Most Popular in:

Channels

Email This Item! Print This Item!

Selling the Experience

Posted: September 6, 2007

page 3 of 4

“We bring out the celebrity by allowing the customer to feel like they can play and dabble without restricting, ensuring that the store environment evokes a time of oasis for a woman coming into the store where she’s happy to take her time,” said Perdis.
Bergdorf Goodman uses personal appearances by makeup artists, such as Bobby Brown, and services such as personal shoppers, in-store boutiques and estheticians who administer authentic Japanese services. Additionally, the store takes advantage of its clout to offer brand exclusives and court innovative new brands.

The Next Generation of Luxury

The baby boomer generation is being replaced in the luxury market, so retailers must focus on what the next generation finds luxurious—and provide it. “Young affluents will play an increasingly important role in the target market for global luxury marketers over the next 10 to 20 years,” said Danziger.

These luxury shoppers don’t look like the baby boomers. “New luxury is about trans-generational, transatlantic and transpacific; not about logo mania or brand mania,” said Perdis.

The concept of luxury depends on what these young affluents consider important to their overall lifestyle. As a result, luxury marketers and retailers must look for signs of what these consumers find important and capitalize.

“The global luxury market is going young, so luxury marketers must learn to think young in order to survive and thrive,” said Danziger. “Global luxury marketers have gotten used to the passions and nuances of the maturing baby boomers after so many years of targeting this generation with their luxury goods and services. Now, they have a new challenge to appeal to the young affluents who have different ideas about luxury and different priorities in how they spend their wealth.”