25 Predictions for the Luxury Goods Industry in 2016. How will 2016 shape up for the global luxury goods industry?
Mounting instability in emerging market economies poses the biggest threat. Equally, the prospect of marginally stronger economic growth in Western Europe and North America could offer some respite for global brands. Uses - Online Market Research Software. Luxe Redux: Raising the Bar for the Selling of Luxuries. The Experience Seekers Barbara is a 34-year-old professional—an American living in Chicago on an income of more than $100,000 a year.
When Barbara (not her real name) was in her twenties, she filled her days with shopping, stocking her closet with the latest lines from Yves Saint Laurent, Valentino, and Gucci. She adored buying from boutique brands such as Rick Owens and admits to “wasting hours” poring over sites such as Net-a-Porter.com. Today, Barbara defines happiness not as acquiring more luxury goods but as career, family, friends, and relationships in general.
Her main luxuries are now experiences with her friends—she kitesurfs, is involved with a local art institute, and volunteers in her spare time. CustomerBasedbrandEquityModel. 3 Customer Engagement Strategies That Marketers Can’t Ignore. We live in a world that’s interconnected on many fronts.
This has led to the proliferation of content as well as data giving customers accessibility to more products and services. You would think that all this interconnectivity and information would lead them straight to product sales with businesses laughing all the way to the bank, right? Unfortunately, it’s not that easy and it all starts with customer engagement. What is Customer Engagement? Customer engagement is about encouraging your customers to interact and share in the experiences you create for them as a business and a brand.
Businesses that focus on customers engagement are focused on value creation, not revenue extraction. Here are a few customer engagement strategies to consider when it comes to strengthening your customers’ experience with, and loyalty to, your brand: Humanize your brand Happy Customers Are Your Lifeblood As Jeff Bezos, CEO of Amazon, will tell you, obsessing over your customers is key. Brand activation and its role in driving consumer engagement and awareness. Many popular brands are using activations to build popularity and give the consumer an experience that will make them feel a real personal connection to the company.
What is brand activation? Have you ever noticed when you go to buy a popular brand's product, do you ever stop to ask yourself, how did they become so trustworthy and admired? When a product is first manufactured it is virtually unknown to the general public. Take Volvo as an example. when the company tried to enter into the US car market in 1962, Americans knew very little about this Swedish car maker. Through the uses of consumer engagement marketing channels, such as memorable ad campaigns, experiential events, viral growth, and consumer participation strategies, Volvo managed to gain the acceptance of the American consumer as being a tough and reliable automobile. Sales tripled within five years with the campaign “drive it like you hate it" being a huge success.
5 Brands Winning Consumer Engagement In The Premier League. Carlsberg, Puma, and Barclays are among some of the brands that have really impressed this season, with campaigns and content initiatives that nurture sustained fan engagement.
The 2014/2015 Premier League season has come to its inevitable conclusion, with Jose Mourinho’s Chelsea emerging victorious. While a FIFA corruption scandal that emerged at the close of the season may have put a mark on the sport’s reputation, for many fans, these will blend into mere headlines. Brand marketers will also be taking a well deserved end of season rest. For key sponsors, the Premier League has long been an important opportunity to communicate messages about their brand and products, to a hyper-engaged, and passionate group of consumers. As seasons have progressed, marketing activity has become more sophisticated; certain publications have commented on how the Premier League has become a “data minefield” for brands. 1.
BarnRaisers10 best brand examples of social media engagement. Posted on March 29, 2015 by Rob Petersen inShare51 Americans spend more time on social networks than any other internet activity, including email (source: Business Insider).
This fact may be a key reason many brands pursue social media, but it’s an even better reason why they should have a social media engagement plan, first. Social media engagement is communicating in a distinctive way so your audience pays attention and has a relationship with your brand in a two-way conversation. A recent survey of 45 CMOs found the majority of CMOs don’t know the definition of engagement. How to brands practice social media engagement? Top 10 Customer Engagement Trends for 2015. BCG: Four trends driving the new age of luxury. Ralph Lauren on Saks.com NEW YORK – The managing director at Boston Consulting Group said during the Luxury Roundtable: State of Luxury 2013 conference that specific trends are driving changes in the way that marketers do business.
