Sheridan&Co has recently partnered with research and innovation advisory, Stylus. We were therefore excited to uncover insights from The New York Times International Luxury Conference in Brussels. As we move towards the future, we believe these questions are vital to navigating a successful future.
How can luxury retailers remain relevant?
The conference explored how a turbulent world is impacting the future of luxury. Whilst technological developments, a tumultuous political climate and shifting societal attitudes, one of the biggest challenges for luxury retailers and brands in the foreseeable future is maintaining relevance.
How can brands promote diversity?
Another major theme explored at the conference is how can a market that has inherently been defined by exclusivity cater to a world that is increasingly more diverse? Whilst we have been exploring this shift in terms of packaging, the case for nurturing diversity and creativity is increasingly imminent.
How can luxury retailers nurture engagement with millennials?
As millennial’s spending power increases, the consumer group is driving 20% of the personal luxury goods market. Whilst Baby Boomers remain immensely powerful in this market, it is vital to recognise the specific nuances that see millennials depart from the attitudes belonging to their predecessors.
What future opportunities lie in China?
In 2014, the rise of a tribe entitled the sixth continent was prolific. The largest segment within this tribe was Chinese consumers, who were spending $128.6 billion abroad in 2013 collectively. Fast forward to 2017, Chinese millennials prioritise both luxury travel and luxury items equally. Stylus confirms that to this group, luxury means quality of life.
The gaming industry is growing in more than one way. Alongside gamers, it is spreading in to fashion, beauty and other retail experiences.
With increased awareness surrounding climate change, more people are seeking to buy more consciously, fuelling a rise in demand for second hand stores.