Thomas Serrano is the Founder and CEO of Exclamation Group.
The concept of luxury is highly diverse—continuously evolving and adapting based on societal interests, geography and generations. During the pandemic and in the years since, the U.S. market has proven itself as the most resistant and reliable for luxury brands. Statista reported that compared to the rest of the world, “most [luxury] revenue is generated in the United States.”
Each year, I see the interest in luxury growing for all of our clients, and the sentiment remains overwhelmingly positive. Looking into the remainder of 2023 and beyond, it seems the online sales of luxury products will only continue to grow. The luxury event industry stands to benefit from this trend as luxury brands invest in special experiences like events to compensate for the reduction of human interactions in brick-and-mortar boutiques.
The luxury events industry can cater to clients who seek highly customized, money-can’t-buy experiences to share with their consumers. According to Bizzabo, over 70% of event professionals believe in-person events are a vital component of their marketing strategy. These experiences are typically immersive, bespoke, and designed to create a lasting impression on the attendees and deepen their bond with the brand on an emotional level.
With that in mind, let’s take a look at five trends my company has seen start to emerge and transform luxury events this year.
1. Quiet Luxury
Understated luxury trends have been popping up even in the fashion industry and in pop culture with the coining of the phrase “quiet luxury.” The degree of complexity—or lack thereof—of luxury events is something that has changed quite dramatically during, and now after, the pandemic. According to current trends, rather than creating an extremely over-the-top event, organizers should aim to provide a more authentic and effortless-looking experience that simultaneously offers something unique or unexpected. When it comes to luxury, less is now actually more. Through this approach, creators also have the space to really be laser-focused on the most important elements of the event rather than occupying themselves with unnecessary “filler,” which can actually distract from what you want your audience to take away.
2. Smaller Gatherings
We all remember when Covid-19 restrictions relaxed and we saw a spike resurgence in large-scale events. People were happy to have the chance to safely gather, ending the nearly two-year in-person event drought. Luxury events refocused their efforts on bringing products to large audiences. Now, as the peak stabilizes once more, I have been seeing a return to bespoke, intimate gatherings where guests can obtain a more meaningful experience and help customers feel a more personal connection to their brand, their top executives and their products. We generally advise our clients to host events for groups as small as 100 guests to ensure it feels intimate and distinctive.
3. Off-The-Beaten-Path Experiences
Guests have come to expect distinctive moments that they would never be able to experience outside of the event. This one-of-a-kind luxury event can go a long way in making a memorable impression on the guests. An emotional moment, even branded, is more likely to be shared on social media and saved after the event.
An excellent example is the recent Tiffany & Co. flagship opening and series of events. From an up-close performance by Katy Perry to the floor depicting a fireworks display over Manhattan, the event was certainly memorable and unlike anything that guests could hope to experience anywhere else.
4. Shopping Live At The Event
Being the first person in a social circle to buy a limited-edition product before it is available anywhere else can make a customer feel special. This is especially exciting to do in a unique location rather than on their couch on a laptop or at their favorite boutique. At a luxury event, customers can experience the thrill of purchasing an item that no one else has, while being advised and guided by a brand ambassador. When live shopping is incorporated in a meaningful way, it can give customers a one-of-a-kind souvenir to take home with them and drive revenue for the business.
5. Bringing In The Next Generation
Brands recognize that Gen Z and Gen Alpha are crucial to their longevity—these demographics’ luxury spending is even predicted to grow three times faster than that of other generations. Meanwhile, luxury clients also want to enjoy their family and share luxury event experiences with their children. Both of these trends, if executed properly, can support and work together, creating a pathway for the next generation of luxury clients. However, on the event side, this may mean being able to welcome teenagers or young children, which may require additional accommodations, services and a special program to accommodate their unique needs.
The experience economy is here to stay, and the standards luxury clients have come to expect are as exacting as ever, even if opulence is no longer the approach. With a focus on bespoke consumer experience, event managers have the opportunity to express brands in a more creative and engaging way than ever before.
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