Experiential Luxury (which includes luxury hotels, luxury food etc) remains a fast growing category for luxury goods. What is Experiential Luxury? It’s something that brings all the senses.
Experiential is also not only creating an experience, it the storytelling of your brand create real interest and legacy – but Experiential Luxury is far more than just a beautiful offering and good service in the store or establishment – it’s creating an experience in a setting that is unmatched with unmatched service. Bottom line: Your staff needs better training. Yes, I do not know them and I am sure they are lovely and do a good job – but that is not enough today to flourish in this post-pandemic business market. I can tell you they need more focused and serious upgraded training right now to keep that luxury experience.
If you are 5-star, you think 7-star, what can you do to train them across the board. Have training sessions, bring them back in and start over. This experience for the client is part of what will keep luxury thriving. This is primary not secondary. Staff must do more now, they must give everything and offer everything. Just being polite to clients is no longer enough. The staff have to be able to move fast, quickly, as the client needs it to be. Being high end snobby – is completely passe.
Luxury retail rebounded and it seems to be able to make it through with the affluent through inflation but now client expectations and world events are ever-present.
Luxury brands must remember this:
Clients today want the most personalized service yes but they also want ‘value’, and you must keep announcing yourselves by rewriting the story of who you are and what you offer your clients beyond the purchase as well as how you are interacting with them is vital going into 2023.
Remember who the client is for you: Millennials and Gen-Z now make up an estimated 50% of luxury sales and its expected to grow over 70% by 2025.
Luxury brands must have the same concerns and help causes that their clients do. Be driven by PURPOSE. Today’s client wants innovation, and they will spend if they get that long term return for their money. They are willing to follow brands legacy if they understand the legacy and heritage but the brand must also be current with the technological officering for over 75% of shoppers. Remember brands must have presence in multiple places. They want online by 75% still have in the brick and mortar.
Some experiences in the travel industry:
- Sky Villa, Palms Casino Resort, Las Vegas
- Dine inside an Icelandic volcano
- Superyacht cruise of the Mediterranean
- Fly around the world with Emirates in first class
- Royal Penthouse Suite, President Wilson Hotel, Geneva
- First time, behind the scenes, never before seen into the makings of luxury offerings
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