Why is luxury not in crisis?
While most sectors are affected by the crisis in one way or another, the luxury sector still seems to be doing well. While the global economy is facing unprecedented challenges, the luxury industry is experiencing a much lesser decline, and in the case of some houses, an increase. More than ever, luxury schools in Paris and elsewhere appear as an exciting and reassuring avenue for young people. But what is the real reason for this craze, which seems destined to continue unabated?
Luxury schools in Paris that keep the legend alive
The luxury sector would be nothing without the people who embody its values. Sup de Luxe, luxury marketing school, is committed to training new generations of passionate experts who will be able to maintain the unique character of the "luxury experience".
Because luxury is first and foremost something that is experienced. Unlike products, restaurants, fashion or traditional tourism, the concept of luxury is based on long-standing know-how. The consumer is looking for exclusivity and prestige that he will not find anywhere else. The courses offered by our luxury school in Paris therefore set the bar very high to ensure that this approach is maintained.
Success driven by the international market
The reason why language teaching is so central to the various courses offered by our luxury school in Paris is because the sector is distinguished by its lack of borders. In recent years, Asia has seen a growing number of wealthy individuals seeking upper-class products and services. China, in particular, accounts for 30 to 40 percent of the figure based on homes. Even in the midst of the pandemic, they have seen their revenues increase, in some cases by double digits. The brands were able to take advantage of the strategic reopening of their stores, despite the increasing number of closures in other regions of the world. Thanks to this exclusivity effect, they have sometimes achieved good sales. On the opening day of its Guangzhou store, Hermès achieved sales of $2.7 million.
The progression of online luxury
Physical stores still undeniably represent a good market share, which should increase again as the health crisis remains under control. However, luxury has another growth driver. Luxury schools in Paris and the rest of the world are now betting heavily on digitalization, which has a prominent place in their teaching. With millennials now representing a significant proportion of the luxury industry's clientele, expectations are focused on a dematerialized experience. The houses that have managed to conquer the smartphone generation have taken advantage of a context where online purchases have replaced the pleasures that confinements had deprived them of.
Luxury will never stop being a dream. If the sector is resisting so well to the crisis when some industries considered as "non essential" are collapsing, it's because, when the daily life is difficult, "pleasure shopping" takes a whole new dimension. By training professionals who know how to address the representatives of generations Y and Z as well as an international clientele, the luxury schools in Paris will continue to drive the growth of these unique services and products.