Guy Bentley, CEO Worldwide of Glion Institute of Higher Education recounts his experience at the recent “Inside the Future of Luxury” panel held recently in London and dissects discussion outcomes on their relevance and implications for higher education.
Taking stock of the UK’s luxury industries
At the charming premises of Home House in Marylebone, Glion recently had the privilege of hosting luxury industry leaders from a range of different British brands to debate the nature of future luxury consumers and their notions and expectations of high-level costumer experiences.
In front of a select group of Glion students, alumni and guests, representatives from sectors as diverse as hospitality, jewellery, auctioning, yachting and private aviation shared their assessment of the state and future of the UK’s high-end creative and cultural industries, which have grown over 25% in 2010 ? 2013 and are forecast to reach sales values of GBP 51 – 57 billion by 2019 and account for 158,000 to 177,000 jobs, according to a recent study commissioned by Walpole, UK’s luxury trade association.
With this rapid growth and the volatility of global markets, luxury businesses need to keep reinventing themselves and create the type of products and services that continue to inspire new breeds of consumers, while staying true to their origins and heritage.
Identifying the future luxury consumer
The main challenge remains equal to all brands within the luxury sect...