For luxury brands, the onus was on creating “hype” products and campaigns in 2018, whilst expanding their portfolios to incorporate experiential elements in the consumer experience. This was part of a drive to attract the millennial demographic and offset the economic downturn caused by Brexit.
Despite Brexit looming, and the associated political, economic and social uncertainty in the UK, the main story dominating luxury goods is millennials. 2018 saw luxury brands across all categories embrace this demographic, which is the fastest-growing across all consumer industries.
The economic instability in the UK leaves little room or opportunity for emerging players, meaning that luxury goods has concentrated further, with the top luxury players continuing to lead across categories. The continued success, growth and visibility of LVMH brands such as Louis Vuitton and Dior means that the French conglomerate remains the major player across many luxury goods categories.
Despite increasing concentration, key players such as LVMH must engage more with the online retail space. In super premium beauty and personal care, online retailing is increasing steadily.
Luxury goods is the slowest consumer goods industry to transition to the digital world, thanks to the luxury houses’ penchant for tradition and their slower product cycles. However, external environmental and economic factors will force luxury brands to modernise and digitise further during the forecast period.
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