In the face of economic challenges, luxury brands are refocusing on high-net-worth individuals to sustain growth. However, a new McKinsey report highlights the significance of aspirational luxury consumers (ALCs) in the fashion market.
Understanding aspirations
Aspirational luxury consumers have become a hot topic: do they water down a brand’s image or are they the loyal customers of the future? Should luxury brands keep catering to their needs – and go for volume – or instead become more exclusive again to win over the truly wealthy?
