The Luxurious Reminiscence
Marketing research for the global luxury industry that understands the current situation, existing problems, and direction of intervention.
Group Members:
Cindy Biao
Iris Yang
Marketing is defined by the way brands promote themselves, create brand DNA and increase sales, and have a stable population of audience. And communication in marketing is defined by the way brands build a bridge between their products and their consumer. However, there are companies and brands that are trying to break through the traditional ways of communicating with the audience. During the current luxury industry, more and more luxury brands are going to copy the drop selling strategies of street fashions.
It is found that after Supreme’s successful collaboration with Louis Vuitton in 2016 generated a ton of attention, increase LVMH’s profit from 12 percent to 23 percent. Other luxury brands began to follow suit such as Moncler, Gucci, Fendi, Burberry, and Balenciaga are using drops to attract younger target groups. There are even online drop stores such as Dropdate and Whatdropsnow created to follow this trend.
This project delves into the current situation of communication and marketing in the luxury industry, as well as challenges happening in the environmental field and innovation forecast in the future.
Infographic research insights
Based on the primary and secondary research, Iris and her group member, Cindy Biao, concluded these insights that the luxury industry should improve. Firstly, the luxury industry needs to be more inclusive. Secondly, luxury brands need to better retail experience and create a strong relationship with consumers. Last but not least, collaboration with artists or similar things could be an interesting opportunity to try.
The group found it is challenging to combine sustainability, collaboration, and consumer interest and experience together. Therefore, the team made core values and business imagination to further understand and determine the key problems to be solved, and finally determined the prototype idea.
Core Values
Intervention Process
Ultimately, Cindy and Iris wanted to make the intervention to redefine luxury: in addition to the value of the item self, the story between the product and the customer is also an important factor in increasing the value of the item. Memory, experience, and communication can also be defined as a luxury. The team launched a new media platform, including lectures, workshops, second-hand markets, and exhibitions. Cindy and Iris hoped to enable consumers to know more about the information behind the luxury industry and pay more attention to the value of the connections between items and own memories.
Prototype Idea
Exhibition Invitation
Prototype Website