Louis Vuitton, Tiffany & Co, Hermes, Prada, Celine, Hugo Boss. The list of luxury retail brands go on and on. In today’s day and age, the demographic for customers who prefer shopping online changes how luxury brands target consumers. “Why is this?” one may ask. With today’s demographic becoming more tech-savvy and having more available technology at hand, consumers are looking for convenience to complement their busy schedules. Luxury brands have been over-allocating expenditure on advertising through print ads when they should be investing more into digital ads.
Luxury shopping is also less brand and status oriented than it used to be. As e-commerce becomes more and more popular, luxury brands have dipped their toes into the online shopping world, though many do not offer as many products online as they do in store. Luxury brands often value the in-store customer experience and may not prefer the lack of exclusivity. However, many who are of the age bracket tend to have less time to browse in store when they have the option to do so online. Fashion sites like Stylecaster also put together “celebrity-inspired” outfits for cheaper prices. As I have learned in class about market research and branding, luxury retail brands have to adapt to constantly changing preferences if they hope to attract loyal customers.
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References:
- Halpin, Cooper Smith and Nancee. “How Luxury Shoppers Are Changing the Face of Retail.” Business Insider. Business Insider, Inc, 13 Nov. 2015. Web. 16 Nov. 2015. <http://www.businessinsider.com/the-luxury-e-commerce-report-the-shopping-preferences-of-high-income-consumers-2015-11>.
- “The Definition of Luxury Retail Is Being ‘shattered’.” Washington Post. The Washington Post, n.d. Web. 16 Nov. 2015. <https://www.washingtonpost.com/news/business/wp/2015/01/12/the-definition-of-luxury-retail-is-being-shattered/>.
- “Shopping.” StyleCaster. N.p., n.d. Web. 16 Nov. 2015. <http://stylecaster.com/shopping/>.
- “Why Are so Few Luxury Brands Sold Online?” Ecommerce Platforms. N.p., 14 May 2015. Web. 16 Nov. 2015. <http://ecommerce-platforms.com/ecommerce-selling-advice/why-are-so-few-luxury-brands-sold-online>.