The Ultimate Guide for 2024 Shopping Season in the Asia-Pacific Region – Part 2

Luxury Fashion Trends for the 2024 Gifting Season

Let’s dive deeper into the Fashion trends we observed in our network in 2024 and look at our forecast, including direct interviews from our luxury partners. 

Why is Fashion promising in Hong Kong, Taiwan and Singapore?

According to a recent Euromonitor report, Hong Kong was the global leader in per capita spending on Luxury goods in 2023. As the report shows, competitive pricing of fine jewelry and watches encouraged consumers to purchase, leading to a sales surge of up to 30.5% [LINK].

Taiwanese consumers also demonstrated a strong appetite for luxury with approximately US$342 per person average spend in 2022, which is higher than the average in East Asia. 

In Singapore, the shift towards online shopping is significant for this vertical, with online sales projected to account for 11.8% of the total market by 2024. 

As previously discussed in our blog series, in Skimlinks Network, we observed that the Luxury Fashion vertical is one of the most lucrative verticals during the peak online shopping seasons in Hong Kong and Taiwan. In November 2023, it generated a remarkable 158% and 363% year-over-year increase in order value for Hong Kong and Taiwan, respectively. 

Given these trends, it’s clear that Luxury Fashion is a compelling vertical to consider for Q4 online shopping strategies in this region.

What Skimlinks Network saw in 2024

This year, we observed a fascinating set of trends within the Skimlinks Network. Here are some highlights that publishers can incorporate into their editorial strategies:

The Rise of Sportswear x Luxury Collaborations: Remember the annual Loewe x On collab? That’s just the tip of the iceberg! Luxury brands have been successfully joining forces with leading sportswear brands, creating pieces that were both functional as well as fashionable. Adidas x Balenciaga is a popular example with fashionistas. 

Celebrity Influence: The Zendaya Effect: She is one of the influential trend setters and products she carries resulted in Top selling items of the season, including “I TOLD YA” T shirts by Loewe, Louis Vuitton’s Diane Bag, and B.zero1 by Blugari where she is the 2024 brand ambassador. Keep an eye out for similar celebrity-driven styles this gifting season from the luxury brands.

Is this the New “Birkin”? The Row’s Margaux bag: Renowned for its understated elegance, The Row has captivated readers with its timeless designs and high-quality materials. Among the brand’s most coveted pieces is the Margaux bag, which has quickly become a status symbol among discerning fashionistas, thanks in part to its celebrity endorsements.

What brands forecast for the Q4 season?

Here’s what our partner brands are predicting for the remaining months of 2024:

Quiet Luxury Takes Center Stage: This trend continues to reign supreme. Brands like Brunello Cucinelli, Loro Piana and Gabriella Hearst are popular among fashion lovers which offer beautiful, high-quality pieces with exceptional craftsmanship.

Suede jackets, preppy knits, and mini skirts: Miu Miu has some of the most coveted items of the season here.

Timeless Luxury from the US: The Row and Khaite are American brands leading the charge in timeless luxury. Look for Khaite’s playful knitwear sets, oversized leather jackets, and luxury denim. The Row’s coveted leather bomber jackets are perfect when paired with their camel corduroy co-ords.

Emerging Colors: Sheer fabrics, luxe velvet, and the hottest color of the season – bordeaux – are all making a major statement. Rich camel, brown, and chocolate suede are also trending across bags, shoes, and ready-to-wear pieces.

Footwear Frenzy: Gucci’s iconic loafers continue to impress, with the Sylke high loafer returning in new colors for AW24. Alaia’s ballerina flats remain a hot commodity, offering new versions for collectors. The Row, a top performer in footwear, delivers a strong selection of boots and loafers.

Sustainability initiatives: Conscious buying decisions by consumers lead brands to take action for sustainability. A good example of this type of approach is DHL & Mytheresa’s ecological partnership to use sustainable aviation fuel over conventional alternatives. 

Conclusion

As we conclude this two-part blog series, Luxury Fashion is a promising avenue for publishers in Hong Kong, Taiwan, and Singapore. With the region’s strong consumer appetite for luxury goods and the ongoing growth of e-commerce, there is ample opportunity for publishers to capitalize on this trend.

By leveraging the insights shared in this series, including the rise of sportswear x luxury collaborations, celebrity influence, and the emphasis on travel essentials, publishers can curate engaging content that resonates with their audience and drives conversions. Additionally, understanding the brand forecasts for the Q4 season, such as the continued popularity of quiet luxury, emerging colors, and footwear trends, can help publishers align their editorial strategies with the latest market demands.

Incorporating these elements into your content strategy will not only help you stay ahead of the curve but also position your publication as a go-to resource for fashion enthusiasts in the region during Q4 Online shopping season.