How Do Luxury Beauty Brands Maintain Their Position In A Changing World?
Luxury beauty brands /Ph: Slideshare
The good times may not last for luxury brands
The number of younger high-income consumers in both Europe, North America, and increasingly in Asia is increasing. But they behave very differently from previous generations.
An easy new pattern of millennials is spending more on experiences such as travel, cultural activities and outdoor pursuits, rather than big ticket items such as luxury cars.
Another pattern is the growing awareness of protecting the environment. They know that rampant consumerism can contribute to environmental ills. So they decide to cut back on buying ‘bling’ things, or cut it out altogether.
The main hurdles that luxury brands have to overcome
The first challenge is the changing consumption patterns of younger wealthier consumers - known as HENRYs (High Earners Not Rich Yet), as mentioned above. The next one is that the young generation are becoming more reclusive and harder for branding and marketing experts to target.
So do luxury brands navigate these hurdles?
They make a big shift from print, television and other traditional advertising media to digital ones. One of the noticeable beauty brand is Calvin Klein. The brands has completely abandoned print publishing in 2018 in favor of digital advertising during the preriod of 2019. Besides marketing, some brands also change the way they produce the product or the way they pack it in order to be more environmentally-friendly.
Here are just some of the basic information about the hurdles luxury beauty brands have to suffer in the recent beauty world. For more details, let’s visit Vuhes often and we will reveal you everything.