During a conference hosted in New York by Scott Galloway, the founder of Luxury Lab, a few keys issues emerged from analysing the current luxury market. Firstly luxury brands have fallen behind in the online department. Mr. Galloway stresses that despite brands not having much technological advantage, and some not even an online store,
"it's not too late to take action, now is the time for laggards to make major strategic investments in digital innovation." - Business of Fashion
Another key focus was on "Conversations, Community and Culture". The importance of communication between brand and consumer cannot be ignored, with the Internet taking a large market in this communication channel it is important for brands not be left behind. Consumers want to feel part of the brand lifestyle they are buying into and luxury brands need to allow them to take part, something much few are currently doing. Shoppers aren't "mute" anymore they have a voice and now they know how important their role is for brands.
