“The world of luxury is undergoing a major transformation. This redefines the rules of the luxury game profoundly,” says Dr. Martina Olbertova of Meaning.Global Getty Pardon me for stating the obvious, but luxury has lost its “luxe.” If it isn’t so obvious to luxury brands–and in my experience, it isn’t–it is to the customers on which luxury brands’ future depends.
Source: ‘Luxury’ Has Lost Its Meaning—Here’s How To Get It Back
Minimalism, convenience continue to shape consumers’ habits
Source: Luxury Daily
The ‘lipstick effect’ is a phenomenon first coined during the Great Depression, where consumers spent money on beauty despite economic hardship.
Source: The lipstick effect: Why consumers buy small luxuries during economic downturns | The Morning Show
Amazon may be regarded as the biggest disrupter in retail, but luxury marketers and retailers may have a chance to attract younger consumers away from the platform based on brand values.
Source: Luxury Daily
Rich millennials like a luxury home with function. They care more about quality and convenience and less about size, according to real-estate agents.
Source: 13 things rich millennials look for in a luxury home – Business Insider
Wardrobe sharing apps are the latest global hype. Despite a robust appetite for P2P apps, concern is growing over the long-term impact on the luxury market.
Source: Why Wardrobe Sharing Platforms are Dangerous to Luxury Brands | Jing Daily
Men’s jewellery has long been considered one of the great-untapped jewellery markets. ARABELLA RODEN discovers what’s going on in this small but dynamic category.
Source: Men’s jewellery the great-untapped market – Jeweller Magazine: Jewellery News and Trends
As shoppers, millennials have a high amount of buying power and market influence. If you aren’t already tapping into this demographic, you are missing out on a major group of consumers. To take advantage of this growing and multifaceted audience, here are a few things to keep in mind. Why are Millennials Important as Consumers? […]
Source: Marketing to Millennials : What Jewelers Must Know About This Young Generation | CEOWORLD magazine
Some key trends set to define the Luxury industry over the next few years as per the EY Luxury and Cosmetics Financial Factbook*, , millenials
Source: Millennial Definition of Luxury – BW Businessworld