The luxury goods industry has enjoyed unprecedented growth. However, only a few could have predicted the pivotal role the internet would play in its success.
Today we see some of the UK’s most established luxury brands pioneering in the online space.
The implications of the internet and social media on future product design, predicting consumer behaviour and igniting future fashion trends are enormous.
But in two decades time will it be this important? Walpole recently brought 15 luxury business leaders together and asked them what they envisage for the future. It was agreed one of the major challenges facing luxury brands will be how to maintain a brand’s identity. Global luxury ecommerce is predicted to exceed China’s luxury market within the next eight years. As we prepare for this unprecedented growth, luxury brands face a real challenge – how to effectively manage brand identity while engaging with consumers.
Luxury brands will need to listen and react to their customers, while never allowing them to dictate to them. If there is one imperative in the luxury goods industry, it is for brands to pinpoint what they stand for, and to articulate it more clearly and powerfully than ever.
- John Ayton, Director of trade body Walpole, which represents the British luxury goods industry