Discusses Article
The Future of Luxury: Mega Drivers, New Faces and Scenarios by Yeoman & McMahon-Beattie
What is the future of luxury?
Using scenario planning, this paper explores four possible futures of luxury set in 2030. Now I would like you to apply this to the luxury watch industry. Feel free to use aBlogToWatch for reference on watches and the marketing behind it. Review the following article and write how these can be applied to the luxury watch industry.
Scenario 1, Trading Up to Luxury, discusses how consumers with increased wealth aspire to buy luxury products and experiences.
Scenario 2, Prestige Luxury, focuses on the behaviors of the seriously wealthy and examines how the mega-rich influence luxury markets.
Scenario 3, Enrichment and Experiential Luxury, illustrates how the concept of luxury has become less about materialism and more about experiences.
Scenario 4, Craft, and Authentic Luxury illustrates how the exclusivity of luxury is framed by craftsmanship, history, and uniqueness.
This paper is based on an examination of the evolution of luxury as a concept and highlights eleven contemporary drivers of change, including the democratization of luxury, demanding consumers, and premium pricing. The study allows those involved in luxury industries to understand change and, using the scenarios, to position their products or experiences.
ARTICLE: The future of luxury: mega drivers, new faces and scenarios by Ian Yeoman1 and Una McMahon-Beattie.