Luxury product customisation

2015 saw, 45% of shoppers spent money on personalising a product or experience Bolstering that appetite, technological advances are making customisation increasingly affordable.

We’re constantly amazed and frustrated at the lack of customisation offered when buying a new apartment. Why should the style and layout of my biggest purchase be dictated by someone who has absolutely no knowledge of me? Agree. Luxury has moved on from being simply having a LVMH printed bag to act as a expressive sign of success. It’s now about true exclusivity – having something which few others have and the best way to achieve this is through personalisation. And what’s more, people will pay more for it.

This is presenting a massive opportunity for brands to engage with the 25% of consumers willing to pay a premium price (+20%), or the 45% who are happy to wait longer to get their personalised products (Deloitte, 2015).

Handbag AddOn
Italian fashion brand Fendi is letting fans personalise its handbags with a new range of interchangeable straps in a programme dubbed ‘Strap You’. Inspired by changeable watchstraps, the addons can be fixed to a number of handbag styles. Consumers can explore the various options via a strapmatch generator on the brand’s website.

Idea Room is an initiative from Silk Road