Couture clients are staying true to their lavish lifestyles and continuing to tap their cards, despite there being major economic uncertainty. Their enormous wealth insulates them from market volatility, and these ultra-high-net-worth-individuals are purchasing custom garments as experiential assets, exclamations of lasting cultural value, and tokens to secure their privileged status. The rise and demand of couture products is due to the incline in rare pieces hitting the market, for the more scarce the product, the more desirable it becomes. Ultra-luxury consumer behaviour is one that has been questioned for many years, but why? Is it to further understand why these UHNWI’s spend obscene amounts of cash on couture? Or is it to put yourself in the shoes of these high-profile personages and get a glimpse of these luxurious lifestyles?

Elie Saab S/S 2017

Couture clients' extreme wealth insulation is one of the many ways in which these affluent individuals are able to maintain their status while shopping with luxury brands. The top 1-5% of wealthy earners remain greatly unaffected by short-term income shocks, inflation or recessions because their capital is substantially diversified across real estate, equities, and various business ventures. Couture clients are showcasing their wealth in never before seen ways. By increasing the need for bespoke experiences such as private shopping, boutique champagne hours, and personalized runway invitations over traditional means of status symbols. With the rise of quiet luxury being at the forefront of major fashion houses, these VIC’s find themselves purchasing priceless everlasting pieces that are high symbols of their wealth, as opposed to multiple products that are easily accessible to the general public.

Getty Images; Jenny Chang-Rodriguez/BI                                             

To preserve the intense specialized labour of ateliers, embroiderers, and bespoke  specialists, many prosperous clients view themselves as preservers of the couture industry, for they are purchasing these one of a kind items to uphold their relationship with these luxury ateliers. The demand for couture is driven by highly exclusive elites, based on about 4,000 active clients globally. The worldwide haute couture market is valued between $12 and $15 billion dollars, and is only expanding as UHNWI’s seek handcrafted hyper-personal luxury. Key demand factors of the haute couture industry include clientele and demographics, with the average couture house retaining about 250 private clients that are primarily composed of celebrities, billionaires, and royalty.

Rania Benchegra for Elie Saab in PFW, Getty Images          

Labour and exclusivity are driving factors of the industry with the production of couture products being defined by intense extreme labour, where single garments can take upwards of 135 hours to make, increasing prices from $9,000 to over $1,000,000. In a Business Insider interview with trend forecaster and social scientist Sarah Owen, she revealed that “Luxury won’t vanish, ever, it just gets quieter” as well as “When the future feels uncertain, fashion tends to recoil into the familiar”. Further demonstrating that regardless of such fierce scarcity, the market for haute couture is projected to reach over $15 billion dollars in market growth that is fueled by new wealth in emerging economies and the growing population of UHNWI’s.

Vogue Autumn 2024 couture week                    

Ultra-luxury consumer behaviour is one that is either understood immediately or overlooked. These clients view bespoke garments as recession-resistant investments and tangible means of wealth. By prioritizing ultimate exclusivity over widespread brand appeal, elite couture clients are not worried about financial distress regarding their luxurious purchases as they view them as important assets that over time gain more value. The psychological factors behind UHNWI consumer behaviours are driven by insulation from economic shock, the need for authentic exclusivity, and investment value. Clashing with "aspirational" couture buyers who have been cleaned out of the luxury market due to consecutive years of steep price increases, couture clients draw from disposable income and liquid wealth, where their spending remains largely unaffected by global inflation. High-fashion brands have shifted their focus to the top 2% of clients who can afford to purchase their most exclusive pieces. The couture industry honours the desire for true uniqueness, as each ready-to-wear piece is a tangible statement of personal status that cannot be replicated. High-spenders view their haute couture purchases as investments, rather than products with impressive price tags. Similarly to high-jewelry and timepieces, bespoke couture is viewed as an investment as they are the pinnacle of luxury and exemplary craftsmanship that retain their value in the secondary market due to their extreme scarcity.

As the market becomes more fluctuated and intense. Tried and true couture clients will continue to splurge on once in a lifetime purchases that will remain in their grasp for years to come. So long as there is a product that is more rare and unorthodox then the last, there will always be an elite client who is willing to sign their checkbook for a chance to add a piece of true luxury to their portfolio.