BEST OF 2017: Luxury brands no longer feel they can sit above the digital fray and are exploring new ways to reach consumers at different levels of the market, including the creation of experiences as well as products.
The most-read paper on WARC in 2017 on the subject was How to build a luxury brand, which explained the need to adapt to an evolving market comprising digital opportunities, Millennial shoppers, the concept of “affordable” luxury and the necessity of a strong, personalised brand-consumer relationship
In second place was an overview of the global luxury market, which included discussion of changes in key markets, including the impact of luxury wearables and how consumers are looking for more meaningful ‘luxury experiences’.
An update on that advised that ‘new luxury’ – goods and services that offer higher levels of taste, quality and aspiration than other products within the luxury goods category – is considered the new cornerstone of the industry.
In fourth place was a distillation of WARC’s content on this topic. What we know about luxury brands outlined the key themes above and reported that many brands are setting new standards in digital advertising strategies that engage the consumer during the lifetime of the brand relationship.
A market research angle emerged in the fifth most-read article, The changing face of luxury: what affluent consumers want. Affluent consumers tend to be less tolerant of surveys and being time poor they prefer ten minute online surveys with simple, straightforward questions.
Sourced from WARC