Many brands and companies within the luxury, travel and lifestyle spheres have been hugely affected by the Covid-19 crisis.
However, as we move into a new era of learning to accept that Covid-19 is now a part of our lives, new consumer-led trends and opportunities for the luxury market have started appearing. GEC PR Director, Sarah Salord, has identified four of these upcoming trends and put together some suggestions to help brands understand and appeal to these new consumer demands.
Timeless Luxury – lockdown has encouraged consumers to place a stronger emphasis on quality over quantity with some luxury brands remaining a popular favourite among UK consumers. With spending habits reduced, many consumers are turning their attention to brands that have a reputation for high-quality products and durability, such as long-range optic specialists Swarovski Optik.
Bucket-List Travel – with many consumers having had holidays cancelled and travel plans restricted during the pandemic, the pent-up demand has resulted in UK travellers planning ahead and researching on where to go once restrictions have been lifted. Data from Skyscanner (May 2020) has found that “bucket list” travel has become one of the most popular trends to emerge with 75 percent more likely to choose to travel to dream destinations after lockdown. Destinations such as the Maldives have remained a popular holiday destination for UK travellers, and luxury travel brands can focus their attention on targeting travellers looking for their once-in-a-lifetime trip.
Adventurous Purchasers – as a result of social activities and group meetings being limited over the last few months, consumers have become more adventurous looking to enjoy memorable experiences and to try premium products when they do venture out. To reach out to these new adventurous purchasers, brands should consider upscaling their offering and to provide customers with the chance to try truly memorable experiences and flavours such as unique cocktails made from high-quality products.
Locally Sourced – research has found a growing trend for consumers staying and buying locally, with a study from Nextdoor (July 2020) finding 63% of its members claiming they will frequent local businesses more often. Brands should therefore put a larger focus on building relationships with consumers from the local community, whether through PR, marketing and advertising or a more localised social media presence.
The changes over the recent months have resulted in dramatic shifts in consumer behaviour and purchasing habits, however, with a stronger focus being placed on premium and high-quality products, luxury brands can find opportunities to tailor their services and products accordingly.