The Future of Luxury: Mega Drivers, New Faces and Scenarios by Yeoman & McMahon-Beattie
What is the future of luxury?
Using scenario planning, this paper explores four possible futures of luxury set in 2030. Now I would like you to apply this to the luxury watch industry. Feel free to use aBlogToWatch for reference on watches and the marketing behind it. Review the following article and write how these can be applied to the luxury watch industry.
Scenario 1, Trading Up to Luxury, discusses how consumers with increased wealth aspire to buy
luxury products and experiences.
Scenario 2, Prestige Luxury, focuses on the behaviors of the seriously wealthy and examines how the mega-rich influence luxury markets.
Scenario 3, Enrichment and Experiential Luxury, illustrates how the concept of luxury has become less about materialism and more about experiences.
Scenario 4, Craft, and Authentic Luxury illustrates how the exclusivity of luxury is framed by craftsmanship, history, and uniqueness.
This paper is based on an examination of the evolution of luxury as a concept and highlights eleven contemporary drivers of change, including the democratization of luxury, demanding consumers, and premium pricing. The study allows those involved in luxury industries to understand change and, using the scenarios, to position their products or experiences.
This paper and research should help you have stronger questions for our luxury watch expert Ariel Adams from A Blog To Watch on Oct 22nd.
Paper length should around be approx two-four pages. Follow the APA Guidelines on your essay, such as you should double-spaced on standard-sized paper (8.5″ x 11″), with 1″ margins on all sides. You should use a clear font that is highly readable. APA recommends using 12 pt. I will also be sharing your work with Ariel Adams to share any insight he may have as well.
• Please include a title page, which consists of the article name, the class name, your name, and the date.
• Upload to Moodle and print out a copy (staples will be accepted for this assignment).
• Include a reference and cite all facts and insight you use throughout the paper.