FEATURE
DESTINY – LUXURY BRANDS
BRC’s Christian Lachel gives the lowdown on how luxury brands can create a deeper emotional bond with their customers – and how attractions can use this approach to drive revenue
Christian Lachel, executive creative director and vice president, BRC Imagination Arts
EXPERIENCE OVER ACQUISITION The luxury brand landscape is rapidly changing, with a corresponding shift in consumer values. While luxury brand sales have quadrupled in the last 20 years, indications are that – with the exception of some notable market pock- ets with a better economic outlook – the global growth rate is slowing, and some brands are even beginning to lose ground. On top of that, shifting consumer habits
have resulted in a decrease of traditional store visits by 20-30 per cent year-on-year for many luxury brands; a difference that is barely covered by E-commerce1
. Not surprisingly, these shifting habits
are strongest in the millennial generation populated by digital natives with increas- ing buying power. A Luxury Institute survey of US consumers with a minimum annual household income of US$150,000
152 ATTRACTIONS HANDBOOK 2015-2016
(£97,890, €134,730) found that although the majority of Baby Boomers still prefer to shop in a store, only 40 per cent of ‘Millennials’ expressly select a physical retailer. The vast majority of Millennials (72 per cent) would download a branded app for luxury purchases2
. This doesn’t mean that Millennials
only want to interact with a brand online. In a new landmark study, Bauer Media found that a whopping 71 per cent of Millennials agreed with the statement: ‘I’d rather tell people about something I’ve done than something I’ve got’.3
To
this generation, an emotionally engaging experience is paramount. These trends present great opportunity
– and savvy luxury brands are innovating new ways to connect with their custom- ers. Several are seeking the expertise of experience designers who can create
a bespoke, compelling and memorable experience or destination that forges a deep, lasting emotional bond between the brand and its clientele.
DEFINING ‘LUXURY BRAND’ The best way to identify a luxury brand starts with a single word: Beyond. A luxury brand is greatly desired by
many consumers, but only an elite few – those with resources beyond the ordinary – can afford it. Luxury brands connote superior design, crafts- manship, heritage and lifestyle. They engage the emotions of consumers beyond more commonplace brands. Consumers may adopt everyday brands, but they invest – financially and emotionally – in great luxury brands. They are proud to be associated with these premium brands.
www.attractionshandbook.com
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