The future of the global luxury industry has less to do with the growth of China's high-income consumer audience, Gen Z, or millennials. According to Jonathan Siboni, founder and CEO of Luxurynsight, the main concern for luxury brands like Chanel and Dior is finding the best way to continue 'translating' the emotion of their creations in a world increasingly dominated by artificial intelligence (AI), which collects intimate and personal details that consumers may not even be aware of.

Recent research, such as the Deloitte's 'Global Powers of Retailing' report from February and S&P Global's corporate trends report from January, makes it clear that the pandemic has drastically changed the world, and advertising and media need to reinvent themselves to remain relevant. The focus will shift to direct connections with consumers for product and service promotion. Therefore, understanding the exact profile of consumers becomes crucial for luxury industry players.

The increasing importance of 'big data' in this ongoing revolution, which is predicted to peak in 2026, becomes their pièce de résistance. Luxury brands like Chanel have been investing in the development of applications that collect extensive data from their clients, seeking to maintain a strong relationship with customers who value the unique qualities that set luxury products apart. Knowing how to emotionally engage and retain this clientele will determine the winners in this evolving landscape.

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