Knowing the movers and key opinion leaders in any industry is important. These influential individuals have the ability to affect the opinions, perspectives, and purchasing habits of consumers. And this certainly applies to all things luxury.
In this report we will delve into the luxury market and why KOLs are indispensable, including:
- Key opinion leaders the data indicates you should watch
- Luxury worldwide, and who is leading
- The new trend of luxury – DIY and Artisan approaches
And these statistics about the state of luxury support are interesting to note:
- Chinese consumers account for one-third of global spending on luxury goods
- Gender fluidity is on the rise, in fact, 38% of Gen Z agree that gender no longer defines a person
- Used luxury apparel and accessories consignment has been projected to reach $51 billion by 2023
5 KOLs to Watch
2020 has deprived many people of taking trips and enjoying things taken for granted. Which perhaps is why consumers are indulging themselves and the luxury market is booming, even in a pandemic.
Using market research, we have five influential folks and trendsetters to share with luxury category creatives and businesses.
Our KOL list reveals a sampling of people that any company should be paying attention to if they hope to follow their success.
Daniel Langer – CEO of the leading luxury, lifestyle and consumer brand strategy firm Équité. He is fluent in six languages and holds luxury masterclasses in Europe, USA and Asia. He has also authored books on the subject.
Jose Neves – A Portuguese billionaire and the founder of Farfetch, a global luxury fashion online platform. He built his life from the ground up and has many awards including making the list of Business of Fashion’s 500 People Shaping the Fashion Industry (2017, 2016 & 2015).
Bernard Arnault – CEO of LVMH, he was the richest man in the world in January 2020. And in the giving spirit of Louis Vuitton, Arnault’s family pledged €200 million to help repair the Notre-Dame cathedral after the fire.
Christine_Beauchamp – The new president of Amazon Fashion and one of two women promoted to Amazon’s senior leadership team. She has a long history of doing great work within the fashion industry, including her time as president and CEO of Victoria’s Secret from 2005 to 2008.
Alessandro_Michele – Italian fashion designer and creative director of Gucci. He’s also one of our favorites, as creator of the “new Gucci,” a reimagining of original designs by Frida Giannini. He also made Time Magazine’s list of 100 Most Influential People in 2017.
But just knowing who is trending, without context around what issues are trending where doesn’t do much for us – so let’s dig in!
Luxury Leader Locations Worldwide
If you’re planning to launch a new campaign or product, knowing where the buzz is happening is critical to reaching the right audience. And market research is crucial to pinpointing luxury leader locations.
Below, our bar chart is reveals where our key opinion leader conversations are trending around the world. And it’s dominated by three key locations: the United States, Europe, and China. And the latter is clearly leading with Chinese consumers accounting for 1/3 of global spending on luxury goods. In addition, it’s predicted by 2023 that China will have its own global luxury brand:
As we explore, we can select areas to reveal articles, blogs, trade journals and more to give a rounded view of each category – and each KOL.
For example, selecting London shows an article focusing on Alessandro Michele, trendsetting in the luxury space by offering gender fluid shopping. Our market research flagged this article to show sentiment, and this move by Alessandro has earned a good bit of favor. Supporting this are statistics that show 38% of Gen Z agree that gender no longer defines a person, and 27% of millennials feel the same way.
Next up, we’ve filtered to show our trending luxury segment tags of Fashion, Travel, Auto and Artisan (DIY) along with our five KOLs. Our Italian trendsetter is making waves of equal intensity in our top three countries, as well as his home base in Milan and Italy overall.
Unsurprisingly, fashion is present in more segments than others, while the “Artisan” grouping is gaining. This is something that 2020 has no doubt encouraged. And it looks like Christine Beauchamp has a head start on this category:
All of this information is significant to understand the over-arching conversation, its key players and which parts truly lead the luxury parade.
Having the right market research allowing you to apply many different lenses is critical to capturing vital intel. Equally critical to understanding the whole picture is which areas of luxury are growing or declining. Let’s explore that next.
An Artisan Approach to Everything
A timeline of conversation gives us a visual representation of the ebb and flow of conversation over time around each segment. Looking at the world of luxury, our largest segment covers different fashion brands. And just above it is the newer category of Artisan Luxury Brands Redefining Luxury.
This category has stayed consistent, and recently experienced small, but noticeable growth. It’s also our second largest category. With COVID-19 came not only a change in the way we shop, but in how we shop. Exploring the timeline below reveals articles which not only support this but expand our knowledge.
Below, are two of many articles pulled from the above timeline detailing how luxury brands need to pivot to meet the demands of a new, enlightened and artisan supporting consumer. Consumers have elected to support more local establishments to help protect and support their communities.
In fact, those who still want luxury and also seek to support their communities have gone the used consignment route. And on its own, this niche is big money. Used luxury apparel and accessories consignment is projected to reach $51 billion by 2023.
This has caused luxury brands to rely on local and in-house manufacturing and reimagine their business models as the shift from global to local has made its way to their radar.
And Louis Vuitton, always ahead of the curve (possibly due to top of the line market research), is doing all of this already. The luxury brand helps young people find jobs, actively supports charities, and ethically sources their materials. All of this is at the heart of artisan love and support.
As a marketing tactic, building up communities can have great returns for the companies that are willing and forward-thinking. Giving consumers a space to belong fosters a personal relationship, creating ripples that will last a lifetime, or least stand a chance in our fickle consumer environment. And this is something Louis Vuitton does well. It’s something every brand should be these days.
If you would like to know where your industry is headed, who the key opinion leaders are and where you fit in that mix, reach out for a demo. An elite approach is not reserved for the luxury sector after all, they’re just really good at setting trends for others to follow!