The biggest challenges to growth for the luxury goods and service marketers surveyed last year was how to find new customers for their brands, how to sell to customers less willing to spend, and the growing threats from competition. Those issues remain, even as luxury attempts to stay in lockstep with evolving customer behavior.
Globalization under threat, geopolitical turmoil, changing consumer patterns of shopping and media consumption, and the generational shift in the prime target market for luxury brands from mature baby boomers, to Gen X, millennials and, soon, Gen Z, are upsetting the traditional ways that luxury brands market and grow their businesses. As a result, new brands with new marketing messages are disrupting the traditions of marketing luxury.
To assess the current state of the luxury business from an insider’s point of view, Luxury Daily and Unity Marketing have partnered again to debut the second annual State of the Luxury study. The first study, The State of Luxury 2017, was eye-opening. Our goals for the 2018 study are three-fold:
- Industry trends: Assess the key trends affecting businesses in luxury or that provide services to luxury such as advertising, media, branding or consulting
- Peer-to-peer sharing: Provide a forum to share insights and cross-pollinate ideas across and between different sectors and players in the luxury business
- Inspiration and education: By seeing how others in the luxury business think about the markets they are in, we can gain new perspectives to drive innovative ideas and business practices. Plus, the study results will help luxury executives educate their various constituencies and partners about the current state of the luxury business
We need your help to achieve these goals.
If you believe that a State of Luxury study will help you measurably improve your understanding of the changing marketplace that we face today in the luxury market, we kindly request you to complete this 10-minute survey by clicking here.
As a thank-you for participating in the survey, we will share with you the results of the study in an executive summary as soon as it is complete.
In addition, you will also receive an electronic copy of Pam Danziger’s new mini-book, “Meet the HENRYs: Where to Find White Space in the Disrupted Luxury Market,” which delves more deeply into the next generation of luxury customers, the high-earners-not-rich-yet consumers, including their demographics, purchase behavior and unique mindset.
We would most definitely appreciate the time you invest in sharing your ideas about the prospects for the luxury business. Please join us in this survey.
Mickey Alam Khan
Editor in Chief, Luxury Daily
President, Unity Marketing