Information Technology Reference
In-Depth Information
for luxury shoppers seeking enhanced service and exceptional experi-
ences linked to a lifestyle.
8. In an uncertain economic climate full of contrasts and paradoxes and
pressured by an urgent need to have instant access to everything, a segment
of luxury clients will seek the opposite - patience, peace and quality
time in a fast-paced world. They will expect to find this in the solace
of luxury stores and environments and in the reward of the products and
services obtained.
9. The luxury client from emerging markets will begin to show signs of
departing from the tag of “nouveau riche” consumers who have lit-
tle luxury culture. The hard lessons learnt from the global recession in
countries like Russia, China and United Arab Emirates and the new atti-
tudes to money that will emerge following the financial crisis will intro-
duce a new way of perceiving luxury. For this clientele, in no time it will
be less about logos and more about the total value of the collective ele-
ments of luxury. Again, this will be accelerated by increased exposure to
the Internet and instant digital communications.
10. Finally, the luxury customer will show creativity in adopting and mixing
and matching luxury. As with every period of scarcity and limitations,
creativity in luxury will emerge in high doses and this will be champi-
oned by the consumers. They will also expect brands to get over the cur-
rent “sameness” of luxury and up the creative notch.
As the luxury client evolves and new consumer cultures emerge, luxury
will need to remain true to itself by retaining an uncompromising stance to
the qualities that have given it its credibility. Luxury brands will also face the
challenge of educating an entire generation on the meaning of true luxury
and inculcating the culture and philosophy of luxury in their consciousness.
This will be no easy task in the face of a younger generation whose present
and future is built on digital technology and the freedom and independence
that it provides. Luxury brands will, however, need to adopt the appropriate
approach in order to fulfill the changing expectations of luxury clients, while
remaining true to their core values.
