In a recent federal trial, the fashion brand, Michael Kors, voiced out concerns about how changing consumer behavior, driven primarily by younger demographics, is making it harder for them to sell handbags. They argue that in the era of TikTok and Taylor Swift, where fast fashion and digital media consumption have risen significantly, consumer interest towards luxury handbags appears to be dwindling.
Michael Kors representatives indicated that the younger generation’s valuation of personal brands over designer labels, in addition to their preference for unique and shareable experiences, presents a major challenge for traditional business models. They cited how musical icons, like Taylor Swift, and platforms such as TikTok, have created an increased push towards unique, affordable fashion trends that are quickly reproduced by fast fashion brands.
To adapt to these changes, it appears that Michael Kors and other luxury brands may have to redefine their strategies and possibly reconfigure their offerings to cater to the demands of these younger audiences, who now represent a significant consumer base. This could include embracing digital platforms more, creating unique experiences for their customers, and perhaps even collaborating with major influencers from these platforms to increase brand appeal.
