First: critically evaluate the value of your brand. Second: turn the story of the brand into a compelling one, writes La Conceria. Third: improve the customer experience, both digital and physical. One after the other, these are the essential strategies that luxury brands will have to face in 2021. This was stated by Daniel Langer , CEO of Équité, a luxury consultancy company, and professor of Luxury Strategy at Pepperdine University in Malibù, California. Strategies aimed, above all, at one goal: to engage Generation Z consumers.
Hook Generation Z
Today, Generation Z generates 12 to 15% of luxury purchases in China. By 2030 it will account for the majority of luxury purchases around the world. “Generation Z approaches luxury brands in a very different way than their predecessors. Brands are expected to be authentic. For example, that they have a proposal and a political position,” Langer writes in Jing Daily. “Furthermore, these very young people influence the older generations, including the Millennials. If a brand isn't relevant to Generation Z today, it's unlikely it will be relevant in the future,”says Langer.
There are 3 strategies
So what should a luxury brand do in 2021? “The first move should be a critical verification of one's brand equity,” observes the analyst. Then: “If you think your story is excellent, try to tell it in less than 5 seconds (the attention span of a Gen Z is 6 seconds…, editor). The second fundamental strategy is to translate this story into a compelling experience”. An experience (third point) connected 24/7, as it is online that triggers over 95% of purchasing decisions. But, also, an experience that must continue in boutiques where, however, the brand must make its customers find particularly trained sales personnel, especially on the product. Which, according to Langer, is not so widespread today, to the point of representing an evident criticality.