Like in other department stores and fashion brands are increasingly investing online, with social media becoming a favorite option to communicate with younger consumers. The millennials have become new a soft spot for all the sectors as they are more inclined towards buying customized products, and especially the luxury products. The handbag design software helps you gain the attention of younger populous with its advanced customization solutions.
Leather Bag Design Software Helps Capitalizing on Changing Customer Demands
The global luxury industry continues to be devasted by the coronavirus pandemic, which resulted in the disruption of the supply chain, retails, business relations, and many other processes. According to CB Insights, corporate venture capital-backed funding decreased by 13 percent in the first quarter of 2020 from the fourth quarter of 2019. Some analysts see a silver lining as they observe the change in consumer habits that is likely to be brought by the pandemic.
A report by Bain & Company, suggests that COVID-19 has drastically changed consumer behavior, as it will accelerate the shift to digital shopping and strengthen consumer concerns about sustainability. Both trends could favor a luxury reselling platform like Vestiaire Collective, as a pre-owned luxury, linked to the circular economy, positions itself as a sustainable alternative to pure luxury consumption.
Let’s look at the other factors that will influence consumer behavior:
- Rise of the second-hand market
Many experts in fashion believe that pandemic will change consumer spending forever. This could also mean that people would be willing to buy second-hand products; as a result, booting the second-hand market. Another reason for the accidental growth of this industry could be attributed to the fact that people are already facing financial problems. And buying high-end products would disrupt their budget as they will look for a better price-value ratio.
According to the results of a BCG survey of 1,005, 96 percent of buyers saying that they choose second-hand items in part because they are good value for the money. In March, second-hand luxury and jewelry traders in Hong Kong saw a spike in the number of goods received to be sold, as sellers hit by the hard-financial downturn in the city scrambled for quick access to cash. The bag maker will help your customers design their bags as they are inspired to follow the style of social influencers but couldn’t afford it. The tool will also empower them to become influential as they get the freedom to express themselves with the personalized product.
- Explore New Options in APAC
South Korea was prosperous in avoiding any significant disruptions to production and manufacturing, but social distancing, dropping tourist arrivals, and trade difficulties have impacted the economy. But the paid luxury sales is the silver lining for the country. Apart from high-end purchasing, its younger population is emerging as a leading class of luxury consumers. As other regions continue to struggle under the current Covid-19 emergency, the country could emerge as a fast-rebounding market for luxury sales, and brands should keep their eyes on to understand future consumer trends and behavior in the Asia-Pacific region.
- The chance for New Start-ups
It is hard to believe that handmade leather wallets, handbags, backpacks, and custom designs come to life within this five-foot-high, A-framed space. Jesse’s business, New House Leatherworks, was founded out of his desire to find a new hobby that fit his personality and the values he holds. After practicing for over a year, and doing smaller projects, Jesse purchased his first more extensive pieces of leather in January 2019. From there, the business began to grow. One of his goals by doing this is to help build a culture of sustainability for these types of handmade, quality goods in the market. While talking to Niagara Frontier Publications, Jesse says, “I have always been attracted to craftsmanship and beauty in natural materials. Leather is one of the oldest used materials in our culture, and I think this kind of work suits me, because it takes time and attention to detail.“
The intention of writing the blog was to enlighten the luxury brands, especially the handbag manufacturers, that the consumer behavior is set to change again due to the pandemic outbreak. Nevertheless, some brands that are maintaining a non-product related community or have built a model that they view as sustainable seem to be more positive about the situation than those more tied into the traditional fashion calendar. The bag designer software by iDesigniBuy helps brands with customization solutions so that they could always fit-in with every evolving consumer expectation. The tool is designed to help buyers create their bags with little input from the experts in the fashion industry.