The IE Luxury Barometer, from the Observatory for the Premium and Prestige Market and IE Business School, illustrates the 10 most important issues for the luxury and prestige sector which influenced their agenda in 2014 and that will condition their priorities in 2015. The top FIVE strategic issues that luxury stakeholders surveyed identified as a priority include:
- Creating a memorable experience appears to be the clear priority for luxury firms. This applies equally to service and product based companies. Companies need to enhance their ability to stay closer to the consumer and engage with them.
- The role of the Internet is about designing a comprehensive and meaningful digital strategy that involves all parts of the company.
- Luxury firms need to pay a close attention to understand younger generations of consumers, particularly the so-called millennials.
- Companies need to start thinking about their core capabilities and how to protect the reasons why they claim they are a luxury firm in the first place.
- Ultimately there is nothing like a one-off product, a product or service designed for and delivered to a single client.
Luxury Society Blog article here
Related LCT item: How Will Millennials Change The Luxury Market?