|Photo by Faisal Photography via Flickr|
JWT Intelligence examines the next big trends in the luxury market in their new report, The Future 100: Trends and Change to Watch in 2015. According to JWT, here’s a look at what to expect from the coming year:
Women in Luxury
The Boston Consulting Group claims that women will control 75 percent of discretionary spending by 2028, meaning more women than men will buy luxury goods and travel. Luxury brands will have to learn how to talk directly to women, who will eventually be the ones buying a majority of high-end services.
Luxury Brands are Changing
Brands like Airbnb and Uber are now resonating with buyers of luxury goods. Shared services like these are used by a wide-range of customers, including those in the Millennial and previous generations.
JWT Intelligence explains that Airbnb has about 10 million users, which means customers are turning to non-traditional forms of travel at an increasing rate.
Luxury and Online
Luxury brands can attract more spending by moving online. According to Bain & Company, 40 percent of luxury brands do not have an online presence. E-commerce is an untapped market that could provide a “boom” for the luxury market.