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About 6 percent of luxury shopping now takes place at airports, up from 4 percent last year, and the global travel retail market is estimated to grow from $63.5 billion in 2014 to $85 billion by 2020.
Luxury fashion is worth $249 billion (€224 billion). Any way you cut the numbers, it makes a lucrative market for copycats and counterfeiters.
The real problem in the United States luxury market currently is that luxury brands are simply out of touch with the evolving mindset and values of the American affluent consumers.
Where the principles of luxury once centered on extravagance and exclusivity, the focus today is shifting towards self-transformation and wellness.
The demands of modern marketing have exceeded human cognitive capacity.
Contemporary luxury strategy is about creating modern culture by combining identity, speed and community.
Although Generation Z still sounds young — it represents people born after 1996 — it will account for 40 percent of consumers by 2020.
Successfully adapting your high-touch, individually focused in-store experiences to the world of ecommerce is critical, and never as simple as simply offering your wares online.
Messaging applications have more than 4 billion monthly active users, with WhatsApp and Facebook Messenger being the most widely used, with each supporting 1 billion active users worldwide.
Traditional jewelers are in danger of being known as “my mom’s” or “my grandma’s” brand, and slip from the younger audience’s consideration set. They may as well cast a death spell on themselves.
Mobile is too often the point of first impression. If you neglect the customer experience on mobile, you are negatively affecting sales across channels and the profitability of your entire business.
As social platforms work with millions of advertisers, mistakes in reporting or unforeseen scandals could certainly be costly and even damaging to reputation.
Technology has disrupted the biggest captains of industry and the fashion industry is no exception. Software is eating the world for real.
The wave of populist sentiment across the globe has shown us just how disillusioned and disenfranchised modern consumers are with traditional relationships with authority. What does this trend of transparency mean for luxury brands?
Despite upheaval in the luxury industry over the last 20 years, family business will survive and prosper – but only if they successfully manage to implement several key strategies. The second part of the full article lays the blueprint for success for family-run businesses in the luxury sector.
In light of the stir over United States Representative Marsha Blackburn’s (R-Tenn.) recently introduced Balancing the Rights of Web Surfers Equally and Responsibly (BROWSER) Act of 2017 – the proposed replacement for the Federal Communication Commission’s online privacy regulation – the Association of National Advertisers has released a statement about this legislation and how it goes too far.
Where bricks-and-mortar stores have typically stood out compared to ecommerce is in the enjoyment of shopping, and taking something home that actually fits.
Mobile marketing will continue to change as usage patterns evolve. One thing that will not change is the need for accurate and timely marketing performance measurement.
Luxury brands are leading the way in sustainable practices, but the bar is set low. They will need to adapt if they are to avoid rising costs that will inevitably accrue from increasingly scarce resources and unsafe production methods.
Earlier this year, a California woman sued Chipotle for $2.2 billion based on the burrito chain’s unauthorized use of her photograph in its promotional materials.
According to research by Unity marketing, more than three-quarters of all luxury consumers are members of at least one loyalty program. So these programs clearly have a powerful appeal to affluent shoppers. Yet the vast majority of loyalty programs today are spend-and-get.
