Here’s what does.
Very few brands tell their story right, and even fewer are excellent in providing a “branded experience” along all touchpoints of the customer journey.
Relevant for all luxury brands, including in the fashion, food and beverage, lifestyle, and service categories, these trends are changing the way the game must be played to stay relevant.
Despite the strong growth rate of the luxury market in China, most brands still fail to address Chinese Millennials appropriately.
So you think the luxury market is challenging now? Just wait until the year 2030 when Gen Zers become the largest spending group in the world.
Luxury consumers will only get more demanding in the future, and the key to attracting a new generation of buyers will be greater personalisation.
People subconsciously ascribe enhanced attractiveness to luxury, and that expected attractiveness drives the value of luxury products significantly.