Pinterest Business’ Post

Over the last 15 years, the luxury industry has quietly defined the economy, generating $1.5 trillion annually with a 7% yearly growth. The luxury market is stronger than ever but is undergoing pivotal changes, making it harder to understand its broader impact. This year, Cannes Lions introduced the Luxury & Lifestyle Lions, highlighting the importance of this evolving market. Tune in from the #EqualityLounge at #CannesLions2024 as luxury leaders unpack proprietary research on the new dynamics of luxury and affluence, and learn how to position and elevate your brand at the premium price point. • Nadia Tuma Weldon, Head, Luxury Strategy and Insights, McCann Paris • Hilary Milnes, Executive Americas Editor, Vogue Business • Julien Calot, Chief Creative Officer, McCann Paris • Émilie Nguyen, Sales Director CPG & Luxury, Pinterest

Our Female Quotient panel discussion on the new dynamics of luxury is live to watch below (begins about 5:20). It's a great conversation with great people - and makes me wonder: should we produce a regular luxury talk show?

Balancing Tradition and Innovation in Luxury Brand Repositioning Repositioning a luxury brand is complex, often leading to mistakes that dilute value and alienate loyal clientele. Key missteps include: Misunderstanding Luxury: Focus on core values and emotional connections, not just quality and craftsmanship. Ignoring Storytelling: Develop authentic, client-centric narratives to inspire and differentiate. Lack of Consumer Insights: Conduct thorough market research to align with audience needs. Neglecting Loyalty: Don’t alienate existing customers with drastic changes. Weak Digital Presence: Ensure a strong, aligned digital strategy. A holistic approach and sufficient resources are crucial for successful repositioning. Source: Daniel Langer, CEO of Équité and a luxury strategy professor, shares these insights. #luxury #brand #ARBO #revenue #growth

Brands can’t shortcut their way to luxury. If you want to design like a luxury house, you can’t think and act like a CPG brand. Why? Because CPG businesses demand scale and cost saving. To be a luxury player, a CPG brand cannot simply dress up a mid-market product for the Met Gala. Luxury players foster a culture of luxury, which is hard to replicate. But as aspirational luxury brands begin to mimic the existing codes of luxury, absolute luxury brands must push boundaries and take risks to differentiate themselves. Where is your brand on the luxury continuum? P.S. This image is taken from our Future of Luxury report which includes analyses and thought-provoking perspectives from The Sense Network: > 42 luxury consumers > 11 senior executives > 6 industry experts Access the report now: https://bit.ly/3sEKlxu

The intersection of luxury brands with the world of fine art represents a confluence of creativity and sophistication. These partnerships are a deliberate orchestration towards what is known as the 'halo effect'—where the prestige of fine art elevates brand perception, crafting an aura of exclusivity. The affluent seek not just quality but also a narrative—a story that reflects their own values and cultural acumen. Collaborations that weave the rich heritage of a brand with the visionary expression of an artist create a compelling proposition that transcends conventional marketing. It’s about curating an experience that’s as rarefied as the artwork itself, offering a product that's a testament to timeless craftsmanship and intellectual depth. Understanding the nuances of these collaborations is key to cultivating a brand image that resonates with both legacy and innovation, appealing to the connoisseurship of a luxury consumer audience. To explore luxury training and how to create a luxury buying experience for luxury consumers visit https://lnkd.in/gVnzg6pU. for expert insights and guidance. #LuxuryStrategy #ArtisticCollaboration #BrandExclusivity #FineArtIntegration #LuxuryMarketing

New Audemars Piguet CEO Ilaria Resta partners with outgoing CEO François-Henry Bennahmias for a final (comical) holiday greeting. Historically, humor and luxury brands have been mutually exclusive concepts. Luxury defines clear limits, while humor sets the world upside down. Could it be that the luxury sector overlooked a strategic opportunity? Recently, some traditional fashion houses have distorted the traditional communication codes of the luxury industry by embracing humor as an effective tool within marketing. Why? Because humorous campaigns present a new concept of luxury: attention-grabbing, accessible, highly shareable, and connected to reality. According to Deloitte, by 2025, Millennials and Generation Z consumers are predicted to represent more than 40% of the overall luxury goods market. In 2017, they were responsible for 87% of its growth. The Gen Z demographic alone is slated to be the single largest group of consumers worldwide in just a few years. And millennials are expected to be the largest spenders by 2035. So, luxury brands need to pivot to meet this digital generation and take a more light-hearted approach to meet these new consumer preferences better. -- Enjoy my content? I'm Vincenzo, and I talk about innovation, marketing, content creation, and sports business. Click my name + follow + 🔔 #luxury #luxurybrands #marketing

