Today’s luxury consumer — particularly Gen Z — is as interested in the experience of luxury shopping as in the product itself, according to a recent survey conducted by Dotdash Meredith and market research firm Ipsos. Read more on the results from Howard Ruben:
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Chief Merchandising Officer | MBA, Luxury Brand Management | Product Strategy | Brand Management | AI Strategy
In this moment of reckoning for all but a handful of brands who can weather the storm (at least for now) thanks to super-affluent consumers, it is time for most players in the luxury industry to refocus their efforts on providing exceptional authenticity, coherence and value-for-money in order to gain back the trust (and a share of the wallet) of the vast majority of luxury consumers.
Following a record year, the stalled luxury goods market faces a dilemma between catering to top clientele and reaching new audiences amid ongoing complexities
bain.com
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Luxury Has Never Been More Rewarding: Meet caléna Caléna | Indulge In Limitless, we're not just a loyalty app but a game-changer in the luxury industry. We've set out on a mission to redefine the way high-end luxury brands and their valued clients interact, and we're thrilled to share our story with you. Our story begins with a passion for luxury, a drive for innovation, and a commitment to delivering personalised experiences. We understand that luxury isn't just about products; it's about the moments and memories they create. With caléna, we're introducing a new era of loyalty, one that rewards you for your patriotism. We believe in the power of connection and want to help you reconnect with your clients in the most meaningful way. But here's what sets us apart: we're not about discounts, we're about adding value. Brands don't buy ad space they invest in revenue, meaningful relationships and genuine connections with their clientele.
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International Marketing Director | Luxury Industry | Fragrances | Retail | Customer Experience | Business partner | Major groups & mid-sized companies |
Global luxury market overview and perspective thanks to Bain & Company. Highlighting the key role of #customerexperience in a time where brands have to focus on providing differentiation and meaningful experiences across the whole customer journey, while focusing their distribution on their own Boutiques and e-com. #luxury #customerexperience #bain
Global luxury market projected to reach €1.5 trillion in 2023, a new record for the sector, as consumers seek luxury experiences. Discover the key insights of the latest Bain Luxury Goods Worldwide Market Study - Fall 2023 in collaboration with @Fondazione Altagamma @Claudia D'Arpizio @Federica Levato
Global luxury market projected to reach €1.5 trillion in 2023, a new record for the sector, as consumers seek luxury experiences
bain.com
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Is Luxury Just for the Poor? The Paradox of Luxury Consumption Discover the fascinating paradox in luxury consumption, where lower income households spend more on visible luxury goods. Explore how the changing economic landscape and evolving consumer behavior are challenging traditional perceptions of luxury. #LuxuryConsumption #LowerIncomeHouseholds #ChangingEconomicLandscape #ConsumerBehavior #VisibleLuxuryGoods #ChallengingPerceptions #LuxuryParadox #WealthDistribution #SociologicalStudies #EvolvingTrends
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International Brand Consultant, Fashion Business Innovations, Sustainable Brand Learning, Educator I Bridging Creative & Operational Business Functions I ex-LVMH I ex-PPR/KERING ♻️
📈« analysis shows all luxury categories achieving growth , favored by continued price elevation, partially undermining volumes. « 🎯 »Fueled by an investment mindset, jewelry is set to reach €30 billion in market value in 2023,» ⌚️💍 »with fine jewelry affirming itself as a bright spot for investments amid uncertainty, watches continue to thrive. » 👗« Ready-to-wear is showing positive growth, favored by top spenders on the ultra-high offer, » 💚 »with unfolding demand for excellence and durability. » 🏆 »This is a defining moment for brands, and the winners will separate themselves through #resilience, #relevance, and #renewal—the basics of the new value-centered luxury equation, » Bain & Company #luxurygoods #fashion #watchmaking #highjewelry #strategicmanagement #learninganddevelopment
Global luxury market projected to reach €1.5 trillion in 2023, a new record for the sector, as consumers seek luxury experiences. Discover the key insights of the latest Bain Luxury Goods Worldwide Market Study - Fall 2023 in collaboration with @Fondazione Altagamma @Claudia D'Arpizio @Federica Levato
