The Changing Face of the Luxury Consumer
The pandemic caused the luxury consumer segment to grow. As a result, it has become more diverse in every way; high net worth individuals (HNWIs) and ultra-high net worth individuals (UHNWIs) are now younger and less likely to be from inherited wealth in the West. This diversity is creating new demands on luxury brands, even how they are defined.

Luxury brands need to reframe both their messaging and the channels they use to communicate with this audience. If they get this right, the opportunity to develop a powerful new customer base is huge.

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