Experiential luxury is holding up, the gap between East and West is widening, and retail is facing a period of great change .
Post COVID-19, consumers are looking for a more discreet, intimate kind of experiential luxury. Trends are polarizing: Chinese consumers are more interested in coolness and brand visibility, while Western consumers prefer understatement and simplicity. Companies are responding by offering new ways of involving the consumer (Clienteling 2.0). Retail, under pressure due to social distancing and the growth of the digital channel, is rolling out new strategies of experiential engagement.
The seventh edition of the Altagamma Consumer and Retail Insight study examined the impact of COVID-19 on the luxury industry, with the usual focus on the evolution of consumer behavior and companies' distribution strategies. The findings of the True-Luxury Global Consumer Insight (Nicola Pianon, Boston Consulting Group) and the Luxury Retail Evolution study (Luca Solca, Bernstein) were commented on by Matteo Lunelli (President of Altagamma,) Sabina Belli (CEO of Pomellato Group and Altagamma Vice President for Jewelry), and Scott Malkin (Founder and President of Value Retail), moderated by Stefania Lazzaroni (General Manager of Altagamma).
According to Matteo Lunelli, President of Altagamma: “The COVID-19 emergency accelerated trends that were already taking hold. Experiences are becoming increasingly important in the world of luxury, as well as sustainability, which puts social and environmental scenarios at the heart of business strategies. The digital channel has become essential, but enhanced by personal contact, with bespoke services - Clienteling 2.0. Lastly, now more than ever, tourism is of strategic importance for the luxury industry, and the entire country, and we should be working to resposition it at a higher level with a strategic national plan".
