Design Centre London Media Workshop
Mediareach were invited to host a Media Workshop at Design Centre London on 12 February 2020. Our speakers, Saif Al-Saraf (Head of Digital) and Paul Kotze (Creative Director), spoke to over 80 members of the Design Centre about the Digital Transformation of the Luxury Market in 2020.
The global market for personal luxury goods, valued at an estimated $1.56 trillion, has seen a steady slowdown over the past few decades, with UNHWI’s and HNWI’s typically spending more on experiences, which has seen a rise in spend in travel and luxury hospitality.
The target audience is also shifting due to on- and offline behavior, with the UK being in the top 5 countries where audiences are online 93% of the time they’re at home and a staggering 56% whilst on holiday. HENRY’s (High Earners Not Rich Yet), who earn between £100k to £250k per annum, and are typically Millennials, Gen X and Baby Boomers, are the market of the future.
Luxury fashion brands are selling digital outfits to Influencers for their IG posts and stories, in games where you can dress your Avatar, A.I. is designing chairs with world famous product designers, luxury apartments are being furnished by major furniture retailers for free, just so Influencers can come spend time at the apartment to take selfies and post their stories. The world is changing and luxury brands need to change with it, whether it be through developing eco-systems and communities, or simply through taking advantage of the opportunities in online e-commerce.
A few key areas of the workshop included Relevancy, Consolidation, Responsive personalisation, Sustainability, Collaborations, Brand experience and Social/Brand communities. If you’d like to find out more insights, trends, case studies and concepts that could work for you, then reach out and let’s set up a meeting to run you through our presentation.