20+ Luxury Trends to Be Aware of in 2024

The key point: The retail market is a never-ending growing industry, unlikely to ever shut down. Therefore, whether you’ve chosen to follow a traditional retail or eCommerce model, you have a great chance of successfully getting your fashion business going.

The key point: Although running both brick-and-mortar and online retail stores has shown to be profitable, with the world slowly getting digitilized, customers have been showing more and more interest in online shopping, which in turn has made eCommerce stores the primary choice for many entrepreneurs.

The key point: In other words, B2B buyers, such as yourself, appear to prefer buying products for their retail stores remotely rather than meeting physically with their suppliers. Having said that, it’s important to reach out to B2B companies offering these services, such as BrandsGateway.

The key point: Taking into reference the previous statistic as well, eCommerce B2B sales are likely to start dominating the market by 2027, with in-person storage purchasing becoming more rare.

The key point: A substantial amount of retailers are building their stores on the dropshipping method mainly because of the benefits of dropshipping and the indefinite number of conveniences this model brings to companies.

The key point: Luxury goods have always held the title of highly valuable products, giving customers a certain status and boosting their self-confidence. Consequently, this market is continuously being valued at billions of dollars, thus, making luxury products most certainly one of the most profitable items to sell in your store.

The key point: With the luxury products market anticipated to experience a steady annual growth rate, store owners are encouraged to explore this segment and eventually introduce these items in their shops as they’re more than likely to bring them significant profits.

The key point: With a quarter of luxury sales projected to happen online, if haven’t yet tapped into the eCommerce market, retailers are advised to look into opening retail virtual stores or even consider turning to dropshipping (check out these successful dropshipping fashion stores examples).

The key point: To put it simply, the U.S. market of personal luxury items, such as apparel, accessories, jewelry, watches, and bags, generated a large amount of income in 2022, making the American market a ‘must’ when targeting an international audience. Moreover, with eCommerce sales spiking by 22.7%, the U.S. is undoubtedly one of the best countries to dropship to.

The key point: Continue expanding your clothing luxury store as high-end fashion products are expected to keep reaching a broad customer base and experience immense sales growth in the years to come.

The key point: Considering the fact that luxury fashion is the highest-earning segment of the luxury industry, focus on increasing your store’s apparel and footwear collections by diversifying your product catalog and including both currently trending and unique articles of clothing.

The key point: Besides the apparel section, the watches and jewelry category is another section of your store that should be a focal point of your selling strategy and a priority when aiming for a good inventory turnover ratio.

The key point: Despite the U.S., the European continent is another promising location for selling high-end luxury apparel and accessories as well as finding reliable European wholesale clothing suppliers. Additionally, the Chinese market can be a good option for reverse dropshipping.

The key point: With such a high number of purchases happening via mobile devices, it wouldn’t hurt your business to create a mobile-optimized website as well so that you don’t miss out on any sale opportunities.

The key point: Collecting customer data is a foolproof way to execute powerful marketing and growth strategy because it enables you to personalize customer experiences, improve website content, and run customized clothing ads and fashion advertising campaigns.

The key point: Even though single-image social media ads are the most used ad form, with people constantly scrolling through reels and other types of short videos, especially those on TikTok, video ads are slowly becoming the new go-to choice for many entrepreneurs as it should for you too.

The key point: Pay attention to developing your Instagram and Facebook business accounts so you can not only run ads on them but also be able to build close relationships with your customers.

The key point: Pay closer attention to targeting Gen Z and Millenial audiences. Since both generations were born in the tech world, start investing more effort in suitable marketing strategies: staying active on social media, creating engagement interactive posts, and taking advantage of influencer marketing, to name a few. 

The key point: Having this number in mind, you’ll be able to keep expanding your fashion business, broadening your target audience, and tapping into multiple markets in the near future.

The key point: The factors above are the main reasons why the majority of luxury shoppers across the world turn to luxury items. That being the case, by selling high-end fashion products, you have much higher chances of transforming casual buyers into loyal clientele.

The key point: As already confirmed by previous statistics discussed in the article, having apparel items, watches, and jewelry pieces in your store are likely to bring you guaranteed sales.

It’s crucial to catch up on luxury trends as they can help you out in laying the groundwork for new business plans suitable to the new market changes expected in the months to come. The statistics we’ve provided you with will guide you through important information you should consider when preparing your fashion store for the upcoming 2024. That being the case, be sure that you’ll be ready to tackle another business year and execute all strategies as planned.