Tata CLiQ Luxury’s Post

As recovery from the impact of COVID-19 pandemic continued, the world’s Top 100 luxury goods companies generated personal luxury goods revenues of US$347 billion in FY2022, up sharply from US$305 billion in the previous year. Looking ahead, it is becoming clear that even the timeless world of luxury is not immune to the transformative influence of generative artificial intelligence (AI). Find out more in our latest Global Powers of Luxury Goods 2023 report: https://deloi.tt/3NiEgxU

The latest Luxury Unfiltered column in Luxury Daily by our CEO Daniel André Langer takes a closer look how luxury needs to reinvent itself in the age of AI and Gen Z. #ai #luxury #genz #extremevaluecreation #daniellanger https://lnkd.in/gFxWMfJB

At The Luxury Institute, LLC, we are committed to breakthrough, authentic, original, research-based, fiduciary content, leveraging two unmatched resources: 1-The collective wisdom of top-tier luxury experts in our GLEN (Global Luxury Expert Network) network. 2-Collective insights gathered from our exclusive global network of HNW and UHNW individuals and families. AI is here to stay. That is a fact. How the luxury industry, a business segment that has always stood for delivering the best of the best products, services, and client experiences chooses to use AI requires deep consideration. The Luxury Institute, LLC recently conducted a qualitative survey with 22 luminaries from its Global Luxury Expert Network (GLEN) and asked them to weigh in on the most important initial business uses of AI and the myths luxury brands should confront as they engage with vendors to implement AI. We are grateful for their generosity and expertise. Top-tier senior executives and consultants of Luxury Institute’s Global Luxury Expert Network (GLEN), representing the full spectrum of luxury goods and services categories including automotive, private aviation, fashion and leather goods, hospitality, interior design, jewelry and watches, real estate, wine and spirits, yachting, and other categories, responded in candid detail. Their expertise and wisdom provide trustworthy guidance in a world of AI hype and an evolving AI landscape where morals, values and respect for digital assets are not only important but essential. We agreed to maintain responder anonymity for confidentiality reasons. Here are their collective responses to critical AI questions:   To download our white papers please click here: https://lnkd.in/em4hd-93 #luxurybrands #retailbusiness #beautyindustry #autoindustry #lvmh #hermes #chanel

Before you sign off for the festive break, get ahead of the game with our 2024 Luxury Report— MOF’s annual outlook on the state of luxury, in our present moment and the long term. Framed by three movements flexing the market, from the fall of status to AI, automation and the brand multiverse, the report captures our take on it all, powered by studio-wide insights and sector-wide research. Read now: https://lnkd.in/d6bNbK7X #MatterOfForm #TheLuxuryReport2024 #LuxuryReport #LuxuryTrends #TrendReport #2024Trends #Luxury #Business #Tech #Brands

Words of Wisdom by Daniel Langer.The ever growing impact that content is playing in delivering and improvising customer experiences especially for the luxury sector. In the absence of price domination, a definitive narrative becomes the key component for commencing deep customer relationships. Building such a narrative can only come through a strong articulation of a brand’s identity and personality. #luxurybrands #ailuxury #artificialintelligence #luxurymarketing #branddesign #brandidentity #luxurybrandmanagement

Luxury Industry 2024: A Year of Transformation 🌟 2024 poses unique challenges for the luxury sector. With economic uncertainty, even giants like LVMH and Kering brace for cautious spending, especially as the Chinese market slows down. Sustainability takes center stage, as consumers demand ethical sourcing and eco-friendly products. This shift isn’t just a trend anymore but a necessity for brand survival and relevance. Digital innovations like AR, VR, and AI are already redefining luxury shopping experiences, offering immersive interactions and top-notch digital customer service. Lastly, 2024 will see a rise in conscious consumerism. Quality and sustainability trump quantity, with consumers seeking products that tell meaningful stories and align with ethical practices. In essence, luxury in 2024 is about balancing tradition with innovation and opulence with responsibility. Brands that adapt to these changing dynamics will lead the way in redefining modern luxury. #Luxury2024 #SustainableFashion #DigitalTransformation #ConsciousConsumerism #LuxuryBrands

The luxury market is gearing up for a dynamic year ahead, poised for a return to more stabilized growth levels amidst evolving consumer preferences and global uncertainties. As we reflect on the resilience demonstrated by luxury brands in 2023, it's clear that agility and flexibility will be key in navigating the challenges and seizing opportunities in 2024. As we embark on the journey into 2024, the luxury market stands at the cusp of innovation, adaptation, and resilience. By staying attuned to emerging trends, embracing sustainability, and leveraging the power of AI, luxury brands can position themselves for success in a rapidly evolving landscape. For further content and customized analysis: [email protected]. #LuxuryMarket #2024Trends #InnovationInLuxury #MansurMurad