Insights Decoded’s Post

If you read our last post, you'd known by now that Vogue Business recently surveyed a hefty amount of luxury consumers who shared their "slow-down" in luxury consumption. 😅 🫠 Why, you may wonder (and why now)? Consumers want..........more. 🤭 The luxury item itself, that makes buyers feel special, a part of the well-off demographic and just downright lavish, doesn't cut it anymore. 😬 ⤵️ Here's why and how to prevent it affecting your brand (if you work in luxury): -Increasing overload and consumer reactance to a plethora of ads. -Businesses struggling to identify diverse ways of marketing communications. -Consumers are more "experience-orientated" and hence a greater demand for added value. ⤵️ What you can do - Keep your brand top of mind: experience-based consumption prioritises the desires of the consumer versus traditional retail "maze". -Multi-sensory experiences are stored in consumer memories, brands thus have the power to generate certain behavioural outcomes.  - An outstanding sensory experience forges a strong relationship and emotional attachment to a product / service, affecting the attitude and behaviour of the customer, and increasing satisfaction. What luxury brad experiences have been top of mind for you recently? #Luxurybrands #Luxurybrandmarketing #luxuryevents #experientialevents #eventsagencylondon #brandeventsagency

What Does Luxury Mean Today? Luxury has taken on a new meaning in 2024, focusing more on quality than cost. According to a Morning Consult study, 75% of US consumers define luxury by the quality of products, whether in retail, food, or travel. Comfort and exclusivity now reign supreme. Key Insights: • Superior Service: 72% of shoppers value excellent customer service, with exclusive access and personal shopping services close behind. • In-Store Experience: Despite the rise of e-commerce, many prefer the tactile experience of physical stores, even for secondhand luxury. • Gen Z's Twist: This tech-savvy generation favors online shopping for tech products but still values personalized service through platforms like WhatsApp. • Global Variations: Younger generations in China, India, and Mexico are the primary luxury consumers, offering a promising market. Luxury brands must balance staying trendy with maintaining their core values, embracing technology without losing the personal touch. How do you define luxury today? Share your thoughts below! https://lnkd.in/eeSsTuCP #Luxury #RetailTrends #ConsumerInsights #QualityMatters #CustomerExperience #TechInLuxury #GlobalMarkets

Luxury is going digital. By 2025, 30% of luxury sales will be online, driven by younger, tech-savvy consumers. Virtual try-ons, AR shopping, and seamless e-commerce are now essential. Is your brand ready to deliver digital-first, personalized experiences? The future of luxury is online, and the clock is ticking. https://lnkd.in/dX7TQR79

TL;DR: Gen Z luxury consumers prioritize experience over product, redefining the essence of luxury. Gen Z Values Experience Over Product : Today’s luxury market, especially among Gen Z, is evolving. A recent survey by Dotdash Meredith and Ipsos reveals that Gen Z is more interested in the experience of luxury shopping than the product itself. Style is the most common entry point into luxury, followed by food and wine, beauty, and travel. For Gen Z, luxury is less about material possessions and more about self-expression and the overall experience. This shift indicates that companies need to rethink their marketing strategies to cater to this demographic's preferences. What Youth Brands Need to Know: Gen Z defines luxury through experiences and feelings rather than cost. Brands must focus on creating memorable, feel-good experiences and engaging customer service to connect with this generation. Key Takeaway: Prioritize creating immersive and personalized experiences over focusing solely on the product's price tag to attract Gen Z consumers. #LuxuryExperience #GenZMarketing #FutureOfLuxury 💎✨👟

The luxury industry is undergoing a digital transformation, especially after the epidemic, consumers are increasingly inclined to experience and purchase luxury goods through online channels. However, in the face of this trend, how to maintain the brand's uniqueness and high-end image is still a key issue we need to solve. The integration of online and offline will become the main driving force for future growth. How to innovate the retail experience and enhance customer personalized services is a direction that we as luxury brands must continue to explore. What about your industry? #luxuryindustry#digitaltransformation#customerexperience"

🧠 Peek Inside the Luxury Lover's Mind 🔍 Ever wondered what makes luxury shoppers tick? (Spoiler: It's not just about deep pockets!) Luxury consumers are a special breed. They're not just buying stuff; they're buying dreams, status, and experiences. 🌟 They crave uniqueness, quality, and that warm, fuzzy feeling of exclusivity. It's not about need – it's about want, desire, and sometimes, a dash of showing off. (We've all been there, right?) Want to get inside your customers' heads? Let's decode the luxury mindset together. 🔐 https://lnkd.in/gURBsU9N P.S. Mind-reading skills are not required, but a good sense of humor is! #LuxuryMindset #ConsumerPsychology #BrandDesire #LuxuryMarketing #CustomerInsights #BrandExperience #LuxuryDesires #TraceBrandBuilding Trace Brand Building

🧠 Peek Inside the Luxury Lover's Mind 🔍 Ever wondered what makes luxury shoppers tick? (Spoiler: It's not just about deep pockets!) Luxury consumers are a special breed. They're not just buying stuff; they're buying dreams, status, and experiences. 🌟 They crave uniqueness, quality, and that warm, fuzzy feeling of exclusivity. It's not about need – it's about want, desire, and sometimes, a dash of showing off. (We've all been there, right?) Want to get inside your customers' heads? Let's decode the luxury mindset together. 🔐 https://lnkd.in/gudq7KE9 P.S. Mind-reading skills are not required, but a good sense of humor is! #LuxuryMindset #ConsumerPsychology #BrandDesire #LuxuryMarketing #CustomerInsights #BrandExperience #LuxuryDesires #TraceBrandBuilding Trace Brand Building

As GenZ emerges as an important demographic in the #LuxuryMarket, their expectations are reshaping how brands must operate. #Agents play a determining role in helping luxury brands adapt to these changes and build lasting connections with this discerning generation. Agents prioritise #authenticity by collaborating with representatives who genuinely embody the brand’s values, fostering #trust and credibility. They design bespoke experiences, such as personalised interactions or exclusive offerings, to create deeper emotional connections with Gen Z consumers. Moreover, agents place significant emphasis on #sustainability, ensuring transparency and promoting ethical practices that align with the values of this environmentally-conscious generation. Understanding Gen Z is about more than meeting their needs – it’s about aligning with their values. How can luxury brands further adapt to this generational shift? Share your thoughts in the comments. #LuxuryBrands #LuxuryMarket #GenZ #CustomerEngagement #Sustainability #BrandStrategy #NextGenerationConsumers

A recent survey reveals that Gen Z luxury consumers prioritize experiences over products. The survey of over 1,500 U.S. adults highlights a shift in luxury perception, with style being the most common entry point into luxury, followed by food, wine, beauty, and travel. Gen Z, in particular, values self-expression and how luxury experiences make them feel, rather than the cost of the items. This trend indicates that the luxury market is becoming more inclusive and accessible, with younger and more diverse consumers reshaping the definition of luxury. For Gen Z, luxury purchases are often driven by self-narration and personal milestones rather than status symbols. The emphasis on experiences, unboxing moments, and showcasing accomplishments suggests that luxury brands need to rethink their marketing strategies to connect with this demographic effectively. As the luxury landscape evolves, how can brands adapt their marketing and customer service to meet the experiential expectations of Gen Z consumers? #lxuury #shopping #retail #genz

Searching for the key to consumers' hearts? Look no further than personalized experiences. These tailored moments are no longer just a luxury; they've become the standard expectation for every online shopper. If you’re ready to personalize like a pro, check out 3 simple strategies for immediate impact: https://ow.ly/thsK30sFIEW