Four ways prestige brands can thrive in today’s market

As we wrap up 2023 and head into 2024, it is clear that consumers are discount-driven and seek products that either offer utility or are meaningful to their loved ones. With this shift in behavior, the purchases of high-end bags, shoes, and accessories have become… a luxury.

In her article for Luxury Daily, Tierney Wilson, SVP of January Consulting, shares that there are still growth opportunities in the luxury sector despite the dip in sales in recent years. In order to shake off the cobwebs and spring back into relevance, brands must get creative.

Here is a preview of four ways luxury brands can break through the noise of today’s landscape:

👠Prioritize first-party data collection to celebrate life moments. Leverage data to celebrate birthdays and holidays to make a customer feel valued.
👠Leverage technology to elevate your e-commerce experience. Ensure customers have a consistent and premium omnichannel experience. From virtual AI try-on tools to robust online support, luxury brands must evolve with high customer expectations.
👠Make your retail experience a destination. If you’ve been to a luxury brand’s flagship store and were served champagne or took photos of the aesthetic environment, you will likely remember your experience and come back. Brands who make their stores a unique destination are seeing success.
👠Lean into exclusivity. We all associate certain logos with wealth and prestige. This is part of the allure of making a luxury purchase. Brands should own the aspirational angle to build value and create demand.

To read more of Tierney’s breakdown of how luxury brands can thrive despite the current economic state, check out the full article here.