Was it an unforeseen collaboration or an expected pair that will build digital history in a gaming and luxury fashion world? Luxury brands are securing video game contracts increasingly more now than ever before. Within a world of both NFTs and digital fashion, it should come as no surprise that the two merged to create something innovative and mesmerising.
The luxury fashion industry finds new opportunities to reach consumers
According to a recent report, the global games market generated revenues of $159.3 billion in 2020. Gaming is also predicted to surpass $200 billion by the end of 2023. These figures are mainly supported by the big spender gamers who emerge around the new generation.
Kantar research states that almost 90% of Gen Z are gamers, compared to 59% of the total population. Meanwhile, the study estimates Generation Z has a purchasing power of around $44 billion.
From gaming-inspired fashion designs to brands developing their own games and even a new category of virtual (and shoppable) styling games targeted at fashion consumers.
Brands tapping into gaming
Brands have seized the opportunity to join the niche, and it’s only just the beginning of it. @Gucci recently hosted a “Gucci Garden” inside the popular game Roblox. Within the virtual world, players can buy digital-only Gucci items. Dionysus bag was sold inside the game for $4,115, more than the $3400 retail value.
Moreover, Louis Vuitton paired up with the popular League of Legends, where people could purchase digital assets. Not to mention Marc Jacobs and Valentino collaborating with Animal crossings too.
Balenciaga released its Fall 2021 collection in the form of a video game, which leads players through to a completely virtual fantasy world where you pass other players wearing the brand new collection.
Why the gaming industry?
In 2020, there were not many pulses in the world of fashion. On the other hand, the gaming industry thrived like never before. Although luxury fashion has taken some slow steps towards technologies, it was yet to fully adapt to the full array of e-commerce possibilities that exist out there.
In any usual game, the player will typically decide which customisation and outfits their characters wear. The idea of customising your characters using different technologies to include well-known designer luxury is a premium.
Getting in front of that younger generation drives brands directly where they need to be, innovative and imaginative.
The industry collaboration doesn’t only come convenient to the fashion industry. The gaming industry is, too, pushed into a more trending and relevant position.
Consumers buy luxury fashion in real life or online, but gamers create new potential within the gaming world to differentiate themselves in the virtual space.
There are many ways that luxury brands use gaming as a subtle yet effective way to market themselves, including skins (skin is a graphic or audio download that changes the appearance of characters in video games), virtual reality worlds, augmented reality, shopping experiences migrated into the game, and much more, emerging now.
Gaming marrying fashion may seem strange at first, but once you unlock the endless possibilities of a digital setting and style, the ideas never stop.
Both fashion and gaming create new realities and diverse trends, allowing players and consumers to stand apart. This may be the beginning of a new, sustainable, innovative story with the two together.