lowest scores on Instagram, resulting in its most engaged post ever. This tongue-in-cheek approach to marketing aligns well with consumers’ expectations (and needs) right now, for brands to be honest, unpolished and fun.
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