TOP FIVE: Key trends every luxury business should know about

In Positive Luxury’s 2018 Predictions Report, the ethical trademark platform shares the key industry take-away’s from 2017, which will drive sales in today’s tough marketplace…

  1. Millennials are no longer a niche audience, they represent $2.5 trillion in spending power and will be the dominant force by 2020.
  1. Being a responsible citizen matters to today’s consumers. 87% of adults say sustainability related concerns impact their purchasing decisions. Today, sustainability is viewed as a much more holistic concept that encompasses interconnected sets of issues related to diversity, gender equality, philanthropy and animal welfare. It’s not surprising, then, that 2017 saw luxury brands Gucci, Michael Kors and Net-A-Porter pledge to go fur-free.
  1. Social media has made it much easier for individuals to find like-minded people. Research reveals people are influenced and then coalesced into movements that give voice to what they were feeling, and makes them feel part of something greater than themselves. In light of this, design strategist Adam Peacock says brands need to look inwards at the reality of the human behind the consumer. Emotions aren’t just motivating consumers at the simple point of sale, but rather driving influencers to raise their voices on social media platforms and proclaim an identity.
  1. To mobilise today’s consumer a brand must spark an emotional connection with them. This can be done online or in a physical store, and will be the key driver of luxury sales over the next 12 months. To succeed in 2018, a brand must learn how to influence through emotion in an authentic and engaging way.
  1. A brand’s commitment to sustainability must be authentic. Whilst social media influencers can become a brand’s best advocate, they also have the power to expose duplicity. On the note of influencers, it is becoming increasingly clear that consumers, regardless of age, trust recommendations online, and often, user-generated-content is the first port of call when researching before a purchase.

 

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