The Future Of Consumer Engagement Is “Bloody Wonderful”, Says Future Trends Expert
If it’s the big bucks you’re after, it seems luxury is the place to be when it comes to a burgeoning market of consumers.
At least that was the sentiment at this morning’s Bauer Media Luxury Futures Forum, presented in conjunction The Future Laboratory, to pin down what brands need to do in order to snag that coveted, cashed-up consumer.
General manager of the Hearst Bauer Media brands Marina Go kicked off the event, showering the luxury magazine offerings of Elle, Harper’s Bazaar, Belle, Men’s Style, Gourmet Traveller and Crystal with praise, before co-founder of Future Laboratory Chris Sanderson took to the stage to talk about the people who read these lush titles.
The luxury arena is growing at the steady rate of seven per cent per year, an arena that has enjoyed a climb of around 88 per cent over the last 10 years, and this is all good news for the industry, Sanderson explained.
The ‘luxurians’ of today consider human connection more important than anything else when it comes to their consumption, and so not surprisingly, they source their information on products and brands from friends and family first, with 23 per cent looking to their immediate social connections before looking anywhere else.
Magazines were the second source of advice (15 per cent) and advertising followed at 12 per cent.
“The luxury consumer now devotes more spend to experiential luxury rather than traditional luxury,” Sanderson said, adding that it’s important to target human engagement now more than ever, given where people are going for recommendations.
It’s about the periphery – what surrounds the brand – so things like a concierge, customer service, and things that relate to the experience are more important.
The future of luxury is digital and meaningful, Sanderson explained, and personalisation is a big trend that elite brands need to adopt.
“What we’re beginning to do now is invest in our mobile phones, and add brands onto our phones, hence the role that apps play, but the next stage of course is that we’re now actually using our phone to do what mobile marketers have wanted us to do for the last 20 years,” Sanderson said.
“Increasingly we are now pushing out to brands, and we are pushing out to organisations, and we are sharing with them in a way that we’ve never done before.”
“We’re beginning to be at a very interesting change with the way a customer can behave with a brand, because technology is at the point of allowing me to let you know that I’ve arrived in store. That I’m here, I’ve turned on my Burberry app, I’ve turned on my Prada app, I’ve turned on my Country Road app, and I’m walking through the store.
I’m here and it’s now your decision as a retailer to decide how you want to treat me.
“For example, if you’ve just walked in, we can now see your shopping history and know that you’ve never actually shopped with us before but in fact you tend to spend about $15, 000 with us annually in three different stores, and I’ve got your sizes and I can see the last 10 purchases that you’ve made.
“And interestingly, when you were in New York two weeks ago you tried on the new trousers from the new collection but they didn’t have them in your size in New York but we’ve actually got them in stock here.
“Now, is that scary, or is that bloody wonderful to know? If you think it’s scary I would suggest it’s time to move out of retail because that’s the future and this is what retail has always been about – knowing your customer.
“And increasingly the technology is going to allow us to do that, and what you’re going to see is how organisations like Bauer and how media platforms will be able to grow those relationships with you, to know your consumers better, to service your customers better, to have more engaging and intimate relationships on a one-to-one basis with your customers so that they feel special.”
“Suddenly we can deliver a service that is commensurate to each and every particular customer and that for us becomes hugely exciting.”
Please login with linkedin to comment
ABC Advertising Standards Bureau Gareth Cooper jaden social mcchoco Roadshow Films Steve McArdle The Edge YouTubeLatest News
TV Ratings (18/04/2024): I’m A Celebrity Wins Prime Time And Key Demos
Aussie viewers can be a harsh lot at times. Only days after Ellie Cole bled her heart out, she has been sent packing.
Effie&co Launches New ConnectAsia Division To Help Aussie Brands Market To Asian Consumers Overseas & At Home
Not provided is advice on using chopsticks and not spilling ramen down your shirt.
Cashrewards Sets Out Stall For New CMO
Thinking of applying for the Cashrewards CMO gig? Here are some insider tips that, yes, are tantamount to cheating.
‘I Ask For The TV Industry To Stand Up And Defend Itself’ – Seven Boss James Warburton Steps Down
The Seven supremo heads for the exits after five years. Here's hoping the Spotlight team organised the farewell bash.
Poh! Jamie! Adriano! Paramount ANZ reveals its tasty plans for this year’s MasterChef
It's your fan's guide to this year's MasterChef! Although no tips on how to pronounce crudités or use a un fait-tout.
Dentsu’s iProspect Partners With MOOD Tea Ahead Of May Campaign Launch
We love a Mood Tea here at B&T. Although we do store old screws and nails in the International Roast caterer's tin.
Opinion: When Culture Starts Eating Itself: Navigating The Age Of Self-eating Nostalgia
Born boss David Coupland asks is adland going through a nostalgia period? But please, no repeats of Best Of Red Faces.
Who’s Going To Cannes?! The TikTok Young Lions Winners!
It's Aussie adland's next gen! They're off to Cannes with high hopes of bringing back a Lion & a foot-long Toblerone.
Adobe Launches Express Mobile App With Firefly AI
Want to be the coolest kid at Friday staff drinks but forgot your retro Nikes? This new Adobe wizardry may do the trick.
