New research: attracting the luxury consumer in 2020
A new report has suggested that luxury brands should invest in three key areas between now and 2020 in order to gain more luxury customers.
The ‘How to Attract the Luxury Consumer in 2020’ report by global trend forecaster WGSN states that the top three trends will be exclusive collaborations with relevant partners, secret and exclusive brand experiences, and personalised online experiences.
The report was based on a survey of members of Walpole, the British luxury brand alliance, and was launched at its annual press day.
Two key trends – the rise in omnichannel purchases and the need for physical experience – have prompted what WGSN calls the ‘phygital’ tsunami: physical retail experiences, combined with digital browsing. The survey was formed from this concept to understand the most engaging and relevant tactics to bridge the gap between online convenience and offline experiences.
Carla Buzasi, global chief content officer at WGSN, said: “It is an exciting time for the British luxury industry, but with so much change comes uncertainty and new challenges. With this white paper we aim to cut through the noise and focus on actionable insights that are smart and practical.”
Attendees at the press day heard from WGSN trend experts and senior directors, as well as from Walpole members Ettinger, Gieves and Hawkes and Thomas Pink, who discussed the importance of the findings to the British luxury industry and the practical measures brands can employ to steer industry success.
Among the insights shared, the key learning for the industry was the need for brands to engage with their consumers on a deeper level; to inspire and enable them through exclusive, personalised digital content.
Michael Ward, chair at Walpole, said: “The report findings show how luxury brands need to reimagine their approach to consumer engagement and go beyond static marketing tactics, to achieve consistent relevance in the ever-evolving, ‘phygital’ lives of our followers.”
