Velocity Retail Group’s Post

According to a recent survey, Gen Z consumers value the experience and emotional connection of shopping over the price tag. From stylish buys to travel adventures, it's all about how it makes them feel. Brands, take note: focus on unboxing moments, self-expression, and exceptional customer service to capture their hearts. #GenZ #LuxuryConsumers

Luxury retail is at a crossroads. A slowdown in the US and China—markets that drive nearly half of global personal luxury sales—has tempered growth forecasts. Yet, the future is far from bleak. In EMARKETER's new report, Sky Canaves explores how worldwide personal luxury sales will surpass $500 billion by 2028, rebounding after a modest 3.2% growth in 2024 with the following key takeaways: 1️⃣ Brands must innovate in product design and marketing, especially as younger, experience-driven consumers increasingly dominate the market. 2️⃣ Markets like India are growing rapidly, while traditional giants like China and the US face slower growth. Tailored strategies for diverse markets will be critical. 3️⃣ With ecommerce growth stalling below 5%, luxury brands are doubling down on in-store experiences. But are they missing out on opportunities in emerging social commerce? 4️⃣ Prestige beauty is outpacing other categories, offering a pocket of resilience amid economic uncertainty. Luxury consumers may be spending cautiously, but 43% of US shoppers still plan to maintain or increase their purchases this year—led by Gen Z and millennials. To win them over, brands must prioritize exclusivity, innovation, and authentic engagement across channels. Subscribers can read the full report linked in the comments. 💬 How do you see luxury brands evolving to meet the above challenges? #LuxuryRetail #Ecommerce #Innovation #FutureOfLuxury

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 💎✨👟

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

Brands must rethink their offerings to meet the needs of single consumers, says Matthias Weiskopf. “In Japan, nearly 38% of all households are now single-person. South Korea follows with over 30%. These consumers, often young professionals, have higher disposable incomes, making them a valuable target for luxury brands,” he explains.  How can brands adapt to the changing consumer market? Share your thoughts in the comments below. #IOTD #luxury #brands #consumers

Why are Asian consumers so in love with luxury shopping, study asks Asian consumers may exhibit a passion for luxury consumption, while simultaneously endorsing the moral virtues of thriftiness. #consumers #consumerbehaviour #luxury #luxurygoods #shopping #branding #brandstrategy #marketing #marketingstrategy #businessstrategy

Luxury’s growth stutters as 50 million consumers pull back on spending. The global personal luxury goods market is set to shrink slightly in 2024 as price increases collide with consumer uncertainty. Read More: https://lnkd.in/gcR2S9pf #LuxuryConnect #LuxuryCruxx #LuxuryGrowth #LuxuryMarketTrends #ConsumerBehavior #LuxuryRecalibration #LuxuryExperiences #SustainableLuxury #LuxuryChallenges

