Description

Unity Marketing’s latest State of Luxury 2024 survey uncovered an unsettling trend. Luxury insiders place a relatively low priority on innovation as a strategy to provide resilience in a changing luxury market.

Even more troubling, luxury insiders are following the same path to find innovative ideas. The most widely used innovation strategies were active listening to input from customers (73%), persistent scanning of the news for ideas (67%), attending conferences and seminars (57%) and monitoring social media for the voice of the consumer (55%).

Since luxury insiders are looking for innovation in all the same places, what’s the chance they are going to find a truly innovative new idea?

“Near the bottom of the list are perhaps the greatest tools for divining the market: Big data/AI, professional market research and creating an organizational structure to drive innovation,” observes Chandler Mount, Affluent Consumer Research Company. “Luxury companies must cultivate an innovation mindset in their organization through broad-yet-specific understanding to shape strategy and use all the tools available to power it forward, such as Big data and AI.”

Get this 30-page white paper with ideas and actionable strategies that will bridge the innovation gap for luxury brands.