It may seem that politics and the luxury fashion sector don’t necessarily have a lot in common but a new survey shows that just as we’re seeing many consumers falling out of love with traditional politics, the same is happening to luxe fashion.
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A new survey suggests that brands — like many politicians — are somewhat out of touch with what consumers want and what they think of them.
Who says so? Vogue Business spoke to 1,000 of its own readers as well as those of sister publications Vogue and GQ in the UK and US in response to Bain figures showing the luxury industry lost around 50 million customers in 2024.
And rising prices seem to be a bugbear with consumers citing price reductions as the top action to win them over.
Older consumers seem particularly turned off. But while those under 35 are shopping more for luxury than those above that age, those younger shoppers are seeking their luxury fix through channels like resale or sample sales.
And the survey showed sentiment towards luxury brands being “relatively negative” with calls from consumers for improved quality. That latter issue is particularly worrying given that one of the excuses for high prices is high quality.
The survey showed 77% of consumers noting high prices than just a year ago, with 37% saying it means they shop for luxury fashion less now, and two-thirds waiting for discounts before they buy.
Some 41% of those cutting their luxury spend feel they’re no longer getting good value.
And survey respondents who were concerned about quality said that they think quality has declined even as prices have risen. That’s one of the reasons for secondhand getting a boost as older items are seem as better quality.
The survey also found consumers buying into the ‘lipstick effect’ — that is, still buying luxury but making smaller purchases such as beauty items or sunglasses. In fact, 41% of respondents said their small-item luxury spend has been stable in the past year. And 31% have actually increased spending here, especially those under 35 (some 44%).
While a third of younger consumers say they’ve increased their luxury fashion spend in the past year (compared to just over a fifth of older consumers), as mentioned, they’re not buying at full price.
Some 28% have been buying at sample or archive sales and an even bigger 52% have bought secondhand. For the over-35s, the percentages are just 11% and 40%, respectively.
But 46% of all age groups are more interested in buying secondhand than they were this time last year, with affordability the top reason.
The survey also showed under-35s are more likely to shop for luxury when travelling abroad. That’s worrying for the UK luxury sector given the removal of the VAT-free shopping perk for visitors. Those US consumers could well prefer to buy their luxury goods in mainland Europe and it also means UK consumers may be saving some of their cash to spend there too, instead of at home.
As mentioned, ethical concerns also come into the equation and while previous years have seen consumers assuming that luxury goods are more ethically produced, they’re now questioning that assumption. Many respondents said they’d seen reports showing poor working conditions in the luxury supply chain and this is a turn-off.
Zalando has announced Iamisigo, a Nigerian-founded brand, as winner of its Visionary Award 2025 “for its boundary-pushing exploration of artisanal craftsmanship and pioneering textile innovation”.
As well as the €50,000 prize, the label will present its collection on the runway at Copenhagen Fashion Week SS26 in August “with Zalando’s continued support through financial assistance for the show production, facilitating mentorship opportunities and tailored industry connections”.
The company said the award reflects its “commitment to supporting emerging designers who challenge conventions and inspire progress in the fashion industry”.
The brand blends heritage textiles with traditional craft techniques drawn from across Africa. It was founded by Bubu Ogisi and offers “contemporary designs with a bold, fresh perspective”.
At an exhibition at Copenhagen Fashion Week AW25 this week, the award finalists introduced their brands, presented their visions and ethos through a showcase of their hero pieces and a panel talk, hosted by Zalando.
We’re told the jury chose Iamisigo “for its dedication to blending ethical sourcing with a commitment to empowering local communities. The brand’s distinct voice, visionary and magical aesthetic challenge conventions, offering a new perspective on what it means to drive positive change in fashion; transcending gender norms, designing for spirits and energies”.
The jury also said that Bubu Ogisi “embodies the essence of a visionary in many ways, and that she is a rare creative talent working in this space today, with a brand whose output is both beautiful and miraculous”.
Deckers Outdoor on Thursday beat third-quarter sales estimates on robust holiday demand for its Hoka running shoes, but an in-line annual forecast caused the footwear maker’s shares to tumble 17% in extended trading.
Ugg
Hoka shoes with their oversized soles have been gaining market share from brands such as Nike in the sportswear category. The brand, which retails for up to $300 in the United States, have also enjoyed full-price sales.
This drove up the company’s third-quarter revenue by 17% to $1.83 billion, beating analysts’ average estimate of $1.73 billion, according to data compiled by LSEG. Deckers also raised its annual net sales forecast for a second time this year.
“The guidance looks pretty conservative and considering the beat, it’s bit of a negative read into the out quarter,” said Drake MacFarlane, analyst at MScience.
The popularity of the Hoka shoes and the success of the company’s Ugg boots and sandals has helped it post double-digit revenue growth for nearly seven quarters.
The company now expects annual net sales to increase about 15% to $4.9 billion, compared with its prior expectation of about 12% growth to $4.8 billion. Analysts estimated an increase of 14.9% to $4.93 billion.
Deckers expects annual earnings per share of $5.75 to $5.80, compared with its prior forecast of $5.15 to $5.25.
Amazon.com is increasing its advertising on billionaire Elon Musk’s social media platform X, the Wall Street Journal reported on Thursday, citing people familiar with the matter.
Reuters
The major shift comes after the e-commerce giant withdrew much of its advertising from the platform more than a year ago due to concerns over hate speech.
In 2023, Apple also pulled all of its advertising from X and has recently been in discussions about testing ads on the platform, the report said.
Several ad agencies, tech and media companies had also suspended advertising on X following Musk’s endorsement of an antisemitic post that falsely accused members of the Jewish community of inciting hatred against white people.
Monthly U.S. ad revenue at social media platform X has declined by at least 55% year-over-year each month since Musk bought the company, formerly known as Twitter, in October 2022. He had acknowledged that an extended boycott by advertisers could bankrupt X.
Musk has become one of the most influential figures following President Donald Trump‘s re-election. He now leads the Department of Government Efficiency, which aims to cut $2 trillion in government spending.
Entertainment8 years ago