A New Age For Luxury Marketing
March 19, 2015
Singapore, 19 March 2015 - Top five luxury marketing trends for 2015 - by Chris Comer, CEO of Castlewood Group
- The rise in the luxury "experience": Top-end retailers have always provided customers with unique and luxury experiences as part of their sales strategy. The decision behind this is because of the consumer's desire to feel like a VIP. By rousing a feel-good factor when purchasing a product, inevitably the consumer will associate that feeling with that brand.
- Personalised and not just customised: Luxury brands will look for ways to offer more than just customisable (available to mass market) products and services, but also personalised (only to VVIPs) products and services such as Johnnie Walker's Signature Blend events. With the ever-increasing demands of consumers, the luxury segment is seeing expectations of a service that caters for individual needs, rather than a one-size-fits-all - and if you, as a brand, can't deliver they will find a brand that can.
- Innovative marketing: Affluent individuals and UHNW consumers are susceptible to being targeted in new and innovative ways. I believe we will see an increase in brands from traditional industries executing cutting-edge and out-of-the-box marketing campaigns with digital and soccial media at the core of their activities.
- Increased targeting of the Asian market: The middle class of Asia is growing and will represent 66% (about 3.2 billion) of the global middle-class population that is expected to reach 4.9 billion by 2030, therefore, I believe we will see an influx in brands looking to capitalise on the increasing Asia market. We will see luxury brands begin to refocus their efforts to tap into this "new wealth". We have already seen British luxury brand Mulberry introduce a special Chinese New year engraving service at its Selfridges store in London; and Scottish whisky brand Haig launch its product with the help of David Bechkham in Southeast Asia last year. I believe we will continue to see western brands focus their marketing efforts on increasing their market share with the Asian market.
- Increase of unique partnerships with established brands and celebrities: Joint collaborations and celebrity endorsements will be huge in 2015 as brands begin to form mutually beneficial relationships that enable them to grow and focus on their area of expertise. In addition, celebrity endorsements will continue to take centre stage, as brands capitalise on the international appeal of certain personalities that tap into their targeted demographics.
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