Luxury Retailers Have To Sell Experiences To Keep Asian Consumers Interested

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)