They are grappling with high debt loads, have limited purchasing power, their impact on current luxury sales is not that significant, etc. We might always argue about the numbers, but we cannot argue about one thing: Millennials have thoroughly redefined the term luxury. This free-thinking, individualistic generation have one thing in common - a disruptive mindset that values experiences over tangible items. They are all about putting a premium on experiences and finding opportunities to post a shareworthy story. With their connected life, Internet of Things (IoT), the functional and purposeful motivation of purchases, they increasingly transform the concept of luxury. Unique experience is the top driver for deciding whether or not, and how to make future purchases. Surprise effect, authenticity functionality and radical transparency also stay at the forefront of their list. Both generations will exercise oversized influence on society and luxury brands should start preparing now to engage the luxury customers of the future.
We are extremely excited that Chic Being CEO & founder Anna Szubrycht was nominated as Luxury Woman to Watch 2017 by American think tank Luxury Daily. Every year Luxury Daily list honors smart women executives who are set to make a difference in the luxury business, particularly in marketing, retail, media and digital in 2017. Congratulations to other nominees, it's an honor to be is such wonderful company!
Last week in New York, Chic Being was participating in Luxury FirstLook 2017, an annual conference of the American luxury industry organized by well-know think tank Luxury Daily. An amazing opportunity to learn, share and network among senior executives from luxury brands, retailers, ad agencies, media and market researchers. 2016 was a year of slow market growth & huge transformation of luxury customers’ needs, and it seems the trend will continue in 2017. Almost unpredictably changing consumer behavior and expectations, digital & media disruption, quicker-than-ever technology innovations, slowing down of European and Asian markets and political shifts in major countries will impact the luxury business dynamics. According to the results of research conducted by Unity Marketing, based on 600 responses of people working for luxury brands, overall business conditions in 2017 will be worse (45%) or equal (25%) than in 2016. However, this dynamic environment opens great opportunities for smart, independent brands, agile to navigate in the omni-channel world and create sustainable experience hand in hand with their consumers. Discover major conclusions from 2016 and tips to develop modern luxury brands successfully in the future.
Prestige beauty brands are the extension of luxury experiences that are offered by worldwide fashion maisons. These particular prestige brands are constantly on the lookout for new consumer insights and innovations. Each year they provide consumers with new technologies, designs and products that are easier to apply and give better results while opening the doors of luxury to a wider audience. Recently, however, it is the social media and Internet-driven trends that seem to pave the way to success for prestige beauty. The way modern women access and experience beauty is more dynamic and varied than ever before, which poses an important question: How to create desire and allure while still engaging with a modern luxury customer?
Social media has provided luxury brands with a vast array of leveraging opportunities that have and will enable this sector to prosper significantly between now and 2020. Luxury brands that have incorporated the use of social media channels have successfully been able to resonate with their consumers and establish a solid brand equity. Let’s find out how the likes of Kylie Jenner, influential beauty vloggers and varying other social media sensations and trends have impacted and shaped the luxury sector.
What makes the likes of net-a-porter.com; farfetch.com and luisaviaroma.com so successful in the eCommerce world of luxury consumer goods and services? Besides the impressive and alluring web design layouts, appropriate yet relatable use of language and inspiring and exclusive content, these eCommerce platforms all have a couple of things in common that has led them to being successful in a digitalized world. Discover top 5 E-Commerce opportunities for the luxury sector.
Premium make-up brands are constantly on the look out for new consumer insights and innovations. Every year, they provide consumers with new technologies, designs and products that are easier to apply and give better results. But recently, it is the Social Media who pave the way for new product development. The way modern women access and experience beauty is more dynamic and varied than ever before. The latest NPD Group's research "Makeup In-Depth Consumer Report 2016" showed that internet went from the least-frequented source of make-up products information & purchase four years ago, to the fastest-growing in 2016. Additionally, social media born trends such as make-up sticks and other products for contouring, which grew six-times its size in 2015, have added the most incremental dollars to the makeup category over the last year in the United States. Learn why building and maintaining a strong, creative online presence is crucial to capture the most engaged makeup consumers.
Grasse has always been perceived as the cradle of worldwide perfumery. In this town, located just 35 km from Nice, there are more than 60 active fragrance companies: from the niche iconic perfumeries such as Galimard, Fragonard and Molinard, to giant leaders like Robertet, IFF and Firmenich. In such variety, however, all these companies have one additional thing in common: faster than ever fragrance market change. Michael Edwards, a British fragrance expert and author of "Fragrances of the World" and "Perfume Legends" counted over 1500 fragrance brands worldwide with 360 niche perfumes compared to under 100 just a decade ago. Learn how big international players and niche fragrance brands use the potential of this perfume Silicone Valley to meet modern luxury customers needs.