Pre-pandemic, experiential luxury was one of the biggest growth areas of the luxury sector. ‘Instagrammable moments’ became more highly prized among Millennials and Gen Z consumers than the continued accumulation of product. Despite a hiatus caused by the outbreak, the consumer shift to a ‘less but better’ mentality will inevitably reignite desire for experience-led initiatives.
Trendstop invites FashionUnited readers to discover how the luxury market is reinventing and innovating post-coronavirus.
Though travel restrictions are still in place, luxury brands are optimistic that wealthy travellers will suffer less impediments in reaching far flung destinations. Private jets and charter yachts will enable them to bypass many of the difficulties facing their commercial counterparts. Dior are opening a series of pop-up boutiques across Mykonos, Ibiza and other resort locations to promote their beachwear collection conceived pre-outbreak. This will be the first opportunity to test the resilience of the luxury vacation-wear market as well as consumer desire to return to the travel scene.
The Virtual In-Store Experience
Luxury brands with a wealth of outlets and flagship locations, are rethinking how to repurpose them, in light of social distancing guidelines. Labels such as Valentino, are reinventing the in-store event in a virtual format. In a first of its kind, the ‘Valentino Garavani Backnet’ showcase invited guests to visit its Milan outfit remotely. Sales staff were on hand to guide through customisation options and purchasing of its namesake sneaker.
An Omnichannel Strategy
Taking an omnichannel approach is allowing brands to utilise current resources and combine them with new innovations to transform their operations in the ‘new normal’ climate. A merging of the physical and digital worlds can create innovative, retail experiences with seamless service consumers expect from luxury retailers and brands that are investing and building on these capabilities will have the advantage over their competitors. Understanding their audience and the differing impacts felt at different consumer levels allows brands to plan for future targeted marketing events.
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Trendstop.com is one of the world's leading trend forecasting agencies for fashion and creative professionals, renowned for its insightful trend analysis and forecasts. Clients include H&M, Primark, Forever 21, Zalando, Geox, Evisu, Hugo Boss, L'Oreal and MTV.