The pandemic has changed the way the world’s wealthiest consume luxury goods, with recent trends in marketing demonstrating a shift in consumer habits. Today’s affluent consumers increasingly search for brands that align with their values, judging brands on their actions, not just on the services or products that they sell. The world’s wealthiest are also increasingly demanding elevated and exclusive experiences that go above and beyond material consumerism.
Luxury brands must embrace the latest marketing trends in 2022 to attract the world’s most demanding consumers. But how can luxury brands continue to promote products and brands with meaning to an affluent audience that can afford virtually anything?
Through my digital marketing agency, Relevance, I have worked with some of the world’s leading luxury brands, including those here in Monaco. For more than a decade, I have witnessed the luxury landscape shift dramatically. It is no longer enough to be a luxury brand; instead, luxury brands need a truly tantalising marketing strategy – both online and offline - to attract and drive the world’s wealthiest to action.
Here are five recent trends in marketing that luxury businesses will need to embrace in 2022 to elevate their brand and continue to attract the attention of the world’s wealthiest.
Top marketing trends 2022
Marketing trend 1: Offer localised and unique experiences
The richest people in the world increasingly crave localised and unique experiences, opting for brand experiences over material consumerism. In an age when travel is restricted, brands need to ensure a genuinely compelling reason to travel by offering experiences that cannot be enjoyed anywhere else in the world. Highly personalised services, immersive and carefully curated events coupled with unique localised experiences are all being harnessed by luxury brands to garner the attention of wealthy individuals. Luxury brands should embrace an ‘anything is possible’ approach in a highly competitive market.
Marketing trend 2: Prioritise ethics over aesthetics
In a world in which the environment is of paramount importance, UHNWIs are increasingly priotising ethics over aesthetics, and this is reflected in the latest marketing trends 2022. In particular, Millennials, Gen Z, and Alpha UHNWIs are far more committed to the environment. Luxury brands must appeal to this younger and highly affluent cohort by ensuring that they align with their core values. Therefore, luxury brands must clearly demonstrate their sustainable practice and commitment to the environment to appeal to this audience of individuals with a strong social conscience.
Marketing trend 3: Ensure your brand appeals to UHNW women
The number of Ultra-High-Net-Worth women is growing. According to Wealth-X, there are now around 39,000 UHNW women globally. While UHNW women still only represent just over 14 percent of the world’s wealthiest, they are becoming an increasingly important cohort and are set to grow in numbers significantly over the next decade. Of note is that below the age of 50, women account for almost one in five UHNWIs. Women think and behave differently from their UHNW male counterparts. They are more empathetic, philanthropic, and emotionally open. Luxury brands need to tailor their marketing strategies in 2022 to appeal to the unique behaviours of this highly influential and powerful audience by clearly highlighting their social purpose and humanitarian efforts.
Marketing trend 4: Embrace the latest digital trends
The digital landscape is constantly evolving, and luxury brands that embrace the latest digital trends will thrive. The Metaverse, Virtual and Augmented Reality, along with the rise in Non-Fungible Tokens, are all being embraced by luxury brands keen to promote existing and new products in exciting and unique ways. The COVID pandemic has driven the acceleration in these digital trends, yet they are set to continue to gain popularity as luxury consumer spending habits shift to embrace a new normal. However, it is essential to note that there is no room for error. Luxury brands must go above and beyond to ensure that they deliver a flawless luxury digital marketing experience from the very first touchpoint to the last.
Marketing trend 5: Develop stand-out content that is unique
Luxury brands should consider unique and memorable ways to stand out from the crowd in a content-saturated world. Content, be it online or in print, must sell a luxury brand’s unique story, values, and ethos to resonate with an audience that puts equal importance on meaning and purpose as much as they do credentials and kudos. In 2022, luxury brands need to muster the confidence to stand out, not fit in.
The luxury market is constantly changing, and now, more than ever it is imperative that ultra luxury brands embrace the latest marketing trends 2022 in order to attract and drive the world’s wealthiest to action.