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

𝗦𝗶𝗻𝗴𝗹𝗲 𝗼𝗿 𝗧𝗮𝗸𝗲𝗻? Imagine entering a luxury store, making choices solely for yourself. This is the reality for a growing number of single consumers across Asia. Singles Day is around the corner and luxury brands will gear up again. In Japan, nearly 38% of all households are now single-person. South Korea follows with over 30%. These consumers, often young professionals, have higher disposable incomes, making them a valuable target for luxury brands. 𝙒𝙝𝙮 𝙎𝙞𝙣𝙜𝙡𝙚𝙨 𝙎𝙩𝙖𝙣𝙙 𝙊𝙪𝙩 Self-indulgence galore: Singles buy purely for themselves, with no need for compromises. Enjoying products and experiences that reflect their personal preferences and individuality. In South Korea, single households enjoy 25-30% more disposable income than multi-person homes, allowing for greater spending on luxury goods. They invest in experiences and items that express their personal style and success. In China, affluent singles, particularly Gen Z and Millennials, are opting for experiential luxury, such as bespoke travel and high-end dining, rather than just material goods. This demographic is driving demand for personalised, exclusive experiences. 𝙈𝙚𝙨𝙨𝙖𝙜𝙞𝙣𝙜 𝙛𝙤𝙧 𝙄𝙣𝙙𝙚𝙥𝙚𝙣𝙙𝙚𝙣𝙘𝙚 Marketing to singles requires a fresh approach. Campaigns highlighting self-expression and independence resonate more than traditional family-oriented messaging. In China, brands are using platforms like WeChat to deliver personalised recommendations, powered by AI, that cater to the individual preferences of single consumers. Luxury brands should focus on empowering singles to indulge in luxury without compromise, celebrating individuality and success. 𝙏𝙖𝙞𝙡𝙤𝙧𝙞𝙣𝙜 𝙇𝙪𝙭𝙪𝙧𝙮 𝙛𝙤𝙧 𝙎𝙞𝙣𝙜𝙡𝙚𝙨 Brands must rethink their offerings to meet the needs of single consumers. Customisation and limited-edition products appeal to their desire for uniqueness. Beyond products, luxury brands must create exclusive, tailored experiences. Singles value one-on-one consultations, private shopping, bespoke events and travel. In cities like Tokyo, Seoul, and Shanghai, brands are offering tailored VIP experiences and virtual luxury tours to meet the needs of solo shoppers. 𝙒𝙝𝙮 𝘽𝙧𝙖𝙣𝙙𝙨 𝙈𝙪𝙨𝙩 𝘼𝙙𝙖𝙥𝙩 Singles are becoming an increasingly powerful force in the luxury market. Is your brand ready? Let’s explore how we can elevate your approach. By focusing on the preferences of single consumers, luxury brands can capture one of the fastest-growing and most influential segments in Asia. 𝘞𝘩𝘪𝘤𝘩 𝘰𝘵𝘩𝘦𝘳 𝘤𝘶𝘴𝘵𝘰𝘮𝘦𝘳 𝘴𝘦𝘨𝘮𝘦𝘯𝘵 𝘥𝘰 𝘺𝘰𝘶 𝘤𝘰𝘯𝘴𝘪𝘥𝘦𝘳 𝘢𝘵𝘵𝘳𝘢𝘤𝘵𝘪𝘷𝘦 𝘧𝘰𝘳 𝘭𝘶𝘹𝘶𝘳𝘺 𝘣𝘳𝘢𝘯𝘥𝘴? #luxuryinasia #luxelink Hi, I am Matthias Weiskopf. I teach and talk about luxury in Asia and customer-centric strategies. I combine market insights and real-world experience to achieve sustainable sales and marketing excellence for my clients. ➡️ 𝘋𝘔 𝘮𝘦 𝘧𝘰𝘳 𝘢 𝘥𝘪𝘴𝘤𝘰𝘷𝘦𝘳𝘺 𝘤𝘰𝘯𝘷𝘦𝘳𝘴𝘢𝘵𝘪𝘰𝘯.

Post covid luxury retail didn’t face any hurdles as such.   If you are part of that group of individuals, then I am here for a rude awakening. 🌐 "In the face of adversity, the luxury retail industry has shown resilience and innovation." 🌐 The COVID-19 pandemic has undeniably left its mark on the world, and the luxury retail sector is no exception. Here are some key trends that have emerged in the post-COVID era: 1️⃣ **Digital Transformation**: The pandemic has accelerated the shift towards online shopping. Luxury brands have had to adapt quickly, enhancing their digital presence and offering seamless online experiences. 💻 2️⃣ **Sustainability**: Consumers are increasingly conscious about the impact of their purchases. Luxury brands are responding by prioritizing sustainability in their operations and supply chains. 🌿 3️⃣ **Personalization**: In a digital world, personal touch matters. Brands are leveraging technology to offer personalized experiences, from virtual consultations to customized products. 🎁 4️⃣ **Local Focus**: Travel restrictions have led to a renewed focus on local markets. Brands are engaging local customers through pop-up stores, local collaborations, and community events. 🏘️ 5️⃣ **Health and Wellness**: The pandemic has heightened interest in health and wellness. Luxury brands are tapping into this trend, offering products and experiences that promote well-being. 🧘♀️ The pandemic has been a catalyst for change, pushing the luxury retail industry to innovate and adapt. As we move forward, these trends will continue to shape the future of luxury retail. 🚀 I'd love to hear your thoughts on this. How do you see the luxury retail industry evolving in the post-COVID world? Drop your thoughts in the comments below! 👇 Let's engage in a meaningful conversation and learn from each other! 💡 ==== DM | Follow Nadeem Ansari and #nadeemansari if you agree to my points. Keep learning, keep sharing, keep growing and keep evolving. Thank you very much.  ====  #nadeemansari #leadstrategicsalesexpert #thoughtoftheday #retail #LuxuryRetail #PostCovidTrends #DigitalTransformation #Sustainability