4 minute read
Conclusion
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.
Advertisement
CONCLUSION
What's more, Cartier has been at the forefront of the online fine jewelry market, having launched highly successful partnerships with Net-a-Porter - a Panther watch was said to be sold within 3 minutes of its launch on Net-a-Porter, and Cartier become one of the biggest success stories on Tmall Luxury Pavilion-became one of the first luxury brands to reach the RMB100 million transaction milestone in the world’s largest shopping event. Others are including the appetite to create personalized pieces of Cartier, Cartier Care, which is a digital platform that provides more sweet services to enhance its client experience and that seeks to create greater affinity towards the brand. These are all the responses to the new trends in a jewelry shopping experience that have been dictated by a younger, more modern audience. However, based on my Cartier survey results, the majority of respondents are desiring to own Cartier items, and the main reason for those who don't have Cartier's products is because of the high price point and its mature style. which means that even Cartier has done lots of great jobs to engage the younger generation, it still has some gaps to let customers move the consideration phase to the decision/ purchase phase. Such as, I think Cartier can develop a collection for a younger style with entry price point, to pitch to a younger crowd, or launch limited editions of revived items from its heritage legacy to attract the affluent younger clients who desire to own rare products.
CONCLUSION
Also, today, Cartier said demand has been growing at a faster rate than new shopping boutiques being built. For consumers who live in cities that don’t yet have a retail store, digital channels have become their first point of contact with the brand or even their first gateway to luxury. So, optimize the digital experience is critical for the business. For the in-store recommendations, Cartier can provide more digital content in their stores, such as craftsmanship and heritage videos, and open some pop-up store, which have more activities and display that can engage and communicate with a younger generation, to enhance the customer experience and let their customers know more about their legacy. What's more, the loyalty program is always a good idea for consolidate loyalty. For the online recommendation, Cartier can create an AR filter to let customers can visualize products on themselves and a 360-degree product model to make up for the experience online, such as being unable to try on online. Offer immediate virtual personal advisors, or real-person advisors during work hours when customers navigate the items via the official website and provide the personalized service in every collaboration 3 party retailers. Besides, to consolidate loyalty, Cartier also can offer video streaming and personal video shopping for special customers.
CONCLUSION
Trend predictions for the future
The rise of Covid-19 in 2020 and the increasing younger purchasing power impacted customer behavior, mindset, and the way the luxury sector provides its services. As I mentioned above, luxury is moving into a less formal, more energetic direction, also let many brands become the "lifestyle" brands. In the future, we can observe lots of brands implement brand extension and line extension to meet the lifestyle trend, just like Tiffany and Co's blue box cafe and Gucci garden, Celine offers a special range of coveted lifestyle products and so on. Also, the aim of seamless experience of digital technology is the majority of the brands now developing. In the future, the more detailed try-on technics through augmented reality, or even the holographic projection, the more efficient payment methods and deep dive into a brands world through virtual reality & gaming world. What's more, personalized services are on trend, not only because many brands utilize big data to adjust the brand strategy, but also personalization can give a pampered feeling for customers, to further strengthen the experience and loyalty.
