Luxury shopping is no longer confined to high-end bags and shoes!
Today, the luxury patrons are all the more experimental and are using
travel as a tool for gaining authentic experience. In 2015, China had
120 million outbound tourists, who spent an estimate of US$229 billion
on shopping overseas, leaving the rest of the world way behind. The top
purchase of the Chinese tourists featured
fashion and accessories and
indisputably, the effect of such wave was indeed lucrative for the
fashion brands.
Acknowledging the impact of globetrotters on their brand sale, luxury
fashion brands
are obligated to come up with a strategy that will not only help them
to take the advantage of traveller’s deep pockets but also reap the
benefit of being a global brand. Besides, the luxury brands also need to
evolve in order to keep consumers’ interest intact.
Since wealthy
consumers move their dollars from product to experience, luxury brands
need to focus on creating one-of-a-kind; an immersive experience that
will eventually turn into a purchase.
Moreover, offering an
exclusive experience is a must. For instance, if Burberry, a brand that
is quintessentially British in its inspiration and craftsmanship,
evolves further by incorporating British customs and rituals in a
meaningful way, it could deliver a truly unique brand experience.
This
shift from product to experience is happening faster for the millennials
who give value to ownership, connection, and authenticity, as the
studies suggest Luxury travel and high-fashion brand should realise this opportunity of partnership.
