How global consumers shop for luxury goods during the pandemic has shaped a new landscape for high-end brands. A sharp increase in the share of online sales; more attention given to environmental footprint; growing acceptance of resale markets; and the popularity of TikTok, the metaverse and immersive technologies (3D, AR & VR) have become the focus of luxury marketing strategies.
Combined with uncertain economic outlooks, a challenging Chinese market, and distinct Gen Z brand preferences, luxury marketers have to balance their traditional foundations with new market dynamics that reward mass relevance and immediacy. As a different marketing playbook is being developed and tested, high-end brands will need to rely on data-driven insights and performance measurement strategies to ensure that investments provide growth opportunity in sales and brand awareness, without risking brand affinity.
- E-commerce strategies designed for luxury consumers
- Needs across data collection and analytics
- Digitizing the resale market with social media and technology