2016 Luxury Industry Predictions From The Experts. 2015 was a transformative year for the luxury industry across the globe, as new technologies, digital advances, currencies, wealth, media & marketing channels spurred a seismic power shift from brands to consumers, Baby Boomers to Millennials, traditional media to social, and West to East – to name a few.
But how these formidable trends will impact and evolve the industry in the year ahead has remained a mystery – until now. We spoke with a panel of our Knowledge Partners and industry experts to gauge their predictions for yet another dynamic year in the luxury industry to discover and divulge: How these trends will reshape 2016, what luxury brand executives should keep in mind when planning their future operations, and which regions, consumer segments and currencies are set to rule the luxury sphere next year. 20121107 Heine The Concept of Luxury Brands. Jstor. The Rise of Luxury Spending and High Income Earners in Emerging Markets. What will be a luxury in the future? 27 June 2011Last updated at 14:15 By Frances Cronin BBC News Worldwide sales of luxury goods are booming and predicted to keep on growing, but the history of luxury shows us just how much the concept of luxury has - and is - changing.
In Abu Dhabi's Emirates Palace Hotel it's not only cash that people want to get their hands on quickly; they have a machine dispensing gold bars. Just in case you don't have any easily at hand to buy that Bentley. Defining Luxury for a Modern Era. Exceptional craftsmanship has long been a prerequisite for luxury products, but there is a tendency to think of craft as something preserved in aspic, said Jonathan Openshaw, editor of the trend forecaster L:SN Global and author of “Postdigital Artisans,” scheduled to be published in May.
“In recent times we’ve seen luxury brands go back to their heritage and craftsmanship as an antidote to the logo and as a way of distinguishing their brand,” he said. “But the trap is that this can tip into nostalgia, and I don’t think the contemporary luxury consumer is feeling nostalgic.” Sepia-tinged advertising campaigns, mini-movies showing white-coated workers hand stitching in the workshop, the revival of dormant heritage brands such as Vionnet, Poiret and Schiaparelli, and marketing campaigns anchored to milestone anniversaries all have contributed to this wistful mood. Photo Ms. The piece combines traditional metalwork with a technique devised by Mr. To Mr. Spring Luxury Update 2016 - Press Release. Bain & Company’s spring luxury update finds that sound demographics are projecting a new wave of growth ahead Milan – May 24, 2016 – Last year marked the beginning of a new era of slower but steady growth for the global personal luxury goods market – including leather accessories, fashion, hard luxury, and fragrance and cosmetics – which reached €253 billion in revenue.
This is up 13 percent at current exchange rates from 2014, but only 1 percent in real growth terms, as a result of global challenges that hung heavy over the luxury industry in the last quarter of 2015, including a slow U.S. holiday season, decreased tourism across Europe, instability in the Middle East and a downturn in China. Four trends changing the definition of luxury - Marketing Week. The partnership between tech giant Apple and fashion powerhouse Hermès on a special-edition Apple Watch is a clear indication that the luxury market is evolving.
The association helps Hermès remain at the cutting edge of luxury but perhaps more significantly, according to Marketing Week columnist Mark Ritson, it is a strong signal that Apple now sees itself as luxury brand. “Look at Apple’s price point. Look at their visual merchandising. Look at their creative directors. Look at their executive team. The limited edition Hermès watch will most likely sell out immediately when it goes on sale on Monday, but Ritson suggests the long-term benefit of the association will be far more valuable for Apple, as the deal has the ability to “alter and improve brand equity as part of the process”. 1.
Apple’s partnerships with Hermès and Burberry signal a shift in consumers’ perceptions of what constitutes luxury that is backed up by data from a major new report on the sector. 2. 3. 4. What is luxury? – Michael Surguladze. There are all kinds of arguments as to what constitutes luxury, but in the modern landscape, its definition seems to be more open to interpretation than ever before.
The classic definition was “Anything the elite can afford which the poor cannot”. This attitude is now outdated as the democratisation of luxury has made it more accessible, especially among the middle classes. “To enjoy luxury a consumer needs surplus income to spend on things that are superfluous.” If wealth is still the indicator for luxury, then it must shift amongst the complex social hierarchy that exists today e.g. a computer might be a luxury for a person working minimum wage, but a new Bentley at a millionaires’ party might only be considered the norm.
20110907 Heine TheConceptofLuxuryBrands. 20121107 Heine The Concept of Luxury Brands. The New Meaning of Luxury. Luxury can be a divisive word.
Traditionally, a luxury denotes something that is enjoyed by certain people and not by others. It speaks of the privilege and exclusivity enjoyed by an elite and unattainable few. Having not personally inherited a membership card to Society, I find this concept to be incredibly boring. I know I am not the only one. There is a new approach to the idea of luxury growing specifically within our generation that puts the subject in an entirely different (and perhaps to older generations an alarmingly inclusive) light. We seem to be shifting our sights from acquiring things to acquiring experiences. To put it simply, we know too much for the old definition of unattainable luxury to apply.