We live in a new world: new social rules, new consumer expectations, and new marketing opportunities. For those of you looking to own your space and thrive as a premium brand, it’s essential to be clued into the future of luxury brand marketing, and some of the decade’s most interesting trends.
Millennials and Generation Z are the main drivers of the luxury fashion industry and are focussed primarily on experience. They’re willing to pay extra for premium products, they’re open to trying new things, and reside in a luxury market that remains resilient despite rising prices and worldwide conflicts. Here are the top three themes we see in the future of luxury brand marketing.
In this article (clickable links below):
Exclusive Collaborations
Collaborations are a truly impactful and captivating way to create an emotional connection with your audience. They increase brand awareness, open up new sales channels, and create an overall feeling of exclusivity that attracts consumers both new and existing.
For example, we have the partnership between GoPro’s wearable cameras and Red Bull’s energy drinks: neither is “just” the product they sell, they embody action-packed and fearless lifestyles. They share values, and very likely share consumers too. We’ve also seen luxury brands and fashion houses that may seem worlds apart come together to create unexpectedly irresistible products – like Balmain and Barbie, or Loewe and Studio Ghibli.
In addition to creating a sense of luxury and exclusivity, partnerships can also be away of placing yourself where your consumers are. Why are we seeing fashion houses getting into video games for example? As players spend more and more time and money in digital hangout spaces, it makes sense for fashion brands to join them there – while also opening up exciting worlds of rule-breaking design. This article showcases some fascinating examples of revered fashion houses using video game characters as models, creating digital clothes for avatars, and partnering with gaming platforms to release themed limited-edition items. And while it may not seem like an obvious choice, it’s actually a no-brainer: video games are played by 3bn people globally, with a growing and diverse user base that has embraced virtual connections even more since the pandemic. While TV fragments into a huge variety of competing streaming services and highly specific fan communities, the big video games are providing broad, reliable focal points. Moreover, Gen Z players who grew up with smartphones and social media are used to exploring and expressing their identities in digital spaces. Now, rather than just something to play to pass the time, games are places to hang out; they are shopping malls; they are catwalks. Companies want to be where the consumers are and have to evolve their marketing in order to do so.
Personalised & New Digital Experiences
These examples above perfectly embody the fact that we live in an age when everyone can have everything on their smartphone or tablet, which means brands are embracing technological innovation on every level. However, this digitalisation of the experience means that sometimes that personal touch can suffer.
We’re now seeing a trend for re-injecting old school humanity into brands’ online approach, and this is something we see growing and strengthening as we move into this new era. Digital personalisation makes consumers feel special and has them engaging with your brand on a much deeper and more emotional level. For example, we saw Burberry offering fans a personalised experience by encouraging them to interact with a new range of mascara through Pinterest.
With such a responsive and engaged audience, brands are increasingly exploring way of marketing their products in a novel and personal way. NFT, Metaverse and crypto currencies are current trends that are growing fast. From fashion designer Philipp Plein’s first-of-its-kind crypto concept store in London to Gucci’s latest partnership with 10KTF on an NFT project, the potential of these latest developments shouldn’t be underestimated.
Secret Brand Experiences
The flipside to this boom of the digital age is that physical interactions have become rarer – which creates another opportunity for stand-out luxury marketing. Secret, members-only retail concepts make consumers feel special by giving them exclusive, real-life access to one-off experiences.
A fantastic example of this is the success of Apple: the reason they have such a dedicated following isn’t just the products, it’s the brand experience. All their digital and physical touch points work together to create a cohesive brand experience that reflects innovation, style, and service. Their product announcements have become something to look forward to, and their exclusive in-store events have consumers queuing up for hours.
Inspiration for Small Businesses
While all of this may sound inspirational, it may also feel a bit out of reach for small business owners. But the truth is that these are techniques that can be applied on every scale, and which you can apply to your own audience, industry, and space, no matter the size.
Standing out as a luxury brand these days means being unique, taking risks, and building trust. Think outside the box by considering other brands you can partner with, exclusive experiences you can offer your clients, or ways you can personalise the client journey, especially in the digital sphere. Most importantly, luxury brands need to innovate to stay relevant: those who can successfully adapt to changing times and new expectations, while still staying true to their core values, will be the ones to achieve the greatest success.
Here are Creative ID, we’re experts in supporting our clients in creating branding and marketing strategies that take them to the next level. If you are looking for ways to elevate your marketing and stand out as a premium brand within the luxury market – get in touch.
Until next time,
