This report provides the results of a survey among 900-plus luxury industry insiders compared with those from the past three years. It reveals the trends year-to-year and provides actionable research takeaways to power competitive and marketing strategies for 2020 and beyond.
This year's survey was enhanced with the addition of a greater number of services/experiential luxury marketers, as well as additional questions surrounding the luxury insiders' marketing and advertising perspectives, with particular emphasis on digital and social media marketing.
This fourth annual State of Luxury report reveals:
- Trends measuring the pulse of the luxury business from four years of consecutive surveys among luxury insiders from the luxury goods, services/experiences sectors and companies that provide advertising, marketing, consulting and other support services to luxury companies.
- Enhanced perspective from luxury services and experiential companies, adding insights from those at the forefront of the market's fastest-growing sector: Luxury Experiences. A total of ~900 luxury insiders were surveyed this year, as compared with ~600 in the past three years.
- How insiders feel about the state of the luxury market in general and their business, in particular, including a new question about the prospects of U.S./China trade war.
- Details about distribution challenges, Internet ecommerce strategies, social media and its surprising ineffectiveness, advertising and marketing strategies, and future trends impacting the luxury market.
The opportunity keywords revealed in the 2020 State of Luxury report are:
- Collaborations - Some 50% of insiders identify this as a growing trend in 2020 and it doesn't just apply to streetwear brands, but to true-luxury collaborations, like Armani and Ferarri.
- Sustainability - The luxury resale and rental markets, as well as lab-grown diamonds, illustrate opportunities for companies to create sustainable new business models that address the growing concern for sustainability among consumers.
- Personalized Experience - Every luxury consumer is an individual who deserves to be treated in a way that acknowledges their specialness. Bespoke and made-to-order, as well hands-on customized design, travel and other services, are the highest expression of it. Consumers have a quest for experience and luxury that delivers a story. They find it in handmade, artisanal products and personalized services, said an insider.
- Craftsmanship and Quality - The future for luxury is to return to its roots of craftsmanship and quality, after too long letting those slide in the search for sales growth. The idea of craftsmanship doesn't just apply to luxury goods either, because the best luxury service and experience brands take a craftsman approach to the professional services they provide, whether in the home or on the road. That craftsmanship guarantees the quality.
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