The article recommends leaning into the challenges, rather than avoiding them.
In this article, the author shares some challenges that luxury brands would face in 2020, and the opportunities they could explore. One challenge is competition from lower-priced premium products which is moving consumers towards “trading down”.
For brands to reclaim “luxury”, companies need to communicate aspects like quality, craftsmanship, design, attention-to-detail, uniqueness and authenticity. For luxury brands to deliver omni-channel experiences while juggling the conflicting demands of the digital, virtual and the physical worlds, they must hire and train the right talent so as to create a culture of excellence and maintain a luxury brand.
The piece also suggests being open to collaborations and creating sustainable business models as opportunities luxury companies could explore. Evaluating advertising in print is another measure suggested.
[12 minute read]