in it to win it...
Luxury brands spent decades turning design, aspiration, and high-quality goods into a $380 billion global behemoth. The pandemic changed it all in a few short months. Sales have plummeted, leading to forecasts for a decline in revenue and massive uncertainty about the ability of many brands to rebound. The long-term impact of the crisis on brands will be just as dramatic, accelerating shifts in consumption and consumer preferences that will upset the existing equilibrium of power.
At the same time, brands are grappling with a fundamental shift in what “luxury” means as we uncovered in our previous issues above the influence and afk vs. flattened reality, as consumers become more environmentally and socially aware and digital channels become more important as sources of inspiration
70 percent of fashion executives believe that increased exploration of and spend on new media platforms versus more “traditional” platforms will be crucial to their companies.
Online luxury retail is now 20 years old. But after two decades of innovation, once groundbreaking multi-brand giants face significant changes in consumer behaviour — and a growing, diverse stable of competitors.
Today, the online luxury establishment is running out of time to develop winning strategies, just as the coronavirus crisis pushes the economy into what is expected to be a deep recession, accelerating drastic changes in consumer behaviour that were already underway.
Let’s look at how brands can adopt a more inclusive, hyper personalized approach to their communications efforts by leveraging digital channels, new platforms and re-inventing brick and mortar for a better brand experience. We also explore how the ‘unboxing’ phenomena is now more relevant than ever due to increased online sales through e-commerce platforms.