The buzzword that drives retail today is experience. And if luxury retail is to retain its place at the top, it must capitalize on the so-called “experience economy” to engage discerning consumers.
Spending is shifting from traditional products to experiences, according to business strategist B. Joseph Pine II. A Boston Consulting Group report found that of the $1.8 trillion USD spent on “luxuries” in 2013, nearly 55% was actually spent on luxury experiences.
Read my FULL article on FORBES “Luxury Retailers Have To Sell Experiences To Keep Asian Consumers Interested“.
(Photo: Qilai Shen/Bloomberg via Forbes)