state of luxury report 2023

Luxury Companies Are Poorly Prepared For The Changes 2023 Will Bring

Luxury company executives and those who work alongside them supporting advertising and marketing overwhelmingly believe that the luxury market is headed for a reset. Some 56% of the 400+ luxury insiders surveyed expect business conditions in the luxury market to get worse in 2023 and even more troubling, nearly three-fourths believe their companies are only […]

Comments Off on Luxury Companies Are Poorly Prepared For The Changes 2023 Will Bring Continue Reading →
vardan-papikyan-DnXqvmS0eXM-unsplash

Luxury Brands’ Marketing And Sales Must Collaborate To Propel Customers On Their Purchase Journey

Affluent and high-net-worth individuals, the most discerning and empowered consumers on the planet, use luxury retailers’ digital footprint as the roadmap on their customer journey. Typically marketing is responsible for dropping the “bread crumbs” and sales complete their journey. But the digital economy has altered those dynamics, disrupting the traditional marketing and sales funnel stages. […]

Comments Off on Luxury Brands’ Marketing And Sales Must Collaborate To Propel Customers On Their Purchase Journey Continue Reading →
shayna-douglas-TQV8qkwuEzA-unsplash

What’s Balenciaga To Do About The Harry Potter Meme?

Balenciaga, the luxury brand owned by Kering, is making news again after being caught up in a cultural firestorm late last year when it featured children in what many considered an over-sexualized way. Now it is facing another threat: dilution through satire. YouTuber demonflyingfox reimagined the Harry Potter cast of characters as Balenciaga models, poking fun […]

alicia-christin-gerald-zm4CcBeBbp8-unsplash

Consumer’s Cognitive Biases Are Keeping Spending Strong, For Now

The National Retail Federation (NRF) is out with its 2023 retail forecast; on its face, it’s reassuring. Retail sales growth in 2023 should exceed the 3.6% average growth level tracked in the pre-pandemic years from 2013 through 2019. So far, consumers have kept retail sales buoyant, thanks to their psychological makeup, but soon, their shopping […]

Comments Off on Consumer’s Cognitive Biases Are Keeping Spending Strong, For Now Continue Reading →
rupert-britton-l37N7a1lL6w-unsplash

In Luxury, Exclusivity Means Being The Incomparable One Among Many. Neiman Marcus Gets It.

Nordstrom recently disappointed Wall Street when it announced a 4.1% decline in sales during its fourth quarter covering November 2022 through January 2023. It started Fiscal 2022 strong, with sales up 18.7%, then with each successive quarter, sales slowed. It followed a pattern seen widely across the luxury market and reported here. Luxury brands far […]

Comments Off on In Luxury, Exclusivity Means Being The Incomparable One Among Many. Neiman Marcus Gets It. Continue Reading →