(therobinreport.com) - The luxury market has been built on exclusivity. The U.S. is still the largest global luxury market and luxury sector sales continue to soar – even through the pandemic. But how we define luxury is changing. First of all, the very tenets that the legacy fashion houses hung their hats on –– exclusivity, high price points, etc. –– are proving less relevant to younger customers. Luxury has always been about status. The concepts of craftsmanship, style, innovation and the desire to be “the person in the know” still resonate with today’s young upscale consumers. However, marketing to them and retaining them as loyal, lifelong customers is no easy feat. For next gens in the U.S., entry level luxury has lower price points than their global contemporaries. We’re talking about entry level luxury brands here –– lower price points and more focus on discovery, while also delivering the transparency that has come to define next gen purchasing behavior. Let’s take a look.
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