How is travel changing the fashion industry?

High-end bags and shoes no longer define luxury- Today’s consumers want authentic experiences. The new style is not buying a branded bag or jacket, it’s hiking mountains, visiting far-flung, amazing places, swimming and diving at coral islands, gliding from the mountains - and then sharing the images on your Instagram and other social media. This shift from product to experience is happening faster than most realise among this generation of youth. It is now more about the life you present online.

Increasingly, high-end travel is taking on the traditional role held by hard luxury material as the only indicator of one’s socio-economic status. Across the world, luxury travellers are making multiple short trips all through the year, as well as extending business trips into leisure getaways—a concept unimaginatively termed ‘bleisure travel’.

But, where luxury travel is heading, perhaps, holds the most fascinating lesson—or warning—for the fashion industry. Just as aspirational consumers grow, international travellers are increasingly moving from package holidays to authentic, luxe experiences—and away from fashion. So what happens to the luxury fashion industry as more and more wealthy consumers move their dollars from product to experience?

Here is where fashion brands must learn from luxury travel providers: By participating in a particular experience, a consumer feels closer to the brand- a symbol of this is owning the brand’s handbag or clothing. It is similar to tourists buying silk saris or batik prints when they visit markets in India or Bali—they are signifiers to others that they’ve visited these destinations, but there’s also a sense of identification and a memory attached to a place that they love. So, if Burberry, a brand that is quintessentially British in its inspirations and craftsmanship, went further by incorporating British customs and rituals in a meaningful way in all its touch points, it could deliver a truly unique brand experience—and the purchase is its result. Its connections must extend to other historic British brands. The bags, the trench coats, the shoes—they’re practically souvenirs. Of course, it must all be made into compelling content—print, video, digital—but the essence is not online. It is authentic in the luxury fashion industry.

To compel consumers to stay excited about shopping, luxury brands need to focus on creating one-of-a-kind, immersive experiences that tie into purchases. Think about how Disney’s theme parks bring alive their movies in a seamless, genuine and profitable way. Brands need to do more to come alive not only digitally, but also in their flagship stores across the world, offering curated and exclusive experiences to the well-heeled and worldly.

This shift from product to experience is happening faster than most of us realise, and luxury fashion brands would do well to recognise the consequences. Already, studies indicate that ‘stuff’ is unimportant to this generation. They value access over ownership. Luxury travel need not be a threat to high-fashion brands, if both industries realise the (rather fantastic) opportunities for a strong partnership.

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