Forbes
Beyond that, Millennials typically value experiences over things, which translates to the shopping experience, whether it is online or in stores. For brands, this means that the shopping experience needs to become immersive so that customers can feel they are living the brand in the store. Otherwise, why leave home to shop?
The Wall Street Journal
Consumers value quality, personalisation, and emotional experience when buying luxury products.
Luxury consumers want customised products. Nearly half (45 percent) of consumers surveyed say they are interested in personalised products and services. Many digital channels are creating new ways to communicate with consumers and understand their needs, helping companies move the conversation away from price and status to a deeper connection with consumers focused on providing engaging experiences and personalised products and services.
The essence of luxury appears to be shifting from an emphasis on physical products to a focus on the experiential. However, premium quality remains a “must have” for many, and consumers retain a keen eye for craftsmanship and handmade products. Luxury brands that offer high-quality products, personalised experiences, and omnichannel shopping options may be able to gain a competitive advantage —by Patrizia Arienti, EMEA fashion and luxury leader, Deloitte Italy.
CNBC
As timeless as these pillars may be, however, the industry is in the midst of a seismic shift, as younger shoppers, new technology and the desire to spend on high-end experiences are reshaping modern luxury.
Another big change happening within the industry—partially due to the influence of millennials—is the evolution of the term "luxury."
It no longer refers exclusively to purchases such as handbags or jewelry. Now, it includes higher-price farm-to-table foods and craft beers, as well as pricey experiences such as travel.
Luxury World: The Past, Present and Future of Luxury Brands
Selling luxury goods online is a huge challenge. Luxury purchases are highly sensory in nature, which is clearly difficult to replicate in the online world.
Digital Marketing Strategies for Fashion and Luxury Brands
Brand experiences should convey the brand’s personality via the service offered, which fuels a positive brand valuation.
Memberships to exclusive social groups reinforce the notion of luxury.
Luxury Society
The Luxury Institute's annual list of the "Top 10 Luxury Trends for 2018" found that millennials are opting for high-end services which provide experiences over purchasing luxury goods.
While luxury goods are likely to see a bit of a slump in 2018, high-end services will witness solid growth at the behest of millennials who value experiences over things.
This trend is one of the 10 collected in the Luxury Institute’s "Top 10 Luxury Trends for 2018," an annual list of the biggest trends, challenges and predictions for the upcoming year. In addition to the primacy of experiences over goods, luxury brands are focusing more on the emotional benefits their products can have for customers over the material benefits.
According to Luxury Institute’s Top 10 Trends, growth has been uneven for luxury goods but luxury services are faring much better.
This can be attributed to the growing presence of millennials in the luxury consumer base, who are more prone to purchase services and ephemeral experiences over objects and goods.
Campaign
By adjusting the focus from products to experiences, brands are allowing luxury to continue to embody preciousness.
78% of millennials would choose to spend money on a desirable experience or event, over buying a desirable product.
American Marketing Association
Luxury brands can succeed by developing an omnichannel strategy that integrates the in-store and online experiences.
https://www.ama.org/resources/Pages/creating-ultimate-luxury-fashion-customer-experience.aspx
WWD
Luxury shopping is an experience, that’s the whole point.
http://wwd.com/fashion-news/designer-luxury/millennials-luxury-spending-10417737/
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