Wearable Technology to Transform Luxury Goods Market
Mindshare Worldwide, the global media agency network, predicts that wearable technology will transform the luxury goods market, as new products such as Google Glass drive the market to innovate further and create high end products which look good and have advanced technology functions. Other technology trends such as “showrooming”, where people try products in store then shop online for the best option to order are also changing the very traditional luxury market, as detailed in a Mindshare report published today entitled Culture Vulture - Luxury.
Other topics explored within the report include community development, challenging and rewarding achievements, localisation, storytelling and the use of gaming within design.
One example, taking the auto and gaming relationship to its extreme, is Grid2: Mono Edition, to date the world’s most expensive videogame that even comes with a real racing car. Priced at £125k, the special edition package from UK’s Briggs Automotive Company comprises a 170 mph BAC Mono supercar, driver race wear, a PS3, a day at the car’s factory to customise the vehicle and the videogame itself.
Ecommerce trends are also shifting towards online sales for luxury brands, which have been slow to pick up in the same way the broader consumer goods market has.
Jo Peters, editor of the report said: “The luxury market has, by its own admission, been wary of the democratic ‘free for all’ nature of digital channels. In spite of this luxury brand sales online are up 28% in 2013 and the increasing number of affluent millenials will further drive this trend.”
To help global brands capitalise on wearable technology opportunities, Mindshare launched Life+ last month, a new unit specialising in wearable technology. Mindshare clients will be able to work with the world’s leading wearable technology companies to learn, discuss and eventually create, brand related applications, integrations and product developments based on wearable tech APIs.