Home design, because after Covid, luxury brands focus on the home – Corriere.it

With the pandemic, i luxury brands they started to look great pay attention to our homes. In 2023 this trend is more evident than ever.

We saw it at the Salone del Mobile in Milan – and at the Fuorisalone – where brands such as Dior, Loewe, Fendi presented their collections of objects designed not to be worn, but to embellish the places in which we live.

But the data also confirms it: the 54% of affluent consumers have purchased a household product from a fashion brand. And the remaining 46% consider doing it for the first time. The numbers are those collected in the report The Lifestyle Era: Luxury’s Opportunity in Home and Hospitality created and presented by BoF Insights, the think tank of The business of fashion.

We spoke to this trend — which has all the characteristics to become a permanent change Imran AmedCEO and founder of The business of fashion. Covid-19 has changed the relationship with our homes, which today are not only spaces to live in, but increasingly places to work and also entertain – says Amed, whom we met in Milan, in the bar of the Principe di Hotel Savoy —. Fashion brands that already have collections dedicated to the home are focusing more on the latter, and those that have not yet entered home design are planning to enter or are actively entering it. We see growing interest in the market.

The numbers seem to describe a decisive trend. For 75% of the people reached by the research, the fact that a brand also produces objects for the home increases their interest in that specific brand; moreover, 85% choose home design to experience the quality and aesthetics of their favorite brands in a new guise. And again: between 40% and 50% of the customers interviewed say they are thinking of increasing their spending on home textiles, decorations and perfumes.

But how did this drive towards spaces come about that until a few years ago we considered much more private than we are used to thinking now? According to the report, as mentioned, everything starts from the pandemic. After all, two years of video calls from the living room could not help but have an impact. Covid has changed the labor market, giving ample impetus to the smart and remote working; so people have increased investments dedicated to their personal spaces. But, in addition to Covid-19, there is more: social media have also played their part. Platforms, especially Instagram and Pinterest, are making homes and interiors increasingly visible, allowing people to express themselves from this point of view as well. This means that there is also much more inspiration – says the CEO and founder of BoF, who thanks to social media managed to make his blog one of the most influential trade publications in the world -. All this contributes to creating a new generation of consumers who have the desire to express their personality through home design.

Whether it’s a desk to work from home, a new sofa or simply a set of scented candles, we are all more attentive to our spaces. And the brands know it: from 2020 to today they have been released on the market more home collections than in any previous decade.

Not that the phenomenon is new. The first collection of a fashion brand born in 1983, with Ralph Lauren Home. Between 1990 and 2010 even the most pop and mass brands — such as Zara — entered the home design market: 2003 when Zara Home is launched. Then came the moment of interest in hospitality: in 2010 Armani opened its first hotel in Dubai. The Diesel Wynwood Condominium in Miami is expected to open in 2024.

To date, among the major brands that also have a line dedicated to the home are Burberry, Cartier, Dior, Gucci, Kate Spade, Louis Vuitton, Prada, the aforementioned Ralph Lauren and Versace, but also Fendi and Loewe. And now, explains Amed, many of those who have been operating in the market for some time are doubling their opportunities. In fact, they are aware of one thing: consumers in the post-pandemic are investing more and more time and money in their personal spaces, indoors and outdoors, and they seem willing to continue to do so. If, between 2018 and 2019, the sales of home design products grew by 3% annually, between 2022 and 2023 – according to estimates – it should reach 5%. Not only that: the increase – again according to estimates by BoF Insights – seems destined to continue to rise by 5% annually until 2026.

This means that the revolution is also open to non-luxury brands. When we asked consumers to name the brands they would be interested in buying from, they obviously mentioned luxury houses such as Dior, Chanel, Gucci, but also Zara – explains Amed -. And this is interesting because if you look at Zara, they are positioning their lifestyle products at a higher level than clothes.

Millennials and Gen Z, moreover, seem more inclined to a more thoughtful type of shopping, with rare investment pieces and unique experiences. Not to mention most attention to well-being that the pandemic has forced on us: people have often begun to reflect on their lifestyles and aim for healthier goals. This also has a reflection on the houses. 55% of the interviewees, reads the report BoFexplains in fact that the main reason that drives them to buy objects for the home is enhancing the style of their homes, followed by improving the environment (49%) and spending more time at home (38%).

But the choice of companies to invest in products for our homes above all strategic: Our consumer research in the UK, France and the US reveals that people invest more in their homes than in “traditional” fashion as the years go by — Amed points out —, and that their peak spending comes much later later in life than fashion. This means – probably – that an older consumer will also have a propensity to spend of this type and a greater economic availability than a twenty-year-old. Translated: brands have more opportunities to make money and monetize through people’s wishes.

And speaking of strategy, Imran Amed – born in Calgary, Canada – also answers some more personal questions, linked to his professional path in the fashion world. Born as a blog, which he wrote from his sofa at home in 2007, today it is one of the most authoritative magazines in the fashion business. When I was younger, the only connection I had to fashion was a TV show hosted by Tim Blanks (now working at BoF, ed). She had this 30 minute program called FashionFile and it was on CBC every Saturday. He went to Milan, Paris and New York and it always seemed so exciting. In my eyes it was also the type of industry that accepted different people – continues Amed -. At the time I wasn’t sure who I was, but now I am; i’m gay, muslim, i don’t have white skin, i’m extremely creative person. Looking back, all those things instinctively pushed me towards fashion.

Yes, because Amed began his career in London as a consultant at McKinsey. Then, suddenly, he realized he didn’t feel fully accomplished and started his own personal revolution. I took a ten day meditation course where I could not speak, read or write. It was very difficult, but when I came home from that retreat, I quit my job.

Today BoF made up of a team of 100 people, who work between New York, London, Milan and Paris, tells al Courier. It was truly an unexpected but very special trip. A journey that was made possible above all thanks to the ability to understand the potential of social media. For this, he explains to us, he sees The business of fashion as a native social media company. thanks to social media if we have grown and if we have created a community. And they are really part of our DNA – the founder of the site tells us -, from the way we work to the way we think and write. Also because – adds Amed – the magazine grew up through social media and digital platforms, and therefore people feel they are part of something more than a website. They are part of a close-knit global community that is different from the old publishing companies. We speak directly to our readers, read their comments and hear what they have to say. The aim is then to use this relationship with the community to define the best editorial strategy.

Despite his creature’s success, when asked if there’s anything he lacks about his former dimension—the years in which BoF it was still a self-employed enthusiast’s blog before the $2.5 million funding — Amed thought for a few moments before answering. When you are alone everything moves very fast. And one of the things I always try to do is be really responsive to what’s happening. Obviously, with a team of 100 people this is much more difficult. Sometimes, I wish we could be faster. But the advantage is that now there are many more people building the company together and we have many more ideas.