Global luxury market projected to reach €1.5 trillion in 2023, a new record for the sector, as consumers seek luxury experiences
bain.com
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Is Luxury Just for the Poor? The Paradox of Luxury Consumption Discover the fascinating paradox in luxury consumption, where lower income households spend more on visible luxury goods. Explore how the changing economic landscape and evolving consumer behavior are challenging traditional perceptions of luxury. #LuxuryConsumption #LowerIncomeHouseholds #ChangingEconomicLandscape #ConsumerBehavior #VisibleLuxuryGoods #ChallengingPerceptions #LuxuryParadox #WealthDistribution #SociologicalStudies #EvolvingTrends
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WANT TO STEP UP YOUR BUSINESS? YOU NEED TO READ THIS FIRST. HOW GEN Z CONSUMERS IN CHINA ARE REDEFINING HARD LUXURY? China's hard luxury sector is undergoing a transformative journey, adapting to changing consumer preferences. Chinese luxury consumers show a preference for domestic purchases, seen in a surge in watch sales during lockdowns. Luxury brands are localizing strategies, introducing exclusive offerings, and adapting to cater to the digital-native Gen Z, shaping the industry's future success. #china #hardluxury #jewelry https://buff.ly/3uyHTt2
Report preview: How Gen Z consumers in China are redefining hard luxury | Jing Daily
https://jingdaily.com
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General Manager @ ATOMOS INTERACTION Singapore | Experiential Marketing | Social Digital | Ex-LVMH | Ex-L'Oreal
Sharing a very insightful read. “Looking ahead to 2030, solid fundamentals are poised to continue to drive market growth, despite possible bumps along the route. Chinese customers will account for 35-40% of the personal luxury goods market, while Europeans and Americans together will represent 40%. And online and monobrand channels are expected to account for two-thirds of the entire market by 2030. In this context, brands will have to focus on providing differentiation and meaningful experiences across the whole customer journey, regardless of the touchpoint of interaction. ”
Global luxury market projected to reach €1.5 trillion in 2023, a new record for the sector, as consumers seek luxury experiences. Discover the key insights of the latest Bain Luxury Goods Worldwide Market Study - Fall 2023 in collaboration with @Fondazione Altagamma @Claudia D'Arpizio @Federica Levato
Global luxury market projected to reach €1.5 trillion in 2023, a new record for the sector, as consumers seek luxury experiences
bain.com
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The BCG studied the "True Luxury consumers" behavior. This category only represents 4.4% of all clients but is worth over 39% of global Luxury sales. This means that 96.4% of all clients are "Luxury excursionistas ". 91% spend less than 2000 € a year. A very fragmented market in which Luxury Brands or Maisons need to balance their efforts to keep and grow the "True Luxury clients " and still offer a range of entry price goods for all the others . To be read in "Manuel du Luxe " from Julie El Ghouzzi
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💎 "Conspicuous consumption is the heartbeat of luxury." 💎 Have you ever wondered why people buy luxury goods? One reason is conspicuous consumption. But what is it exactly? 🤔 Conspicuous consumption is the purchase of goods or services for the specific purpose of displaying one's wealth or social status. It's a key concept in luxury retail, and here's why: 1️⃣ **Status Symbol**: Luxury goods often serve as a status symbol, helping individuals express their identity and social standing. 🏷️ 2️⃣ **Quality Perception**: Consumers often associate higher prices with better quality, making luxury goods more desirable. 🌟 3️⃣ **Exclusivity**: The exclusivity associated with luxury goods can enhance the perceived value and appeal of these products. 🚀 4️⃣ **Emotional Satisfaction**: Owning luxury goods can provide emotional satisfaction and a sense of achievement. 🏆 5️⃣ **Brand Story**: Luxury brands often have rich histories and narratives that add to their allure and charm. 📖 Understanding conspicuous consumption can help us better navigate the luxury retail landscape. It's not just about the products we sell, but the stories we tell and the experiences we create. 🎭 I'd love to hear your thoughts on this. How do you see conspicuous consumption shaping the future of luxury retail? Drop your thoughts in the comments below! 👇 Let's engage in a meaningful conversation and learn from each other! 💡 DM | Follow Nadeem Ansari and #nadeemansari if you agree to my points. Keep learning, keep sharing, keep growing and keep evolving. Thank you very much. ==== #nadeemansari #leadstrategicsalesexpert #retail #learnings #thoughtoftheday #ConspicuousConsumption
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