All in the cut: the jewellery designers ditching the oval and pear stones of old

Two experts predicted that in the coming years, designer boutiques will be outfitted with their own resale section.

2. Customers want to return to basics

Over the past year, luxury fashion has revolved around “Zoom tops” – professional shirts suitable for remote work meetings – ruffles and over-the-top designs, said Brooke Cundiff, a former buyer for Saks Fifth Avenue who’s a co-founder of the e-commerce platform Cortina.

Cundiff contended that customers have grown tired of walking into a luxury department store and seeing extravagant items, like a sweatshirt, for US$1,000.

Alessandro Michele’s November departure from Gucci was evidence of that, Cundiff said. In his seven years as the brand’s creative director, Michele had made a name for himself through maximalist designs.

Now, customers – even the most high-flying ones – are looking for simpler, more tailored pieces they can wear repeatedly.

3. Mid-tier luxury might take a hit

Three experts noted that designers at the high end of the price spectrum will continue to see strong demand, especially from the 1 per cent. These are brands like Hermès – known for its Birkin bags that range in price from tens of thousands to hundreds of thousands of dollars. Or Chanel, where a pair of ballerina flats retails for more than US$1,000.