LSN : News : Stat: The personal luxury market surpasses pre-pandemic levels

These conceptual billboards challenge unsustainable ads

Empire of Signs by Point of Reference Studio, Spain

Madrid – Design agency Point of Reference is using digital mock-ups of out-of-home (OOH) advertising campaigns to draw attention to how environmentally damaging this form of marketing can be. The campaign, which includes a short film, uses direct messaging, such as the fact that an advert posted for one month will take about 400 years to decompose, to incite viewers to act.

Such statements are placed within pastoral settings in the digital mock-ups, with billboards positioned amid green landscapes to highlight the fact that such long-term adverts can be damaging our natural world. In this way, Point of Reference forces businesses to confront the issues in advertising and communications and find creative alternatives that have less environmental impact. ‘It is time to rethink these billboards as short-term messaging devices and lean on other formats of advertisement or in more creative and conscious ways,’ says Point of Reference in a press release.

While we’ve previously explored the ways that brands have sacrificed marketing messages in line with the pandemic, this campaign references growing calls for brands to take a similar approach in relation to the environment.

Strategic opportunity

Brands across sectors must reconsider the strategies they’re using to promote products and services. Consider eco-friendly alternatives to OOH advertising, and actively encourage the wider industry to follow suit

Drake offers fans a virtual tour of his home

Drake Related (https://drakerelated.com), US

Toronto – Transforming his home into a virtual boutique, Drake is offering fans a chance to visit his sprawling, 50,000-square-feet mansion through a virtual tour on his website.

Dubbed The Embassy, the palatial home has been rendered digitally into an interactive environment that that allows fans to browse through the musician’s bedroom, studio and lounge; shopping from his line of merchandise as they go. After featuring his home in Architectural Digest and the music video for Toosie Slide, most Drake devotees will already be familiar with the rapper’s space. But in contrast to the spotless perfection in both of these projects, the digital home is strewn with personal artefacts like misplaced papers, draped hoodies and crumpled blankets.

Granting a more intimate glimpse into his life, the rapper is forging a more personal bond with his supporters and tapping into the Digital Fandom Market that is re-imagining the relationship between creators and fans.

Strategic opportunity

The pandemic has placed more prominence on the home than ever before. Companies can consider creating virtual spaces that resemble domestic spaces to showcase their products

Snap moves into recipes and food education

US – The social media company is teaming up with recipe website Allrecipes to introduce an ingredient scanning feature to its photo-sharing app. Called Food Scan, the update will allow users to scan an ingredient with their camera and see suggestions for relevant recipes, all within Snapchat. Food Scan can currently recognise over 1,200 ingredients and recommend more than 4,500 recipes from Allrecipes.

In addition to recipe suggestions, the app also shares ingredient information from Wikipedia to help its users learn more about their food. Through this update, Snapchat is supporting people in discovering new ways of connecting with food, and bolstering inspiration for cooking in a similar way to TikTok. Such features could also help to reduce people’s individual food waste by providing greater education on potential uses of particular foods.

Elsewhere, we’ve previously explored the ways that restaurants have experimented with augmented reality as a way of injecting a sense of fun and interactivity into traditional dining experiences.

Food Scan by Snapchat and Allrecipes, US

Strategic opportunity

As people increasingly look online for food inspiration, restaurants have an opportunity to create in-person dining experiences elevated by social media. By doing so, you can invite your audience to play a part in the making of their meals

Stat: The personal luxury market surpasses pre-pandemic levels

Pur Oud by Louis Vuitton

After suffering a sharp contraction in 2020, the worldwide personal luxury market has bounced back, growing by 29% in 2021 to reach an estimated value of £239bn ($319bn, €283bn).

After returning to growth in the second and third quarters of 2021, the luxury industry has not only managed to rebound from an unpredictable year, but it has also increased the size of the market by 1% from 2019. Research by Bain & Co predicts that the personal luxury goods market could grow by 6–8% annually, reaching £304–321bn ($405–428bn, €360–380bn) by 2025. While the overall luxury market is still stagnating below pre-pandemic levels, the personal luxury market – which includes handbags, watches and jewellery – is back on track after a faster-than-expected recovery in 2021.

Younger consumers are continuing to drive growth in the sector, with Millennials and Gen Z expected to comprise 70% of the market share by 2025. China and America continue to be market-makers, with secondary and suburban areas in the US becoming increasingly prominent. Readers looking to reach new consumers can consult the Key Themes from Walpole’s British Luxury Summit.

Strategic opportunity

As the pandemic continues to reconfigure demographics, suburban areas are becoming more relevant than ever for the luxury industry. The sector must consider new marketing strategies to reach these valuable consumers