A report by Unity Marketing on sustainability in luxury provides the results of a survey of more than 900 experts in the luxury industry, comparing data from the past three years. It reveals trends in each year, and provides research findings that reveal that there will be a boost in marketing and competitive strategies for 2020 and beyond.
This year's survey, compared to previous years, includes a greater number of luxury services/sellers, as well as additional questions about what will be the marketing and advertising prospects of luxury experts, with special emphasis on digital and social media marketing.
This fourth annual State of Luxury report has revealed that:
- Collaborations on the rise: About 50% of insider luxury professionals identify this as a growing trend in 2020, not only applying to streetwear brands, but true luxury collaborations such as Armani and Ferrari.
- Sustainability: the rise of the luxury resale and rental markets, as well as other trends such as the cultivation of diamonds in the laboratory, show us the opportunities for companies to create new sustainable business models that focus on growing concern for the sustainability that is taking place among consumers.
- Personalized experience: each consumer must be treated as an individual who is recognized as a unique person. Custom-made and custom-made products and services, as well as personalized travel design, etc., are the best expression of this. Consumers want to find a unique experience in luxury, and be offered a story. They find it in artisan products and personalized services.
- Craftsmanship and quality: The future of luxury is to return to its roots of sustainable and quality craftsmanship, after spending too much time looking only for sales growth. The idea of craftsmanship doesn't just apply to luxury items, as the best luxury service and experience brands take a craft approach to the professional services they provide, whether at home or on the road. That craftsmanship guarantees quality.
Leave us a comment, do you think this trend in sustainability, customization and luxury crafts will continue?