This is an excerpt of an op-ed created by Clear Hayes with Analytic Partners. To view the whole post on B&T click here.
Luxury has been synonymous with aspiration for as long as it has existed. Just picture Audrey Hepburn in the opening scenes of Breakfast at Tiffany’s. Her chic look helped shape fashion for decades. Heck, even people who have never seen the movie recognise the look.
Of course, the problem with aspiration is that it’s often far removed from reality. There’s a need to separate perception from reality.
A new report from Analytic Partners does just this. We used our ROI Genome, a marketing intelligence tool built from 20 years of experience across over $450bn of marketing spend, and the latest research to discover the personal luxury industry’s key trends. The report paints a clear picture of personal luxury, and reveals the resilience that has kept the industry functioning through recent recessions and a global pandemic.
This resilience, borne out of necessity, helped set the industry on a new path. But many marketers and agencies are still playing catch-up on what a personal luxury brand really means to the modern consumer.
Diamonds new best friends
One of the key appeals of the personal luxury industry has been the experience offered along with the product – the service, the store and the style incorporated into the purchasing journey. This appeal led to tourists often seeking out luxury stores while on holiday. But tourist-driven consumption is no longer a consumer base that marketers can invest into as deeply, for obvious reasons.
