Jing Daily makes a convincing case for luxury brands to think differently in 2023 to stay relevant in an age when consumers need a differentiated experience. With the rise of digital technology, social media and the increasing availability of data, those luxury brands will become irrelevant which aren’t able to adjust their strategies quickly to meet changing customer needs and expectations.
Related: CEO of Lyst informs that sales of “luxury and premium” clothing are still increasing.
By creating unique experiences that are tailored to customers’ individual desires, brands can stand out from the competition and build loyalty with their customers. To do this successfully, luxury brands must embrace the need for creation of desirability in customers about the product itself and not the name of the company. Additionally, they must know that they need to define themselves beyond the common elements across all brands. With Gen Z becoming the leading luxury consumer, brands need to understand how traditional practices are becoming redundant.
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