The consulting firm is expecting a mild growth of 3-4% (at constant exchange rates) in the luxury market by year 2020 and the market size increasing to €280-290 billion
Luxury brands need to be customer obsessed and millennial minded to be able to stay ahead of the market and unlock potential, management consulting firm Bain & Company said in a recent report titled ‘Bain Luxury Study 2017 Spring Update’. “Buying a luxury good now is not just walking into a store. It has become a journey of engagement through multiple touchpoints well before the point of sale,” said Bain & Company partner and report co-author Federica Levato.
Accordingly, the consulting firm has put together a five-point agenda for luxury brands to help them achieve the business goals. While developing one-on-one relationships to nurture local customers is top-most priority, other suggestions offered include: upgrade personalisation of product, service and message; develop a holistic distribution approach and re-design the customer journey; build story-living through inspirational conversations and experiences and finally master all the touchpoints with the customer along their journey and create an ongoing 360 degree engagement plan.
The consulting firm is expecting a mild growth of 3-4% (at constant exchange rates) in the luxury market by year 2020 and the market size increasing to €280-290 billion. In terms of the sector’s present market scenario, Bain & Company said the luxury market is set to get back to growth in 2017.
“A firm Chinese rebound with purchasing both at home and overseas as well as increasing customer confidence in Europe will boost global personal luxury goods market growth by 2-4% (at constant exchange rates) in 2017 to €254-259 billion. As the gap between winners and losers continues to widen, brands must rethink their strategies and adapt to a millennial state of mind, which will be a key driver to push the market to €290 billion in sales by 2020,” it said in the report.
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