Breathing Life Into A Brand

Akash Sheth, Managing Director of Luxury Lifestyle Weekend, says that it’s time brands master the skills of experiential marketing to appeal to those who are inclined to ‘being’ rather than ‘buying’

The luxury market globally has grown at a reasonably fast pace and has crossed the €1.3 trillion mark. While automobile remains one of the leading categories accounting for almost €500 billion, what’s interesting is that the amount spent on experiential luxury has grown substantially. Consumers are inclined to the ‘being’ versus the ‘buying’ phenomenon. Global consumers, especially millennials, are spending more on experiences such as dining, holidays, spas, hotels, cruises and festivals as opposed to spending most of it on branded products. The world is becoming more conscious in different ways, and people feel they look better when they are happier.