As the profile of the typical luxury consumer shifts, with Coresight Research revealing that approximately 70% of them are now millennials and Gen Z, brands must consider engagement that goes beyond the walls of their boutiques and into the digital realm. While luxury retailers may have worried that always-on accessibility would negatively affect their brands and weaken hard-won relationships with shoppers, many are discovering that incorporating digital tools can actually enhance personalization, highlight what makes their products special and even create the scarcity that drives much luxury consumption.
As luxury brands examine how to create relationships with younger consumers whose spending power is growing, they should consider:
- 3D imagery, digital storytelling and NFTs to highlight the aspirational nature of luxury;
- Personal virtual shopping sessions that can bring luxury retail to customers wherever they are as they travel the world; and
- Leveraging intelligence gathered from clients’ use of digital tools to create more intimate experiences.
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