Conscious, collaborative, connected: making over the luxury business model
The luxury sector has always prided itself on offering consumers a chance to own pieces that are timeless and whose value and appeal will endure. But that doesn’t mean the way it produces and sells them should stay constant too. The luxury sector is at a crossroads and brands that carry on doing what they have always done risk falling behind. Our report, 'Conscious, collaborative, connected' explains why.
Published in partnership with Arianee, we reveal how the luxury sector is shaping a new business model that allows customers to experience and engage with brands in new ways and to purchase goods knowing they can be easily and expertly repaired and resold.
Conscious, collaborative, connected includes insights from luxury sector leaders, including Breitling, Comité Colbert, Kering and Vacheron Constantin, and draws from an extensive desk review of over 150 articles, reports and other sources.
Customer cohorts
The sector is increasingly selling to different people, in different parts of the world, and while they may all buy into the appeal of luxury, they hold subtly different tastes and expectations. New cohorts include HENRYs and Gen Z. Who are these new luxury customers and what do they want from luxury brands?
Luxury technology, ecosystem partnerships and circularity
Technological innovations are helping luxury brands update their model, while partnerships have become vital in ensuring greater transparency, circularity and environmental sustainability. How are leading brands collaborating with technology partners and building ecosystems that deliver necessary innovation? What new services stem from these partnerships?
Pivoting to experiences
After adopting digitalisation more gradually than others, leading luxury brands are taking the customer experience path, finding ways to harness e-commerce opportunities and tell their story digitally. But the digital and experiential pivot is not just about getting e-commerce and digital storytelling right. How are they creating a unique luxury experience underpinned by an online and offline continuum? What are the different dimensions of customer experience luxury businesses need to know about?
Read our new report to discover how the new luxury business model is set to address the challenges identified above. Full report and executive summary below.
Documents
Contacts
Bertrand Weisrock Executive Director - Geneva, Switzerland
Podcast | Let’s talk luxury
'Let’s talk luxury' is the Mazars podcast series about how and why luxury brands are undergoing a business model makeover. In each episode, luxury experts discuss what’s happening in the sector, including authenticity, circularity, new customer cohorts and retail experiences worth posting about.
Brand partnerships shaping luxury sector’s future
20/05/2021 The luxury sector is exploring new methods of collaboration to adapt to evolving market expectations. These partnerships are influencing and powering how the sector reaches new audiences, guarantees authenticity, and meets the growing demand for more sustainable products.
Chinese consumers in 2021
China’s consumer market, second only to the US, is key to both domestic and international brands. While the buying behaviours of consumers in China have been well-documented, more recent shifts in consumer preferences in the wake of Covid-19 are less well-known. Our new study ‘Chinese consumers in 2021: how priorities in lifestyle consumption are changing’ seeks to investigate trends in buying behaviour...
Understanding luxury customers in China
12/06/2020 China is the world’s second largest luxury market, accounting for one third of global luxury consumption (and rising). To better understand customer tastes and trends there, Mazars has released a report and survey, Chinese luxury brand consumers that reveals what drives customers of different generations, genders and locations