News 06.12.2023

Need to Know

Bacardi and The Future Laboratory’s new report on cocktails trends for 2024, Balmain turns to hyper-realistic virtual try-ons and why businesses must set a more ambitious carbon strategy.

Bacardi and The Future Laboratory unveil 2024 Cocktail Trends Report

The Facundo Rum Collection from Bacardi, London The Facundo Rum Collection from Bacardi, London

Global – Bacardi, in collaboration with The Future Laboratory, unveiled its fifth annual Cocktail Trends Report in December 2023. The research draws on insights from Bacardi-led and external studies, interviews with bartenders and insights from The Future Laboratory’s experts.

Five key trends set to redefine cocktail culture and the spirits industry in 2024 are highlighted in the report. These are: Limited Libations, how next-gen drinkers are opting for a 'less but better' approach; Innovative Ageing and Blending – think new ageing methods and flavour combinations; Escapism Elixirs, bringing consumers closer to branded cocktails regardless of location; Notes of Nature, exploring a rise in interest in sustainability, natural ingredients and eco-friendly practices; and Tech-enhanced Tastes, which explores the digital advances, especially AI, revolutionising personalised cocktail experiences.

Read the the full report here. If you would like to connect with our experts and learn more about our Commissioned Thought-Leadership, please reach out to us at [email protected].

Balmain introduces hyper-realistic virtual try-ons powered by Bods

Balmain in collaboration with Bods, France Balmain in collaboration with Bods, France
Balmain in collaboration with Bods, France Balmain in collaboration with Bods, France

France – From the runway to the avatar realm, luxury house Balmain has called on fashion-fit technology company Bods to create a next-level virtual try-on tool.The partnership is destined to improve the e-commerce experience by bringing shoppers customised and hyper-realistic virtual fitting, but also to tackle the high return rates due to improper fitting.

How does it work? On visiting Balmain.com, consumers can create a personalised 3D avatar of themselves, dress it in digital recreations of Balmain designs and receive sizing suggestions from Bods’ fitmap technology. Thanks to recent tech advances, the tool enables a high level of photorealistic details. Fabrics, embellishments and tailoring, for instance, accurately replicate real-life features.

‘The luxury houses we partner with are steeped in traditions of exquisite craftsmanship, attention to detail, finest materials and intricate designs thoughtfully executed by their ateliers,’ notes Bods CEO Christine Marzano. ‘Our mission is to honour these distinct attributes while integrating our technology to create an elevated experience that is true to the brand.’

Find out more about retail’s immersive and hyper-personalised future in our EQ-Commerce macrotrend report.

Strategic opportunity

E-tailers have a lot to gain from teaming up with tech partners. By partnering with Bods, Balmain is benefitting from the latest fashion-fit technology to enhance shoppers’ experience and convenience, lower return rates, but also open up the Balmain retail experience to a much wider audience

Shanghai’s Jade Buddha Temple and Boitown collaborate on ‘blessed scent’

AI imagery by The Future Laboratory, UK AI imagery by The Future Laboratory, UK

China – Visitors to the Jade Buddha Temple (Yufo Temple) in Shanghai can now take home a bottle of ‘blessed scent’, designed to bring good fortune to its wearer.

Created in collaboration with popular Chinese fragrance brand Boitown, the Ruyin collection was designed exclusively for the Buddhist temple.

The collection is made up of six fragrances and takes inspiration from the temple’s blessed bead bracelets. Each scent is designed to bless a particular area of the perfume-wearer’s life, such as marriage, wealth and health.

A March 2023 study released by Chinese travel platform Ctrip previously revealed that one in two temple visitors have been Millennials or Gen Z since February 2023. This wave of younger consumers turning to temples went hand in hand with a surge in guests overall of 310% since the beginning of 2023 year on year.

In our Emerging Youth: China report, we explored how the youth of China are experimenting with cultural traditions and putting their own stamp on Chinese culture – in some cases, this looks like a revival of spirituality and trips to temples.

Strategic opportunity

By shifting the narrative from consumerism to spirituality, the Ruyin collection not only stands out, but also appeals to the segment of Chinese youth that feel disillusioned with the capitalist landscape and are seeking deeper meaning from their purchasing power

Stat: Study finds that businesses are lagging behind in carbon strategy

Perfumer’s Garden by Francis Kurkdjian at the Palace of Versailles, France Perfumer’s Garden by Francis Kurkdjian at the Palace of Versailles, France

Global – In a startling revelation, new research indicates that almost half of businesses have not yet formulated a plan to cut their carbon emissions, with a staggering 70% of these companies showing no immediate intention to tackle the issue. The findings, from a joint report by the Association of Chartered Certified Accountants (ACCA), International Federation of Accountants (IFAC) and PricewaterhouseCoopers (PwC), are based on a survey of some 1,000 senior finance professionals globally.

This lack of action highlights a critical gap in corporate response to climate change. With nearly half of the companies surveyed without a carbon reduction strategy, and most of them disinclined to develop one, the path to a sustainable, low-carbon future seems fraught with hurdles.

The report points to chief financial officers (CFOs) as potential catalysts for change, suggesting that while they have not traditionally led the sustainability charge, they are increasingly being looked to for guidance. As financial leaders, CFOs have the opportunity to drive their organisations towards greener practices.

To successfully navigate this transition, finance teams must bolster their skills and understanding of sustainability challenges. The research underlines the pressing need to balance immediate financial imperatives with the essential long-term goal of achieving net-zero emissions.

Strategic opportunity

For businesses to lead in sustainability, they must collaborate with sustainability experts to upskill their employees in embracing data insights and new management frameworks for accurate reporting and sustainability management

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