Source: Harvard Business School – Technology and Operations Management
Luxury consumers are shifting their spend from traditional goods to experiences, especially those designed to recharge, revitalize and improve well-being. Millennials are the first generation to switch from a products to experience shopping. They are not expecting the brand to tell them how to wear or use their clothes. Millennials are redefining marketing rules and communication between fashion houses and customers.
Can fashion brands get in on the action? Nike is already surfing on this wave with an app that is more close to a personal coach and a service, than a product. You can learn more about the experience economy here.
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