Under the patronage of Emmanuel Macron, Minister for Economy, Industry and Digital and with the sponsorship of the French Ministry for Culture and Communication.
New desires, constantly evolving clients, business models that have been transfigured by digital issues: Luxury is undergoing its biggest transformation in thirty years against the backdrop of a slowing economy. In the face of these challenges the industry experiments as well as offers a new type of luxury where emotional relationships and experiences matter at least as much as products.
Once a sign of social rank, now a promise of authenticity and “added life”, luxury is migrating and becoming a trade of emotions. To own a luxury product is no longer the nec plus ultra, but a symbol of a rich and meaning-laden experience. As such, experience purchases (tourism, gastronomy, etc.) now represent more than 55% of the luxury market. Personal luxury (fashion and accessories, jewelry, etc.) is also changing and give increasing importance to the experience dimension of its offering.
How is this transformation happening? Are we transitioning to an experience economy?
What is the impact on strategy, customer relationships and point of sales?
And how, in this experience era, can one build an emotional and multichannel connection?
9h00 – Opening address
Jacques Carles, chairman, Centre du luxe et de la création
9h30 – 11h00 – From the product to the experience : the new added values of luxury
There is a transition from product luxury to total luxury, a true art de vivre. Purchases are no longer only commercial transactions, they are experiences which must impact our lives. Do luxury products have to be more than products, and to what extent can they be separated from their function? How are experiences created, and how does one make an experience personal, unique and memorable? How can one differentiate one’s services and selling rituals based on brand identity? How can one prioritize the customer experience as highly as the product itself, and what new value chains does this goal imply?
11h00 – 12h30 – Between having and being : reinventing the customer experience
Luxury clients are more diverse than ever and hungry for novelty and exclusivity; they are driven by new aspirations and they want to live luxury as much as own it. The consumption of luxury products is becoming the vector of identity construction for individuals, but what individuals? Who are the clients of this “experience luxury” and what do they expect from luxury? How can one create customer loyalty and understand the diversity of attitudes? Will CEM (Customer Experience Management) replace CRM? How can one go beyond client satisfaction to craft pleasurable moments?
12h30 – 14h15 – Lunch
14h15 – 15h45 – Retail vs. Internet : the range of the purchasing experience
Even though today online sales represent only 7% of luxury product sales, they are growing twice as fast as store sales. Customers have adopted omnichannel behaviors and they demand exceptional interactions everywhere. However, the store experience remains the pillar of the connection to a brand and of a strong emotion relationship. How then can one enrich the sales journey inside and outside of the store? Does it require making the store the theater of a multi-sensory stimulation? Should this memorable experience be transposed into the digital universe? How can one make the digital sphere serve emotion? How can one build a global and fluid journey from one channel to the next?
15h45 – 17h15 – The experimentalist luxury : a prospective vision
Even though luxury has always integrated a strong creative and experimental dimension in its products it hasn’t done so in other parts of its operations. By designing experiences in addition to products, will luxury begin experimenting in every aspect of business? Can brands experiment in those areas without risk? How can they reinvent themselves, adapt and integrate modern technologies without losing their identities? Will they let themselves be left behind by new actors offering disruptive innovations and novel business models? Innovating materials, the redesign of points of sale as theaters or trailblazer strategies: which tools will generate the “wow effect”?