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The future of luxury : how new luxury consumers are changing the marketing strategies of luxury fashion brands in the 21st century

Authors: Marxen, Malin Louisa;

The future of luxury : how new luxury consumers are changing the marketing strategies of luxury fashion brands in the 21st century

Abstract

O aumento dos consumidores mais jovens, devido ao aumento do poder de compra dos Millennials, da Geração Z e dos Alpha, provocou uma mudança na indústria da moda de luxo. Esta investigação visa investigar de que forma as marcas de moda de luxo podem adaptar as suas estratégias de marketing para se dirigirem com sucesso ao novo consumidor de luxo sem perder a noção de exclusividade e luxo. Foi realizada uma investigação qualitativa, sob a forma de 5 entrevistas com gestores de marketing de marcas de moda de luxo (Gucci, Givenchy, Cartier, Ripa Ripa e Zegna), para compreender o que sê atualmente feito pelos principais intervenientes na indústria e outros passos podem ser necessários. Os resultados sugerem que as marcas de moda de luxo devem implementar soluções inovadoras nas áreas da sustentabilidade, digitalização e experiência de retalho do cliente, a fim de satisfazer as necessidades dos novos consumidores de luxo identificados. Estas incluíam um forte desejo de sustentabilidade autêntica e responsabilidade empresarial, valores fortes e narração de histórias, bem como diferentes necessidades de produtos adaptados aos seus estilos de vida e preferências. Além disso, aborda diferentes movimentos estratégicos que as marcas podem empreender para gerir o paradoxo do luxo, como o aumento dos preços, a orientação para nichos e a distribuição seletiva.

The rise in younger consumers due to the increase in spending power of Millennials, Generation Z, and Alpha has caused a shift in the luxury fashion industry. This research aims to investigate how luxury fashion brands can adapt their marketing strategies to successfully market to the new luxury consumer without losing the notion of exclusivity and luxury. Qualitative research, in the form of 5 interviews with marketing managers from luxury fashion brands (Gucci, Givenchy, Cartier, Ripa Ripa, and Zegna), was conducted to understand what is currently being done by main players in the industry, and what further steps might need to be taken. The findings suggest that luxury fashion brands must implement innovative solutions in the areas of sustainability, digitalization, and the customer retail experience in order to cater to the needs of new luxury consumers that were identified. Those needs included a strong desire for authentic sustainability and corporate responsibility, strong values and storytelling, as well as different product needs catered to their lifestyles and preferences. Additionally, it covers different strategic moves that brands can undertake to manage the luxury paradox, such as increasing prices, niche targeting and selective distribution.

Country
Portugal
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Keywords

Luxury, Geração Z, Consumidores, Digitalização, Exclusividade, Digitalization, Generation Z, Exclusivity, Experiência de retalho, Domínio/Área Científica::Ciências Sociais::Economia e Gestão, Sustainability, Paradoxo do luxo, Retail experience, Sustentabilidade, Consumers, Millennials, Fashion, Luxury paradox, Moda, Luxo

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selected citations
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This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
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popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
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