WORLD LUXURY TRACKING 2016
World Luxury Tracking was launched in 2007 by the International Luxury Business Association and Ipsos to offer a unique analysis of the expectations, attitudes and behaviours of the luxury market.
Mainly boosted by economic elites in the “new” markets, the luxury brands also need to reconsider and understand consumers in the “old” markets: indeed, several sociocultural deep changes should impact them: new uses, new targets, new mobile and C to C culture, new ways of purchasing luxury goods,… associated with the digitalization of the society.
Worldwide consumers are changing and they need to be observed and understood differently: Millennials vs Boomers (in 2026, the main luxury consumer will be a Millennial), Heavy vs occasional Buyers, Affluents vs HENRYs (High Earners Not Rich Yet)…
NEW TARGETS, NEW USES, NEW PURCHASE FUNNELS…
In this moving context, luxury brands need to adapt themselves to succeed to maintain the same high level of desirability and performance over markets and categories. Some “best in class” brands already show a great capacity of adaptation and their “best practices” need to be highlighted.
Considering WLT results in 2014 and 2015, what are the challenges and opportunities that luxury brands need to address?
Two levels of analysis should provide some answers:
- We need to understand the “big picture”, across categories & countries.
- We need to identify the strategic challenges to be addressed by brands.
