The Luxury Playbook provides an overview of these opportunities and challenges for the year to come, with a view to help brands build resilience in the face of growing market headwinds. This report was developed in collaboration with leading market intelligence agency Mintel. All Mintel data featured in this report was sourced from its reports from 2021 to 2024.
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GLOThe Luxury Playbook provides an overview of these opportunities and challenges for the year to come, with a view to help brands build resilience in the face of growing market headwinds. This report was developed in collaboration with leading market intelligence agency Mintel. All Mintel data featured in this report was sourced from its reports from 2021 to 2024.
Key takeaways:
Gen Z is gaining influence: Brands increasingly need to cater to Gen Z’s appetite for meaningful experiences and authentic values
Online takes center stage: By 2030, online and monobrand channels will account for two-thirds of sales.
Chinese consumption soars: By 2030, Chinese consumers are expected to account for 38-40% of the global consumer market.
61% of UK Gen Z consumers want individuality in their style.
60% of Chinese luxury consumers expect luxury brands to offer products with incorporated Chinese cultural elements
64% of US consumers agree that luxury doesn’t have to mean expensive, suggesting a shift towards more accessible luxury experiences
Hospitality:
- Brands X Hotels: Product Meets Experience In recent years, we have seen more and more collaborations marrying the glitz of luxury brands with the allure of luxury hospitality, finding the sweet spot between product and experience. Valentino, Fendi, Dolce & Gabbana, Dior, Missoni and Burberry have all rolled out branded moments with luxury resorts such as The Beverly Hills Hotel, The One & Only Reethi Rah or The Four Seasons San Domenico Palace in Taormina. Going further, Paul Smith, Diane Von Furstenberg, Gucci and Dior have designed exclusive suites at iconic hotels including The Savoy and Claridge’s in London and The Regis in New York.
- Luxury Brand-Owned Hotels: Experience as a Product In their efforts to connect with consumers’ lifestyles outside of the store, luxury brands have opened their own hotels, including Bvlgari Hotels in 2004, Round Hills Hotel & Villas by Ralph Lauren in 2008, Palazzo Versace hotels and Armani Hotels in 2010, Fendi Private Suites in 2016, Hôtel des Horlogers (by Audemars Piguet) in 2022, Hotel Vermelho (by Christian Louboutin), The Karl Lagerfeld, and 1, Place Vendôme (by Chopard) in 2023. Looking to the future, the Louis Vuitton Hotel is slated to open in Paris in 2026, while Porsche has high ambitions with 15 Steigenberger Porsche Design Hotels in the making.
F&B in Hospitality:
- Give Consumers a Real Taste of the Brand Building on their expertise in VIP customer service (e.g. “champagne and shop”), brands are increasingly engaging consumers through taste, translating their creative universe into culinary offerings with fully-fledged branded cafés, VIP bars, and restaurants.
- 63% of UK luxury travelers say that high-quality food and drink would encourage them to choose one holiday destination over another.
Wellness as the New Luxury:
- Make Luxury “Feel Good,” Literally As the Global Wellness Economy is forecasted to hit $8.5 trillion by 2027, wellness has become an imperative across many sectors—not only in obvious worlds of beauty, fitness, tourism and sports but in luxury, fashion, technology and real estate. Wellness has become the glue that has brought these worlds together. Moreover, many research studies have established that luxury consumers also value health, wellness, and longevity.
- 94% of U.S. consumers want to improve at least one area of wellness, with the top focus on physical wellness.
Digital:
- Digitalize Luxury for the Virtual World Virtual online spaces and the technologies around them are evolving fast and drawing in more consumers to play, interact, explore, and even invest in luxury digital, intangible goods.
- 69% of Chinese consumers who have bought or are interested in luxury products / services say they are willing to buy and use NFT products from luxury brands
Experiences:
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Values:
80% of Chinese consumers say they are willing to pay a premium for products with sustainability claims.
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Source: FINN LUXE
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