Personalised products by Louis Vuitton
Elizabeth Canon of Fashion’s Collective explains how big data can help luxury brands craft intelligent experiences to appeal to UHNW individuals
During the past year, the world’s population of Ultra High New Worth Individuals (UHNWI) has reached an all-time high of nearly 200,000 people with a total combined wealth close to $28 trillion USD. Contrary to some of the latest media headlines, this growth was largely due to North America and Europe.
In fact, the emerging markets are reporting an economic slowdown that has contributed to a decline in UHNWI in China and Brazil. However, it is predicted that Asia will generate more UHNWI and wealth compared to both the US and Europe over the next 5 years (mainly due to population growth).
With this growth comes the need for luxury brands to learn more about this segment in real, actionable ways. Yet, historically, this segment of UHNWI has been tough to find and communicate with. The solution for the future lies not in guessing when, where and how these individuals behave and interact, but instead in leveraging in big data to identify, relate and capture them as customers.
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