State of Luxury 2017: The Insider View Report
In the first-of-its-kind study of luxury industry executives, Luxury Daily and Unity Marketing teamed to understand the trends shaping the future of the luxury market from an industry insiders’ point of view. More than 600 executives participated in the luxury industry insider survey.
The results, published in a new study entitled State of Luxury 2017: The Insider View, gives a bird’s-eye view of the luxury industry today, its challenges and opportunities, and where it is headed in the future.
The luxury industry is changing, and nobody knows it better than the players in the industry, both the brands and retailers that compete in the luxury market and the companies that provide support services to those brands. — Mickey ALAM KHAN, editor in chief of Luxury Daily, the world’s leading luxury business publication.
“That’s why we worked with Unity Marketing, a research firm specializing in the luxury market and affluent consumer segment, to take the pulse of the luxury industry in a formal research study,” he said from his New York base.
The survey, conducted online August and September 2016 with Luxury Daily readers and the Unity Marketing database, included samples of three key industry insider segments:
Luxury goods marketers and retailers (47 percent)
Suppliers of goods and service to luxury companies, such as advertising, media and consultants (34 percent)
Luxury experience and service marketers, such as travel, hospitality and real estate (14 percent)
Throughout the report, the results are analyzed from each players’ unique perspective. That enables industry participants to draw conclusions about how the research findings impact their own businesses.
The results reveal that the past year has been a challenging one for luxury businesses. Yet the executives surveyed believe their companies have strategies to respond to the shifts in the market that will enable them to overcome the headwinds they have faced.
The insiders have ambitious goals for 2017 and expect to do better over the next twelve months. Just how they plan to do that is examined in the report.
Seven key trends shaping the future of the luxury market identified
This study uncovered seven key trends shaping the future of the luxury industry. The most profound of which is the very definition of ‘luxury’ is shifting in the minds and lifestyles of the customers we serve. It requires equally dynamic changes in the strategies we use to market and manage luxury businesses.
These seven key trends can make, or break, future prospects for the luxury industry and the companies competing in it:
What defines luxury is changing
Internet and social media impacts
Dramatic consumer shifts
Demand for innovation
Job prospects bright in luxury industry
“Companies operating in the luxury industry, the very foundation of which is to provide the best and most exquisite things and experiences to the most discerning and empowered consumers, first and foremost need the best and brightest personnel – the industry’s human capital – to prosper. — Pam Danziger, Unity Marketing
One notable finding in this study is that luxury industry insiders identify a vital need for better trained and experienced professionals resulting from the many changes, challenges and opportunities blossoming in the luxury industry. This suggests that professionals with education and experience in the industry may find new employment opportunities over the coming year.