3 Shifts in Luxury according to Experts
#1 - Safety is now a luxury. According to author and VP of stores at Intermix, Ron Thurston, "I think often luxury is perceived as price...Actually I think about luxury today as time and about, I think safety is now a luxury. And we really think, I think really differently about service and serving others. That service shouldn't be a luxury, but service really is. I think it's about intimacy and about service and about kind of trust and time.” To listen to the full interview, please visit the link here.
#2 Gaming is the next frontier for luxury. “While I know that gaming is a $120 billion industry expected to reach $300 billion in the next few years, I didn't really see that luxury brands would be investing in them the way that they have. And, it's not surprising if you think about it. I think if you think about an intelligent luxury brand who wants to capture their consumer’s eye, they can't just throw up billboards and place Facebook ads. They have to meet their consumer where they're at. And this is an exploding industry. And if you want to really get in front of a certain consumer, this is a great way to do it. I know Louis Vuitton designed outfits for League of Legend avatars. I know Moschino designed for the Sims... That it doesn't feel forced. I think if you were a gamer, you might actually go through an entire game not knowing that a luxury brand was integrated. But if you are a gamer who also has knowledge of the luxury industry, it might actually catch your eye and be a nice sort of surprise and delight moment for you,” stated social media expert, Natalie Zfat. To listen to the full interview, please visit the link here.
#3 Luxury must be personalized. EVP of Hilldun Corporation, Joshua Kapelman made the point that, “If your customer right now is unemployed and that's your target market, you're certainly going to have a much harder time right now. We look at all of those big, big box fashion brands, and they're getting creamed right now. But then you look at these luxury brands and they've shifted their sales to the websites. Their personal shopping business has never been stronger. They're having zooms with their number one private client and that private client saying, ‘Hey, I'm going to invite my 30 girlfriends and we're all going to do a zoom with the designer and just do personal buying.’" To listen to the full interview, please visit the link here.
written by Maria Soubbotina