The intersection of luxury brands with the world of fine art represents a confluence of creativity and sophistication. These partnerships are a deliberate orchestration towards what is known as the 'halo effect'—where the prestige of fine art elevates brand perception, crafting an aura of exclusivity. The affluent seek not just quality but also a narrative—a story that reflects their own values and cultural acumen. Collaborations that weave the rich heritage of a brand with the visionary expression of an artist create a compelling proposition that transcends conventional marketing. It’s about curating an experience that’s as rarefied as the artwork itself, offering a product that's a testament to timeless craftsmanship and intellectual depth. Understanding the nuances of these collaborations is key to cultivating a brand image that resonates with both legacy and innovation, appealing to the connoisseurship of a luxury consumer audience. To explore luxury training and how to create a luxury buying experience for luxury consumers visit https://lnkd.in/gT5V36qR. for expert insights and guidance. #LuxuryStrategy #ArtisticCollaboration #BrandExclusivity #FineArtIntegration #LuxuryMarketing

Elevate. Emotion. Experience. These are the keys to captivating the elite 2% of luxury customers, according to Bain. As the market slows down, brands must focus on engaging and retaining these highly valuable clients, also known as VICs, to thrive. But competition for their attention is fierce! To succeed, brands must craft meticulously curated strategies that create an atmosphere of luxury and evoke powerful emotions. By doing so, they can cultivate loyalty among this exclusive consumer group. This will lead to sustained and increased spending from these valuable clients in the long run. #LuxuryBrands #LuxuryExperience #Luxury

#LuxuryFriday ✨How can luxury brands triumph in a time of intense change and industry transformation?✨ Staying ahead of the curve requires both the ability to pivot powerfully and effectively as well as a continued commitment to continually express the most important pillars of a legacy vision. As an agile innovation advisory board for luxury brands together with the insights taken from the Kearny Report, “Turmoil and triumphs: charting the course of the luxury market in 2024,” these are the top takeaways luxury brands should consider when crafting their strategy to not only survive but thrive in a climate of change: ~ Marketing to the future now by targeting Millennial and Gen Z shoppers who will represent 70% of consumers by 2026. ~ Considering consolidation through mergers and acquisitions. ~ Expanding into new areas of luxury products, services, and experiences. ~ Enhancing brick and mortar presence. ~ Creating exclusive premium products and services that elicit emotional connection and crafting sustainable and elite offerings and experiences. How can luxury brands best adapt to a climate of change? By incorporating the following: 💎investing in strategic planning to stay ahead of the curve and remain agile to better capitalize on the lucrative opportunities change affords. 💎refraining from relying solely on the clout of their heirloom status and instead adopting a consumer centric approach that focuses on authenticity, emotional connection, and creative storytelling and 💎embracing innovation to assure authenticity, provide hyper personalization & customization, and enhance the consumer’s experience of the brand through data driven insights. To see how Quantum Stellium can help you craft a life and legacy you are wildly in love with message us or reach out to us at: https://lnkd.in/gi8zqAh6

Luxury vs Premium, is it the same? ... there are often many different opinions on this, although I always believed the distinction was straight forward... but I am a professional, so what do customers think? ... 7 affluent consumers in 10 perceive a difference between premium and luxury. So does it make luxury stand out from premium? This is what in Ipsos we have asked to affluent consumers in the US. In the words of one male respondent, “Premium is just higher quality. Luxury implies a certain associated brand and culture with it”. When compiling all the respondents’ answer that we see is quite clear. Both luxury and premium stand for the highest quality; however, luxury differs in perception based on attributes such as indulgence, exclusivity, prestigiousness, and timelessness. All ideas that revolve around a strong brand narrative. In essence, when engaging with luxury, customers are buying more into a dream or an aspiration than "only" a higher quality product. This further showcases the importance of storytelling and experiential marketing when trying to help customers connect emotionally with the brand... and the importance to make these experiences consistent ... and relevant for the brand! To learn more about affluents, contact me Stéphane PAOLI #ipsosswitzerland