Emerging Luxury Trends
January 18, 2019
Luxury Institute has unearthed a series of trends set to reshape the industry in 2019. Consumers like the ones living in the Manhattan apartments for rent are displaying new purchasing habits that have top organizations rethinking their game plan.
It’s now clear that companies seeking sustained growth can no longer rely on their brand’s heritage alone. Consumer-to-consumer channels, the platform on which a company’s message is communicated, and several other factors are more than worth your consideration. Here’s what to pay attention to if you want your company to stay ahead of the game in 2019.
Shoot for Alpha Growth
Alpha growth is a metric used by Wall Street to show a company’s ability to grow faster than its competition. It is usually used when companies outrank their competition in double digits for a sustained period of time.
Those that have reached alpha growth status did so by leveraging technology and data for communication. Doing so allows your company to tell its brand’s story, engage in open dialogue with audiences, and creates a collaborative environment throughout the brand’s ecosystem.
Shooting for alpha growth in today’s high-risk world is vital. Chasing incremental improvement on a small scale simply doesn’t work with high levels of accelerated change. In other words, always set the bar high and work to surpass it.
Re-Examine Brand History
Brands with a long history used to dominate the luxury industry, but people aren’t satisfied with just heritage alone. Consumers ranging from Millennials to Baby Boomers now care more about your brand’s attributes. In-fact, brand history now ranks sixth in importance to:
- Superior quality
- Exceptional customer service
- Effective design
- Quality craftsmanship
- and Exclusive products
The name of the game is all about value, and how you give that value to luxury consumers in any given day. Brand history still matters, but the ability to reinvent your brand and stay relevant is a must in today’s growing affluent world.
Choose People Over Tech
Luxury brands have always invested in product development and innovation. Today, that investment leans towards technology such as A.I. and analytics. With this increased tech comes the ever-increasing ability to automate, eliminating jobs and the cost of wages in favor of cheaper tech alternatives.
On the books, this mindset looks fantastic. However, consumers are proving less than satisfied with the results. They want to see increased tech innovations from the hands of dedicated teams and leaders as opposed to machines. Technology is an incredible commodity, but investing in people innovation yields the largest opportunity for ROI.
Social Media on the Decline
Apps like Facebook aren’t going anywhere anytime soon, but affluent consumers are losing trust in these platforms. Security risks and privacy violations are of the utmost concern for those who stand to lose the most from them, after all.
Expect to see the wealthy consumer continue to leave these social media sites in 2019. As they stray from this once perfect habitat for advertising, expect luxury advertisers to do the same. It’s unclear where the next advertising hotbed will be, so keep your eyes peeled this year for opportunities.
The Fourth Distribution Channel
In the past, there were only three options to create a distribution channel. You could opt for the third-party route, hop on the e-commerce bandwagon, or develop your own retail channel. Thanks to increasing developments and consumer dependencies on app technology, a fourth channel is opening up.
Brands are now using apps to develop a network of diehard consumers turned local influencers. These individuals sell directly to their friends and families through apps connected to your brand’s website. The approach is personal and proving more effective than using celebrity influencers, making consumer-to-consumer channels ideal for luxury categories in 2019.
The Omni-Personal Approach
As the oldest part of the Millennial generation approaches their 40s, the scope of consumer interactions with brands begins to change. This group understands what the combination of technology and emotional intelligence can do, which has led them to seek seamless brand relationships similar to the ones they share with friends.
Forming this relationship is critical as Millennials become a major part of the affluent consumer community. Keeping up on this relationship with these luxury customers requires real-time and adaptive data, as well as underlying algorithms to deploy an Omni-personal experience and foster long-term client relationships.
When maintaining these Omni-personal relationships, there are a few things to keep in mind. First, employ respectful but nonlinear touches. Second, ensure that these touches make sense to the customer. Third, each touch must add measurable value to their lives.
It’s a tricky field that certainly requires more study before major brands begin to master it. Some seem to do so organically, but there is still too much trial and error to call it a perfect system. Regardless, creating this close-knit relationship with consumers is vital to your brand’s success.
Manhattan Apartments for Rent
Affluent consumers continue to reshape the luxury industry on numerous fronts, and The Cole answers the call. These newly renovated apartments are changing the game on the Upper East Side through in-building amenities, modern finishes, and a premier location in one of Manhattan’s most coveted neighborhoods.
Each home within The Cole encompasses residents in decadent style and comfort. Barnwood-style flooring connect dual panel solid core doors to treated windows and private balconies. Open kitchen layouts contain iced white quartz countertops, Bosch stainless steel appliances, and glass tile backsplash illuminated by under cabinet lighting. Brushed nickel Moen fixtures, contemporary vanities with Ceasarstone countertops, and undermount sinks combine to create gorgeous bathrooms.
The community within The Cole features a variety of carefully curated amenities. A 24/7 attended lobby provides concierge services that take care of the little things in life. A package room and laundry facilities on each floor make living easier. Residents can relax in the lounge or private courtyard, mingle in the billiards room, or stay active in the fitness center. Pet-friendly with on-site management and parking, everything you need is here.
Welcome to distinctly new luxury living experience. Welcome to The Cole.