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Luxury Brands Expansion into Hospitality
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There are many reasons why a luxury brand would want to expand into other non-fashion-related industries. According to Bain and Company, the luxury market will reach €360-380 billion by 2025. Having branded cafés and restaurants can serve as an extension of the luxury experience and connect with existing and new brand audiences.
These branded restaurants and cafes are usually located near a boutique or flagship store, allowing for an immersion into the brand through picturesque decor and cuisine. People are willing to spend money if they think the experience is worth it. This is especially important when wanting to build client loyalty with Gen Z and Millennials as they are already one of the main consumer bases. The younger generations have shifted their focus towards more experience-based goods that help build emotional connections, further cementing client loyalty to the brand.
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Store Design Preferences of Gen Z
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According to Bain & Company, Gen Z will make up 40% of the luxury market by 2035. The next generation of consumers has a spending power of about 140 to 350 billion dollars, but marketing to this generation will be a challenge for many companies. Appealing to this generation will be crucial to brand longevity because the younger generation influences the older generation and because of the need to have a multigenerational consumer base.
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5SP Storytelling Series: Emotions
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Storytelling is a powerful tool that make audiences relate to brands through content. If brands utilize it correctly, it can educate, entertain, and engage customers. It is a great tool for building a strong brand reputation. But what is storytelling exactly? This is what we will explore in this series of articles. In the first one we would like to show how storytelling can effect emotions and through these emotions build stronger brand loyalty.
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