The Future Of Luxury Market: The Unknown Direction Of Restoration And Reconstruction

Today, people who control luxury and fashion have changed dramatically. The millennial generation is gradually becoming the main force of new fashion consumption. If luxury brands ignore the existence of this crowd, it will be hard to arouse the attention of the crowd in the future, and then they will lose the market or even be marginalized.

Some analysts point out that the world's richest population is getting younger and younger. Consumption ability With the rapid expansion of the brand, the degree of brand digitalization has become an important factor in attracting them to buy. Now, luxury brands are attracting new generation consumers through various ways, such as brand digitalization, product diversity and Creative Story marketing, but they are also becoming more anxious and impatient.

LVMH group's most important luxury brand LV is also seeking new ways to become young. At the fashion show in September last year, Nicolas Ghesqui re, LV's brand creative director, made further attempts for younger technology and technology integration. The first launch of the mobile shell challenge "It Bag" market is gaining more and more attention from the millennial generation.

LV's latest cooperation with Supreme caters to the tastes of the millennials and is also activating the young people's market. Some analysts say that LV is also beginning to understand why a street brand can sell new products every week, and it is a discount when it comes to queuing.

However, marketing for millennial consumers may not necessarily be rewarded. Earlier, the Swiss Union Bank's survey of 2109 millennial consumers from China and the United States showed that the millennials were also concerned about the luxury of products, but the competition of luxury brands for young people is competition among products. Bernard Arnault issued a warning to its group's brand. Only the brand is responsible for the quality and image of its products, so as to ensure long-term and steady growth of its performance.

In just two years, Gucci's strong recovery has also put pressure on Bernard Arnault. Now the preferences of the millennial generation are too difficult to fathom, especially the young consumer groups are much more happy and old, and their brand loyalty has been greatly reduced. They are reluctant to listen to luxury brands and change their interests and cool ways. Luxury brand The trend cycle will be shorter and shorter.

Chris Morton, CEO of multi brand online luxury goods retailer with a small share of Arnualt family investment company, said: "nowadays more and more consumers are searching and purchasing products through the Internet. If the luxury brand still chooses to ignore digitization, it will be contrary to the needs of consumers, and will face the risk of being eliminated by the industry." Lyst.com

Another industry consultant told reporters that another obstacle to the digital spanformation of luxury brands is some stubborn and conservative industry executives. Some of them still use their secretaries to type e-mails to reply to e-mails. "How can you make them accept the Internet as a priority development platform" for LVMH group? Dispersive structure It is also partly responsible for the slow progress of its digitalization, and its brands have different attitudes towards digital spanformation.

For example, a group insider disclosed that whether or not to disclose product inventory on the Internet has become one of the hot topics of management in the near future. Some managers believe that once the brand is identified on the official website, each item will be stored in stores, which may lead to a decrease in the number of stores. Because consumers will have to go to the store to know if they want to have the goods, and once they know that they are out of stock, they will not ask the store, which will reduce their chances of buying other products.

Up to now, the Internet penetration of LVMH group's brands is uneven, and brands still have great room for development in the digital field. But how the group will overcome various obstacles to enhance the overall digital process is still unknown. Nathalie Remy, partner of McKinsey consultancy, says the question is no longer whether luxury brands should enter the digital sector, but how to enter. This is another difficult choice for Bernard Arnault.

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