Today’s leading luxury experts trust that luxury goods and experiences are as relevant as ever, but luxury brands must adapt to satisfy modern-day consumers.
In early 2018, a number of executives and decision-makers met in New York City for Luxury FirstLook 2018: Exclusivity Redefined, a conference hosted by Luxury Daily. At the event, the attendees redefined modern luxury, its opportunities, and its challenges. In addition to debating luxury goods and experiences, the panelists also “busted eight big myths swirling around the luxury sector.”
MYTH: “Luxury is dying…”
Sure, the market is changing rapidly thanks to the rise of Amazon and online shopping. However, this does not signal the death of luxury. Luxury goods and experiences are alive and well. However, what luxury consumers are willing to buy is just as critical as where luxury consumers are willing to buy. Luxury brands must adapt accordingly in order to survive the shifting trends.
MYTH: Millennials don’t consume luxury products.
Let’s revise this statement: Millennials don’t consume just any luxury products. Brand identification is crucial to younger luxury consumers, who are more socially aware than ever. “Younger luxury consumers appreciate brands and products that reflect their beliefs.” Therefore, to stay relevant, luxury brands need to evolve to put sustainability first in 2018.
MYTH: The notion of “customer experience” is fading.
Is it difficult for consumers to experience products from behind a computer screen? Of course. Still, this doesn’t mean that “luxury experience” is no longer appreciated. Instead, luxury brands must become better storytellers—and tell those stories in a more innovative way. If a woman purchases a luxury bathrobe, she is purchasing the experience: how it feels, how it makes her feel, the quality, the fabric, the story of the robe, etc.
Rest assured: Luxury goods and experiences aren’t going anywhere – as long as luxury brands can bend to meet the needs of a changing market and a new generation of luxury consumers.