There has recently been a high shift towards access rather than ownership of products; meaning that within the industry we now share, rent and borrow products instead of individually purchasing. This therefore creates a large impact on the reputation, trust and how we value the market. Because of this sudden shift of ownership, it has now effected the way that the younger consumers now curate their identities, as well as valuing products.
There is now an element of fashion which is called the Sharing Economy; Consumers no longer therefore have the same relationship with goods and particular services. Meaning that with the rise of technologies such as Instagram and Vine, the younger generation are now able to craft their own images. Also, as there has been such a push with technology over the years there is no difference from Work and Home life, as we are all on smart phones, there is no definitive line of which stops when and where the other starts – meaning there is no down time. The new element of online stores and the combination of web magazines is due to the relationship with the younger generation and the way they communicate with brands – is it always accessible to shop online but not aways in person, meaning the face to face confrontation is becoming minimal.
‘In this World, in which we are constantly on Instagram on Twitter, on Facebook…it creates even more demand to wear aspirational clothing, to wear designer brands, to show up at cool places around the world – it fuels the experience economy.’
Consumers are now challenging the value of luxury goods, as copies and fakes are now so accessible – meaning that a negative link with luxury has therefore been formed. The new platforms that we have now, causes designers to move forward all of the time due to the fast moving market and the push from the audience – new materials are constantly being pushed, technology fashion.
High end designers area also approaching this playful approach, using new and fresh materials when creating to make the good more interesting and high end. Physical products have decreased in recent years, as smartphones have had such an impact in the way the shopping experience now occurs. It is now seen that owning a product is a burden, instead you want a temporary arrangement to constantly have the best up and coming, unique product or experience available.