THE CHANGING FACE OF LUXURY
Wednesday 20 Sep 2017
Emerging markets, millennials and the appeal of experience over ownership are all key to the idea of the new luxury. Yvonne Yeoh from YTD shared key insights during Tuesday's Business Session.
Luxury needs to shed the past and adapt to new developments, Yvonne believes. Traditional understandings of luxury may no longer be relevant to the new breed of consumer and the way they like to purchase. The industry has seen a significant shift towards emerging markets, like China, who are now the world’s largest purchasers of luxury goods. Yvonne believes that Australia can also be considered an emerging market as figures show that luxury spending here is on the increase. This is in contrast to many existing markets in Europe and the Americas, where luxury spend is decreasing over all.
The industry also needs to understand how consumers are spending their money. Millennials are more likely to shop online than in store and get much of their information through online platforms, like social media.