In a recent study conducted by The Future Laboratory, the importance of innovation in a consumer society characterized by a sense of immobility is highlighted. This concept is particularly relevant in the luxury sector, where the issue of stagnation is especially pronounced. According to The Future Forecast trend report for 2023, a groundbreaking wave of innovation is set to commence. Data from the World Intellectual Property Organization reveals that patent filings in the first quarter of 2022 reached an all-time high, with a projected increase of 21% compared to the previous year. Martin Raymond, co-founder of The Future Laboratory, notes that this surge in patent applications, coupled with a rise in venture capital investments and record corporate spending on research and development, will pave the way for significant changes in the near future.
However, there exists a paradox. While innovation seems to be flourishing across various domains, consumers themselves are increasingly immobilized by concerns surrounding the environment, politics, and social uncertainties. This predicament necessitates a shift in focus for brands, companies, and CEOs, compelling them to break free from this short-term paralysis and concentrate on making more substantial and long-lasting contributions.
To address this challenge, innovation can manifest in various forms. The study underscores the need for companies and brands to embrace holistic leadership, meaning actively tackling the issues they encounter. Additionally, it advocates for innovation through experiential strategies based on a synesthetic approach. This entails prioritizing highly sensory experiences and the fusion of different genres to elevate the customer journey. The hyper-physicality trend exemplifies this approach, with fashion houses like Christian Dior and Louis Vuitton venturing into the realm of gastronomy by launching dining spaces, or the Savoy hotel hosting the first Gucci boutique dedicated to travel.
The concept of hyper-personalization further demonstrates this trend, particularly in gated retail where exclusivity is prized. An example of this is Casa Cucinelli, an apartment-boutique reserved exclusively for the top clients of the Brunello Cucinelli brand. Diversification and a focus on multi-sensory experiences are also evident in omni-channel strategies. Bulgari’s Serpenti Metamorphosis mobile experience, for instance, combines jewelry presentations, olfactory encounters, and the creation of NFTs, all enhanced by a three-dimensional mural generated by artificial intelligence.
These complementary domains present novel avenues for innovation, foster new dimensions of creativity, facilitate deeper connections with consumers, and ultimately generate fresh streams of revenue. For a more comprehensive understanding of the Future Forecast 2023 report, it can be accessed here.
Useful links:
– The Future Laboratory Future Forecast 2023 report
– ULTIMZ Journal webinar on innovation and creativity
