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The complex development of luxury in the United States

May 09, 2019

Previously, for most Americans, the term luxury associated with the quality and exclusivity of products. Today, the luxury market has become more diverse. One of the reasons for that is the emergence of brands that adopt the digital platform. Another reason is the generation change, 85% of luxury growth in 2017 is driven by Gen Y & Gen Z.

What is a real luxury brand?

The meaning of true luxury had changed. It is believed that there was a dichotomy between two buckets of luxury brands. One was the traditional luxury brand where craftsmanship and quality were the driving factors. Brands such as Hermès, Chanel and possibly Bottega Veneta would fall into this category, as while these brands were recognizable and convey status, they attracted the luxury customer who was not just interested in logos. The other bucket contains the luxury brands which attracted a younger clientele more attuned to logos and social media influencers. The brands which fall into this bucket would be Gucci, Dior and possibly Saint Laurent.

In fact, today, luxury is about convenience and customization, it focuses on the core values of heritage, origin and a strong positioning platform. Price is not an important factor in the new valuation of luxury.

Which luxury brands have a clear brand strategy?

Chanel and Hermes were good examples as there is a consistency in their message which translates very well to their product. Besides, J. Lividini said that brands like Warby Parker that offered transparent pricing, ease of purchase and returned as well as customization.

Things in a luxury brand that millennials and Gen Z are looking for

It wasn’t long ago that most luxury brands didn’t have an e-commerce presence. That day, it was a requirement. All customers transition between shopping online and shopping in-store, but it was millennials and generation Z that are the strongest force behind the drive towards digital. They wanted choice in how and when they interacted with luxury brands, whether that was on social media, mobile, a messaging app or in-store, so the brands that offered this 360-degree experience were the ones that had been successful.

The above is some information about the luxury market in Hoa Ky nowadays.

 

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