The ways of the luxury market in 2018

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The year that ended is remarkable for the world economy, though not in the way intended by the entrepreneurs and longed for by consumers. The economic instability was a shadow present throughout the period and impacted the most diverse markets.

Therefore, it is not the easiest task to predict the unfolding and routing of the high-level segment to 2018. Thus, a useful tool to compose the future scenario is the studies and research already carried out during that year.

A report recently released by Euromonitor reveals that products linked to categories such as lifestyle and experiences are among the highest rated to present good results. That is, the consumer’s message is clear: high-end goods can no longer be summed up solely in themselves, they need to present something more, provide customers with value that goes beyond the monetary price.

In this trend to value the experiences, another study called State of Fashion 2018, developed by The Business of Fashion portal, identified that personalization is the main trend for next year. According to the report, only among the American public, more than 70% of consumers expect to acquire products and services that have some customization process in their production.

Analyzing these two studies it is possible to see clearly that, in the present times, the concept of luxury has really consolidated on the basis of experience. Clearly a great brand has and will always have its value, plus it offers the public sensations that go beyond the acquisition itself will be critical to success in the industry.

Another feature that is already evident today and should gain even more strength in the future is the use of smartphones as tools for research and purchase of products. According to a report produced by BoF / MicKinsey, mobile transactions are expected to reach record figures worldwide and Instagram stands out as the social media preferred by online shoppers.

The beginning of a new year is the ideal time to review concepts and find alternative paths to growth. And in this scenario, using market research can be a strategic tool for success.

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