Luxury Daily reports research among the luxury sectors and affluent consumer behavior is leading experts to believe that while 2017 may still remain slow, there is still growth to be had by appealing to millennials. Experiences and focus on digital will make or break brands in 2017.
"The luxury consumer continues to prefer indulging in experiences, rather than goods," Pam Danziger author, speaker, consultant of Unity Marketing, says. "And the luxury goods market, in particular, is chock a block full of product, so much so that the luxury goods sector of the luxury industry is going to have to continue to focus on how to deliver true, meaningful and memorable experiences to their customers, both in the things they sell and the way they sell them. That is, the customer service experience is going to become even more important in 2017 and the years ahead."
Luxury product sellers can emphasize unique events and exemplary customer service experiences in their marketing. The latest AudienceSCAN survey found Luxury Product Shoppers are 49% more likely than average consumers to read a blog every day. This creates an excellent opportunity to ramp up content marketing.
"I think we'll definitely have single digit growth in the coming year because we've had such a bad year," said said Milton Pedraza, CEO of the Luxury Institute. "Some categories such as watches will continue to suffer but jewelry and apparel might have a better chance.
"Sectors that have experiences such as hospitality, wine, food and tech are all very experiential will likely see growth," he said. "Retail will continue to be good, we've seen numbers slow down, but likely will increase in the next year under the trump economy.
"We will likely see a lot of government spending, which will help luxury recover in the United States but also have a positive impact on the global market as well."
Luxury product retailers can reach shoppers on the go. The most recent AudienceSCAN survey revealed 31.9% of Luxury Product Shoppers took action after getting mobile smartphone app ads or text message ads in the past 30 days.
"2017 promises to be the year of automation and personalization in travel," said Wouter Geerts, travel analyst at Euromonitor International. "Travelers will interact more with robots and artificial intelligence through virtual assistance and chat boxes as the first point of contact with travel brands.
"Striking the balance between tech and life will become more important to consumers, so simplifying booking processes through automation is becoming more important."