During the “Lux Redux: Reshaping the Luxury Sector” session, the presenter discussed the new approaches that marketers should take for their business and when approaching consumers. The luxury market will likely continue to grow at 7 percent in line with the last three years and brands can drive sales among eager consumers by being experiential and not just product-driven. “It’s a new game and luxury players need to adapt to this new environment,” said Jean-Marc Bellaiche, senior partner and managing director, Boston Consulting Group.
In Depth: World's Most Desirable Luxury Brands. How to be a successful luxury brand. The spread of luxury is the story of the early 21st century.
Take this fact: Louis Vuitton, which started life as a trunk-making business in Paris in 1854, will soon open a swanky new store in Kazakhstan. This follows the opening of a massive new store in Shanghai, right at the heart of what was once a hardline Communist state. Luxury goods are the quintessentially modern products, charting the spread of wealth and aspiration to the most unlikely places. Campden looks at five things that luxury brands have to do if they are to flourish in this strange new world. Luxury brands facing leaner times, Economy News. Luxuries such as glitzy watches, swanky cars and casino visits are proving harder to sell worldwide amid global economic uncertainty and weaker Chinese demand.
The S&P Global Luxury Index, which comprises 80 of the largest publicly traded luxury goods or services companies, is down 7.45 per cent in total returns as at Dec 23 from its highs two years ago. The index's top five constituents as at Nov 30 were Nike, Diageo, Daimler, LVMH and Richemont, which owns the Cartier brand and last month warned of a challenging second half after first-half net profits grew less than expected. Luxury goods companies, which for years had been banking on China to drive sales, have been hit amid slowing economic growth in the mainland, where the government is also clamping down on corruption and expensive gift-giving.
Shares of Prada dropped more than 6 per cent to a record low last week, after the firm reported a 38 per cent plunge in its third-quarter profits on slumping sales in Greater China. Fashion industry happenings have direct impact on luxury consignment market. Instagram image from The RealReal Consignment marketplace The RealReal saw a 60 percent growth in revenue for Gucci products after Alessandro Michele joined the Italian brand as creative director.
While brands such as Chanel, Hermès and Cartier remained as best-sellers for 2015, The RealReal notes in its end of year findings, “State of Luxury Resale 2015,” that industry events affected the resale market. For example, Alexander Wang’s departure from Balenciaga (see story) raised the value of the designer’s namesake line by 15 percent on The RealReal. Luxury upcycleSimilar to what has been seen for Gucci consignment since Mr.
Fashion industry happenings have direct impact on luxury consignment market. The Best of BoF 2015. The Future of Retail is the End of Wholesale E-commerce will rapidly reshape the entire economic model of retail, spelling the end of wholesale, argues Doug Stephens, founder of Retail Prophet. In Net-a-Porter and Yoox Merger, a Fight Behind the Scenes. The dispute will not derail the merger, which closed in October. A Fast and Flat Fashion World. This is an article from Turning Points, a magazine that explores what critical moments from this year might mean for the year ahead. Turning Point: Social media platforms introduce buy buttons and social shopping. Before I got out of bed on a recent morning, or even opened my mouth, I visited 14 cities, found out what 64 friends were up to the previous night, checked out what several movie stars were wearing to a party in Los Angeles and bought a camel coat by Bottega Veneta, which was delivered that afternoon.
And then my day began. Currency fluctuations and luxury globe-trotters boost global personal luxury goods to over a quarter trillion. According to Bain & Company's 2015 worldwide luxury report, luxury brands will need the right pricing model to win against hard-to-predict currency volatility Milan – October 29, 2015 – The overall luxury industry – which as tracked by Bain & Company comprises 10 segments, led by luxury cars, luxury hospitality and personal luxury goods accounting for 80 percent of the total market – surpassed €1 trillion in retail sales value in 2015.
