This week, Adrien Garcia, an entrepreneur and founder of the podcast “Entreprendre dans la Mode,” discusses the future of luxury with Stéphane Truchi, President of Ifop, at the Salon du Luxe Paris 2019. This podcast was made possible through a partnership with Plink, a white label podcast creation studio. Whether you prefer listening on Apple Podcasts, Deezer, SoundCloud, or Ausha, you can find “On fait Salon” on other platforms using this link. There is no strong commitment, and downgrading is assured!
In the past, luxury brands often neglected ethics, eco-responsibility, and social commitment. However, Stéphane Truchi explains that consumer demand has shifted and these factors have become integral to brand strategies. In fact, brands that do not address these issues risk losing consideration, particularly among younger generations. Inclusivity is a key concept that fosters brand creativity, but it must be approached with wisdom.
Brand communication is undergoing a transformation. Previously, brands were passive and top-down in their approach, but with the rise of digital platforms like Instagram, the relationship between brands and their communities has become more interactive. Instagram has become a space where brands can maintain control while allowing their communities to react. This shift has also influenced customer service, brand content, and the overall customer experience. Stéphane Truchi advises brands to prioritize the customer and consider them not just as consumers, but as collaborators.
Luxury has lost some of its enchantment, according to Stéphane Truchi. With its democratization and the entry of new players, luxury brands have seen their essence diminished. To counteract this, brands need to reestablish what creates emotion: the product, the moment, the relationship, and the experience. However, this doesn’t mean reducing prices or offering discounts. Luxury must remain expensive, but brands should focus on reintroducing elements that make consumers dream.
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