Many brands have turned their attention to the much desired luxury consumer, seeing as in recent years online sales have smashed previous records during the holiday seasons. The trend is set to increase, and that?s why it?s important to delve into some statistical facts which will help you to focus, be on-point, and grab yourself a piece of the pie. Here are the tips to help you in the process.
Don?t alienate your consumer base
The tastes of millennials are shaping the landscape of the luxury market. It has recently been calculated that the biggest proportions of the luxury market are made up of around 100 million millennials versus 80 million boomers. Although millennials account for the largest segment, it would be a big mistake to forget about the boomers. Many brands are focused on millennials exclusively and are essentially rejecting their base of boomer customers. Some brands will only dress up-and-coming young actresses for award shows thinking that other generations of customers won?t notice. These consumers will undoubtedly move on to other brands that include them as part of the dialogue.
Provide a luxury experience
Retail is still a thriving market but you should approach it in a different way. It can be seen that luxury consumers are looking for an all-round luxury experience, not just from one particular item that they purchased that day. They need a new shopping experience which can be garnered from the look of the store, the sound, and even the aroma which ...