The fifth edition of arab luxury world drew to a successful close on May 9 following two days of insightful talks, discussions and presentations.
The second and last day of the event witnessed a number of sessions, seminars and debates tackling important issues.
The Global Trends session brought together Christophe Pradère, BETC Design and BETC Asia; Clarisse Reille, Defi Mode; Jonathan Siboni, Luxurynsightl Maximilian Büsser, MB&F; and Oliver Harnisch, Emaar Hospitality Group; and Julien Hawari, Co-CEO at Mediaquest Corp, the company behind this successful event.
Speakers said that the luxury sector has witnessed major and radical developments over the past two to three decades. Family businesses used to control the majority of the sector and ran their activities in a traditional way to make profits. However, with the new generation, they now have new orientations, enter new markets and launch new products. With the emergence of technology and data usage to assess the market and consumers’ needs, the sector has progressed even more.
These family businesses highlighted that luxury companies should invest more to improve their customer experience and use AI to develop their products. With the consumers at the core of their strategies, companies always have to prioritize them to ensure loyalty to the brands. The formula for success is simple: be mindful of the market needs and customer experience.
Changing definition of luxury
During the event, speakers also answered the following question: “What is luxury?” There was a clear consensus that luxury is an experience; a feeling and reassurance and that sometimes the simplest things could be luxurious. For instance, if you’re traveling and feel tired as soon as you reach your destination, getting to your hotel room quickly and easily is luxury itself. It’s not just about the product – a human touch always adds an element of luxury.
Moreover, luxury is as much about quality and heritage as it is about emotion.
An expensive watch is not only used to know the time but is a part of the person’s personality as it offers the person a sense of comfort and familiarity beyond the functional use of time telling.