The market delivered healthy growth of 5 percent year-over-year (at constant exchange rates), driven primarily by luxury cars (8 percent), luxury hospitality (7 percent) and fine arts (6 percent). Aided by global currency fluctuations and continued jet-setting of "borderless consumers," the personal luxury goods market ballooned to over a quarter trillion euros. BAIN REPORT Global Luxury 2015. Luxury Goods Worldwide Market Study Winter 2015. The 14th edition of the Bain Luxury Study, published by Bain & Company for Fondazione Altagamma, the trade association of Italian luxury-goods manufacturers, analyzed recent developments in the global luxury- goods industry.
The overall luxury industry tracked by Bain & Company comprises 10 segments, led by luxury cars, luxury hospitality and personal luxury goods, which together account for 80% of the total market. The industry surpassed €1 trillion in retail sales value in 2015 and delivered healthy growth of 5% year over year (at constant exchange rates), driven primarily by luxury cars (8%), luxury hospitality (7%) and ﬁne arts (6%). Aided by global currency ﬂuctuations and continued purchases by “borderless consumers,” the personal luxury goods market—the “core of the core” of luxury and the focus of the Bain Luxury Study—ballooned to more than €250 billion in 2015.
Currency swings affect regional performance Across Asia, performance varied widely: Read the full report. Leather fashion – A changing landscape. A key component widely used alongside textiles in the clothing and footwear industry, the landscape for leather is undergoing a degree of change when it comes to production, retail and technology trends. Luxury in instalments. Trends. Apple Watch 2 Features, Price And Launch Date Updates: A Combination Of Luxury And Fashion - The Bitbag. After releasing one of the best smartwatches to the market, Apple is ready to launch its successor. The new smartwatch is expected to arrive in March 2016. According to CrossMap, Apple Watch 2 will be unveiled along with iPhone 6c. Apple may include few features based on its predecessor, but there are possibilities of changing the design. Apple Watch 2 is expected to be slightly thinner. SchwartzUngar AAPSS%20Annals%205 15. Infographic: Co-Creation in the Fashion Industry.
Trends come and go, craftsmanship is always in fashion. Marketing to millennials: the rise of content co-creation. 14 dfi co creation design as a way of value creation en. Burberry World: Co-Creation in the Fashion Industry. A good place for companies to start with co-creation is beginning to connect their internal sales people with their customers’ communities on social media. An example of a successful implementation of such a strategic approach is Burberry: its CEO, Angela Ahrendts, decided to act upon a grand vision of the company as a social enterprise where all employees, customers, and suppliers share the same experience of the brand, whether through stores or digital platforms. The digital platform that Burberry, the iconic British fashion brand, is called Burberry World (Harvard Business Review, 2012).
Burberry is a British fashion brand that produces clothing and accessories. Luxury Marketing: Fashion Versus Luxury Brands. Luxury Branding: The Difference Between Premium and Luxury. Luxury vs Premium - Luxury Detectives by Added Value. Does it make a difference to the consumer if a brand is premium or luxury? To capture the consumer perspective Added Value created an international online community called “Luxury Detectives” using AV-id™, our digital ideation platform, designed to engage consumers for insight and innovation purposes. This allowed us to identify four main insights. Unconventional Business Wisdom for the refined entrepreneurial mindset - by James D. Roumeliotis. The Key Elements of Chanel's Luxury Marketing. Chanel (Score: 9.72) has been evaluated the 6th most valuable luxury brand by the Millard Brown ranking published in April 2013. Can Haute Couture Be Engaging? The Case of Elie Saab versus Bouchra Jarrar. Smaller cities shopping more on online luxury platforms.
Vintage Versace, Advertising Campaign and Advertising. Haute Couture Shows: January 2014. 10 Most Powerful Luxury Fashion Brands In The World. 14 Most Expensive Luxury Fashion Brands. Luxury Brands on Social Media February 2015. Welcome.