• by Jon Hall , December 10, 2018

Old luxury is dead. And the new luxe consumer killed it.

A recent Ipsos report shows that 81% of modern luxury consumers believe the definition of luxury is rapidly changing, confirming what should be clear to any luxe consumer brand.

More proof? A Deloitte study suggests that 45% of luxury consumers want personalized products. Expect that number to blow up.

If you don’t get it yet, you should: Younger, affluent consumers want experiences -- not products. And those experiences have to reflect their lifestyle and who they are as individuals. If not, they’re gone without a second thought. Here are four ways to start moving your brand from stagnation to a driver of progress:

Get up to speed -- now: Know your audience -- and know them well. They’re the tastemakers for the tastemakers, ahead of the trends, creating the next next thing.

And then there’s the emerging market of consumers known as HENRYs: high earners, not rich yet. They’re younger, upwardly mobile, and they’ve earned their wealth. They’ll spend it, but they’re discerning. Digital’s in their DNA -- their world is one of customizable connectivity.If you’re not tuned in to how they experience the world, you’re of no use to them.

Kill what you think you know about this group, and build a more accurate profile. It’s the foundation of every single thing you do moving forward.

Denounce satisfaction: You have a consistently acceptable market share. That’s cool. But isn’t more better? Don’t be stagnant -- be dominant. Own your position and don’t be afraid to lead your competitors into unchartered territory.

With the face of the new luxe consumer changing, why not take a stab at being more than you ever were? Look at your brand so honestly it hurts. Whatever keeps you up at night, tear down and rebuild those things. Embrace change -- and you’ll see rival brands getting smaller in the distance.  

Connect the (natural) dots: You’ve got new consumers and a refreshed brand. Now what? Get to work figuring out why they should engage with you. Anything that doesn’t align, toss into the incinerator. It’s of no use.

But don’t round hole-square peg it. If it feels fake to you, it’ll feel more fake to them. They can sniff out inauthenticity from a mile away and put pretenders on the pay-no-mind list. A delicate balance, to be sure, but ultra-critical to reaching this very savvy demographic.

Lean into fear: You’re afraid. Good. You should be. Change shakes off the funk and forces new ideas into existence. Fear can motivate. Use its momentum get to the new luxe consumer and force your brand to be something new. There’s no existing playbook for this market. Write it yourself.

Want to reach the new luxe consumer? Give them a reason to care about you. But do it quickly – they’ll move on in the speed of a swipe.