India’s impressive growth in luxury industry is truly remarkable. Over the years, the Indian luxury market has come up with new designs and elegance bringing plethora of opportunities for young, confident and affluent Indian consumers. Be it tourism, fashion, fragrance, cosmetics, hospitality or automobiles, today’s generation look up to the class in every luxury product or service. Luxury industry is looking for passionate and specialised professionals to manage the most elite brands and optimise luxury brand management in the best way.
The Luxury Industry During the Second Wave
The pandemic ‘Covid-19’ might have dampened many sectors, but luxury industry remained unshattered. Now, people have realised the value of quality of living. With ‘work from home’ becoming new normal, working professionals are looking forward to redesign their luxury homes that incorporate work spaces. People have also realised the value of gym, yoga and other recreational facilities within their house. When it comes to eating outside, they choose hygienic and sophisticated places.
Now, with remote working, people frequently plan for vacations and book villas, holiday homes to enjoy their staycations and pursue their work from beautiful spaces. So, it is clearly indicated that there is a lot more coming for luxury industry.
Changes in Luxury Consumer Behaviour
After Covid-19 crisis, luxury brands are adopting new strategies to satisfy the demands of luxury consumers and bring out a memorable shopping experience. Luxury market has witnessed drastic changes in luxury consumer behaviour as given below:
- Mindful about their purchase: Now, consumers are more mindful about spending money. They look for quality products and research details about the products before making a buying decision.
- Opt for digital buying: As everyone is getting busier day by day, they have less time to go out and shop luxury items. Hence, they have started developing higher affinity for online shopping. Therefore, luxury brands are also paying attention to producing high quality images, informative product descriptions and fast website loading.
- Taste for new varieties. Today’s modern consumers don’t look upto similar kinds of luxury products. But, they are keen to buy trendy luxury products. They look for new designs and something unique.
- Look for testimonials: The modern customers don’t trust the brands anymore, rather they want to buy products after reading the testimonials written online. They also like to check the rating, so that they can make the buying decision accordingly.
- Seek luxury experience: Now, millennials are eager to have a memorable experience with their luxury possessions. They don’t want to invest into something that gives them “sense of pride”, but now they want to buy something that pleases their senses.
- Corporate social responsibility: Consumers expect brands to stand on the grounds of authenticity. They want to know how much luxury brands are contributing towards community development and are they pursuing sustainable measures or not?
Increased Investments in Advertising and Marketing Efforts
In today’s hyper competitive World, brands understand the importance of advertising and marketing to attract customers towards their products and services. Generation of Y and Z consumers are expected to account for more than 70% of luxury market by 2025. Therefore, they understand that the brand management is essential from marketing point of view. They look upto following modes of marketing to amplify their brand reach.
- Going Digital: Digital marketing helps your brand reach widely and drive online sales with minimum investments. The results are measurable and trackable with digital tools. With digital marketing, you can convey your brand stories and leave a positive impact on the target audience. Digital marketing keeps your brand in highlight for 24 hours and is definitely the best mode to manage luxury brands online.
- Collaboration with Brands: Collaborative marketing brings businesses together and creates an influence. It adds authenticity and creates a pool of trusted businesses. For luxury brands, it is definitely a great marketing tactic to expand and develop connections.
- Leverage Social Media Marketing: You can use Facebook ads to build an emotional connection with your audience. This will help arouse attraction towards your luxury brands. With regular engagement posts and videos, you can improve your followers and turn the prospective into potential leads.
Here are a few tips that need to be concentrated during Social Media Marketing of luxury brands:
- Quality over quantity: Brands should concentrate on producing quality over quantity, so that you can build better image among your target audience.
- Timing is everything: The timing of social media post plays a crucial role in making an impact upon your customers.
- Prepare content calendar: You must concentrate on preparing a social media calendar in advance, so that no posts for luxury brand management is posted in rush-rush.
- Blogging twice a week: In order to get the right visibility for your luxury brands, it is important to write blogs on the topics related to luxury brand management twice a month. Do proper meta tagging, add title, description and images in order to engage your audience.
- Influencer Marketing: Most of the luxury brands have opted for leaning on the influencers in order to increase the visibility of their products and services. This helps increase brand authenticity, generate sales and build a stronger relationship with their audiences. Marketers can choose the influencers on the basis of their followers, views and creativity.
- Digital Delivery: Digital delivery is all about managing a luxury brand through digital modes like – mobile phones, computers, iPads and more. It means delivery of advertisements in a digital format through a digital distribution.
This is 2022 and luxury brand management has spread its full wings. The industry has come up with their interesting designs to delight their customers like never before. However, in order to position elegant luxury among target audience, one must opt for right marketing strategies.
Hence, it is predicted that long opportunities are coming for the youngsters who want to build their career in luxury industry. Here at LCBS, we help students enhance the skill landscape of luxury in India. Explore our latest courses and accelerate your career in luxury brand management to new heights.