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Report: Luxury retailers to target Internet in '09

November 04, 2008

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New York—Use of the Internet and an increased sense of social responsibility are among the factors that will influence luxury buyers in 2009, the New York-based Luxury Institute predicts.

According to the Institute's predictions, released last week, in the coming year, traditional luxury goods and service providers will begin to use the Internet more aggressively, as the economic downturn makes opening stores and traditional advertising more challenging.

In addition, the Institute predicts that luxury retailers will awaken to the influence of Generations X and Y and start adopting a more "M-commerce" model, meaning they will offer more entertainment, search and transaction capabilities for mobile phones.

Other predictions for the wealthy in 2009 include the continuation of the trend of increased philanthropy; for instance, many discredited Wall Street executives will turn a new leaf and get into philanthropy as a way to salvage their reputations and save family legacies.

Along these lines, the Institute also predicts that luxury retailers will embrace corporate social responsibility as a critical business model component, not just a catchphrase.

In addition to its predictions, the Institute also advises luxury retailers to "not flinch" in the face of expert predictions that will "herald the death of luxury." Instead, those in the luxury industry should look at 2009 as a chance to deliver on the fundamentals of luxury.

According to the Institute, "Men and women who achieve the best will always seek the best of everything. That is why luxury has brands that span centuries, while most other industries don't."
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