In Luxury, What's Next?

Nov 19, 2018Speakers at The New York Times International Luxury Conference, held Nov 12-13 in Hong Kong, were asked what will be the luxury industry's greatest challenge in the next five years, and what will be its greatest focus.

As clients become more discerning and more players enter the luxury market, clients will look for a redefinition of luxury based on craftsmanship, unique artistry, scarcity and personalization The greatest challenge for the luxury industry over the next five years is keeping up with the rapid pace of change in new retail technologies which will enable luxury brands to engage their consumers in new and innovative ways The focus of luxury business over the next five years should be working to staying relevant with the 50 percent of the consumers that luxury brands already know, and becoming relevant with the 50 percent of the consumer base luxury brands don't know: China.

The luxury industry will have to adapt to conscious consumerism and the increasing demand for a luxury purchase to have substantive value, beyond aesthetics and craftsmanship While the demands of the market and the transformations of the consumer will force the luxury business to embrace innovation and technology in an ever-greater way, it is imperative that we leverage this opportunity to deliver more value to both our consumers as well as our stakeholders by widening our understanding of the communities that we serve, so that we can continue to perfect the way luxury expresses what we collectively care about, leading the charge in achieving a sustainable future Global luxury brands still have significant potential for growth in China, but global brands will have to continue to find new ways to attract consumers and maintain their loyalty. Source