ThinkNewsBrands & IMAA Extend News Publishing Education In Brisbane
Industry duo takes its publishing roadshow to Brisbane. Was disappointed no male attendees were wearing walk socks.
B&T Chats With Wavemaker’s Provocative Pioneers On Their Cross-Pacific Sojourn
B&T TV heads to Wavemaker's Sydney digs to interview two staffers from its New York & LA digs. If that makes sense?
HoMie & Champion Launch “Give One. Get One” Campaign Supporting Youth Homelessness Via Town Square
Much like the fête's prized chutney wears a blue winners sash, so too should this top initiative from HoMie & Champion.
Thinkerbell Takes Us Back To Summer In Latest Work For XXXX
This beer ad wants to take you back to summer! Just minus any chance of a shark attack on your morning bus commute.
Cannes Lions Unveils 2024 Programme Featuring Queen Latifah, Jay Shetty & P&G’s Mark Pritchard
Are you one of the lucky ducks heading to Cannes in June? Check out the headliner acts you'll be queueing hours to see.
Scroll Media Recruits Costa Panagos From Twitch
Costa Panagos set to bring South American flair to the Scroll offices. Assuming that he is, indeed, South American.
Year13, Microsoft & KPMG Australia Launch AI Course For Gen Zs
Born around the 2000s? Need to amp up your AI creds? This guide's for you (although it's not really that age specific).
General Motors Snares Heath Walker From Scania
Do you rage about oversized American cars on our roads? You need to bail up Heath Walker at parties & industry events.
VML Launches New “Envoyage” Brand For Flight Centre
VML unveils new brand for travel operator Flight Centre. Alas, no sign of those paid actors pretending to be pilots.
Subaru Places Media Account Up For Review
Subaru puts media up for review, as adland journos get set for mandatory "agency drives off with..." headline.
TV Ratings (17/04/2024): Contestants Faced With Harsh Realities As Alone Australia Heats Up (Or Cools Down)
Alone still doing the business for SBS. Overly long train journeys not doing the business, but they persist anyway.
Ben Fordham Loses Number One Spot As Ray Hadley Celebrates 156th Ratings Win
The radio numbers are in! Discover who's off for a boozy lunch today & who's waiting for the dreaded HR death knock.
Gourmet Ice Cream Brand Connoisseur Launches New “Thrill Your Senses” Iteration, Via SICKDOGWOLFMAN
Rattling the old "truth in advertising" adage comes this ice-cream spot full of noticeably thin people.
Paramount’s Global Sales Boss: ‘Australia’s Converged Model Is A Blueprint For How I’d Like All Of Our Markets To Be’
Paramount's global sales boss gives local sales ops the thumbs up. Didn't weigh-in on the Lisa Wilkinson debacle.
TikTok Starts Testing Its Instagram Rival In Australia
In exciting news for piano playing cats & brattish pranks in shopping centres, TikTok unveils its Insta rival plans.
Man Wrongly Named By Seven As Bondi Killer Hires Lawyers
Struggling to save for a house deposit? Why not get wrongly identified by Sunrise!
Smartsheet Appoints Indie Agency Sandbox Media To Its Media Account
Can't stand your colleagues? Like to dob them in when they miss a deadline? These work management platforms are ideal.
Boss Not Letting You Come To Cannes In Cairns? Use This Business Case To Convince Them!
Stingy boss won't spring for a ticket to Cairns? Add this to your persuasive argument repertoire. Or grovel.
Alt/shift/ Brisbane Builds Portfolio With Ausbuild Creative, PR, Content & Social Account Win
The Brisbane comms/PR agency lands constructor Ausbuild. Also hoping for a discount on its new glass conservatory.
Young Guns Versus The Old Guard: Who Adds More Value to Our Industry?
Cannes In Cairns poking this hornet's nest in a lively debate. Just so long as the oldies can get up the stairs.
70% Of Aussies Don’t Have Green Power Plans ENGIE Says In Major Brand Campaign Via HERO
Are you the notorious "light leaver on-er" in your flatshare? Quell any infighting with this green energy news.
PrettyGood Launches Offering Brand & Media Solutions For Australasian SMEs
B&T applauds the charitable nature of this new agency. Although we'd hate to see it impact any Chrissie present sends.
A Blunt End: Dolphins Medicinal Cannabis Sponsorship At Risk
Yes, it's another NRL drug story. Yet, thankfully it doesn't involve coke in Kuta during the off-season.
Slew Of New Creative Hires At Leo Burnett Australia
Ahhh, all black! The outfit of choice for agency creatives, David Jones staff and everyone in Melbourne.
Under Armour Unveils Local “Live in UA” Campaign
American apparel brand set for yet another tilt at the Aussie market, as Nike declares "we'll see about that".
Pepsi Launches New Look, Refreshing Classic Fashion Staples Via Special PR
Are you always the bridesmaid, never the bride, as the old saying goes? How do you think Pepsi feels?
Pure Blonde Returns To A Place Purer Than Yours In New Campaign Via The Monkeys
B&T's always been a huge fan of the 'drink yourself thinner' diet plan. So big thanks to Pure blonde, vodka & tequila.