At the NYU Paris campus, I had the privilege of listening to three guest speakers from the luxury industry who shared their insights on the current state and future of this sector.
The luxury industry has always been associated with exclusivity and an aloof image. However, with the rise of social media platforms like TikTok, are these prestigious brands ready to embrace this trend?
Even Established Luxury Brands Need to Engage with Society and Interact with Customers
Elegance in luxury doesn't mean shunning contemporary trends. Brands like Dior, for example, have adapted to the TikTok phenomenon by creating "get ready with me" and box opening videos. The key difference lies in the style and quality of their content, which still maintains the brand's sophisticated image while appealing to a broader audience.
Luxury Brands Must Continuously Reconnect People with the Brand
Luxury brands do not solely cater to the wealthy; they also need to forge connections with a wider range of customers. Offering lower-priced items such as perfumes and lipsticks or opening branded cafés allows people to build an emotional connection with the brand. These strategies help to broaden the customer base and keep the brand relevant and relatable.
In conclusion, the luxury industry, while maintaining its high standards and exclusive image, must also adapt to the evolving digital landscape.
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