In this day and age, luxury is no longer just a status symbol. People of all walks of life go out of their way to ensure that they are living a life of luxury. From luxury cars to designer clothes, luxury has become a means of expressing one’s sense of style and success. But what does the future of luxury look like? According to the Raffles boss, the answer lies in retail. Read on to find out more.
1. Traveling Towards a Luxury Future
Traveling has evolved and adapted with the times. Luxury travelers are increasing in numbers every day, with more and more people eager to have the most memorable and unique experiences on their adventures. Today’s luxury traveler is characterized by a number of traits:
- They seek the unique: Luxury travelers are not content with ordinary city trips. They insist on experiences that offer unbeatable, once-in-a-lifetime experiences that embody the destination.
- They demand the highest standards: Luxury travelers seek nothing less than excellence when it comes to accommodation, transport, food, and guides.
- They prioritize their wellbeing: Luxury travelers want to rejuvenate, revitalize and be energized through their travels, which means that wellness-infused offerings are an absolute must.
- They embrace convenience: Luxury travelers want to experience all the best things that a destination offers, but without any hassles or frustrations getting in the way.
- They are experienced travelers: Luxury travelers understand that the only way to get true value for money is to be able to make informed decisions, and they do their due diligence when it comes to researching their destinations.
The luxury travel sector is not just for the few. From five star accommodation to VIP transport services, branded products and beyond - luxury travel has made its mark on the traveler’s list of must-experiences. As a result, today’s travelers demand more than just luxury and convenience, they are seeking unique opportunities to discover something new and gain an unforgettable experience.
2. Luxury Meets Retail: Redefining the Definition
What is Luxury and Retail?
Luxury and retail are beginning to overlap in today’s world, creating a new definition of luxury shopping. Where luxury traditionally meant private viewings, silent browsing and exclusive access, times are changing. We live in a more connected and digital world where the latest luxury products can be accessed quickly and enjoyed by everyone.
The Merge of Experiences
The merging of luxury products with retail practices is introducing a new level of sophistication to retail stores. Customers now expect an upscale experience, no matter what level of luxury they purchase. This goes beyond designer brands, but into packaging and marketing, to the actual store experience. Shopping malls now have high-end coffee houses, spas, fine-dining restaurants, and live side attractions. This offers customers a true luxury experience, blurring the definition of luxury retail even more.
Many luxury companies are now going beyond the domestic market, and are making an international and even global impact. This means more opportunities for people around the world to find and experience true luxury. In fact, experts have predicted that half of all luxury purchases will be made outside of the domestic market.
Takeaway: Luxury and retail are melding at an unprecedented pace, offering consumers an entirely new shopping experience. By 2020, 50% of all luxury purchases will be made outside of the domestic market.
3. Raffles CEO Maps Out The Way Forward
The Raffles CEO, Mr. Mah Bruce, was recently seen showcasing the organisation’s plans for the near future. At the helm of the strategy was an emphasis on the importance of finding financial stability through sustainable means. He had some noteworthy points the following points to share.
- Accessibility & Quality: In a move to make Raffles products and services more accessible, the CEO proposed the introduction of multiple different payment solutions for customers. Additionally, he declared that the organisation would continue to focus on providing quality content and unsurpassed customer experience.
- Innovation & Expansion: Never staying stagnant, the plan is to continue innovating and expanding operations across various sectors. The CEO also made it a priority to launch new digital products and services to better serve customers.
- Social Responsibility: In an effort to encourage greater involvement with the community, the organisation is looking to direct more funding towards charity programs as well as strengthen partnerships with SMEs. Mr. Mah Bruce believes that this effort stems from Raffles’s commitment to creating a better environment.
With clear objectives focused on increasing efficiency and creating long term value for both its customers and employees, Raffles is poised to make leaps of progress in the upcoming years. As mentioned by the CEO, “We believe that through these initiatives, Raffles will be able to rise up to their potential and meet the demands of the new era”.
4. Is This the End of Conventional Luxury?
The term “luxury” has forever been associated with the phrase “opulence.” Indeed, it has long been assumed that luxury must display grandeur and extravagance. However, a notable shift of values and attitudes towards luxury has emerged in recent years.
Legacy luxury brands have recognized the need to pivot and innovate in order to meet the expectations of their modern clientele. Reimagined as a lifestyle, luxury now defines more than just dressing well. It has become an embrace of certain principles and values such as:
- Sustainability – Consumers seek products that are made with Earth-friendly methods.
- Inclusivity - Brands are encouraged to design products with everyone in mind, regardless of gender, sexual orientation, ethnicity, or socio-economic background.
- Durability - Craftsmanship now stands as a measure of quality, along with the time and effort put into the development of the luxury product.
- Responsibility – Consumers are increasingly attracted to progressive companies that embrace sustainability, ethical production and social causes.
Perhaps conventional luxury is not on its way out completely, but its place within this new era has surely been amended. Luxury isn’t necessarily about grandeur and extravagance anymore – it has become an attitude. Luxury now is more about appreciation than acquisition.
The article had discussed how luxury brands must increasingly look towards retail to stay competitive in the future. As the defining lines between the online and offline world continue to blur, it is clear that the future of luxury lies in the unique experiences offered to customers by the pioneering luxury brands. We hope that the trailblazing insight from the Raffles boss will inspire more luxury brands to embrace retail as an essential part of delivering luxury to customers.
