JING DAILY CEO Breakfast with Daniel Langer
New York, February 4, 2019: Daniel Langer, Équité CEO, presents Luxury beyond Millennials
Jing Daily, the leading digital publication on luxury consumer trends in China, invited CEO Daniel Langer to hold a keynote on Luxury Beyond Millennials. Daniel was joined via video by Manuela Buerki, the marketing director of IMS, Hong Kongs leading digital transformation company.
Some of the topics that were presented:
We live in the age of acceleration, the speed of change is increasing at accelerating rates.
Disruption is affecting many segments in the luxury space, examples: fashion retail disrupted by concepts developed by rappers, skateboarders, creatives from other areas.
Retail spaces are becoming more “points of living,” they need to convey an authentic atmosphere instead of being intimidating.
Consumers become super empowered, and they are always on, have busy lifestyles and are increasingly discerning. One of the paradigm shifts is that younger consumers now have the highest expectations among all consumers.
In this context, strategies of the past do not work anymore, and luxury brands need reshape strategies and utilize technologies like AI (Artificial Intelligence) to be able to create superior customer journeys in times of rapid change. In the best case, AI allows combining all data a company has into one source of truth and dissecting patterns that otherwise are not visible, in real time, 24-7, highly automated powered by machine learning.
The value luxury brands produce lies mainly in intangibles and includes expected dimensions like “social dominance” or “ultimate treat” with hidden aspects like “social protection,” “expertise signal” or “enhanced attractiveness.” Those intangibles are what drives consumers to pay extraordinary premiums. Interestingly, few brands get it right and focus enough on the management of those intangibles.
It requires precise tools and expertise to execute and determine the willingness to pay for consumers. Enormous profit potentials for luxury brands are not yet realized, and brands can grow exponentially by adjusting their strategies.
Daniel presented case studies of successful strategy changes combining sophisticated luxury strategies with deep insights powered by AI technologies. It allows brands to sharpen brand positioning, improve content, connect stronger with consumers, accelerate growth, while significantly saving cost.
Given rapid changes, brands cannot rely anymore on strategies of the past including traditional market research but need to excel in the analysis, interpretation, and application of big data at the moment those data points become available. The combination of state-of-the-art brand strategy expertise, sophisticated luxury brand development tools and techniques with big data analysis is a game changer in luxury and will make the difference between leaders and followers.
Contact@equitebrands.com to learn more.