Evolution of Luxury Brands

In a previous article, I outlined what upscale consumers want. In this article, I will outline trends in luxury marketing:

• Luxury brands will need to increasingly understand and meet the needs of millennial consumers.
• Luxury brands should focus on enhancing the purchase and usage experience.
• Luxury brands will be impacted by consumers who are world travelers and have had luxury brand experiences globally. (For instance, US domestic airlines should be concerned about how business or first class accommodations and services are executed by non-domestic carriers on international routes just as US airports must be concerned about the evolution of airport ambience and services globally.)
• Luxury brands need to continue to focus on aesthetics and the tactile quality of their products.
• Luxury brands should increasingly focus on history, heritage, culture, pedigree and shared values.
• Luxury brands need to perfect their stories.