CONCLUSION Observations, Insights, and Strategy recommendations Although Cartier’s target market is for both men and women who earn a high income, want to portray their high status, and usually price insensitive. However, we cannot ignore the power of non-core customers, which means the younger generation, many reports indicate that the main luxury purchasing power is now gradually becoming younger, in 2020, millennials and Generation Z accounted for 40% of the luxury market, and they will share over 58% by 2025, especially in Asia countries. The non-core customers, who are eager to have the status symbols or rare products to express themselves are absolutely suitable for Cartier, which famous for its uniqueness and exclusivity. Another report said that Cartier has a younger clientele in China than in any other part of the world. Millennials represent roughly 65% of its customers, while Gen Z consumers account for 25%. These digitally savvy, ever-evolving consumers value
ingenuity and new experiences. Therefore, to welcome this new generation of clients, fine jewellery houses are revamping their stores to be more experience-led, while also better suiting millennials' casual, and more democratic tastes. As UK managing director of Tiffany & co-Barratt West said "luxury is moving into a less formal, more energetic direction." At Cartier's latest London boutique, an entire floor is dedicated to a residential concept, to meet the "lifestyle" trend, which also I think's the reason why Cartier has extended the brand to become more lifestyle brand since they already have a home, stationery collection.
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