Harnessing Customer Data to Unlock the Luxury Market

Luxury is a very broad market and the manner in which specific industries market and sell their luxury products, experiences and services varies widely. Some luxury businesses are prestige brands that sell luxury goods and services at the highest ends of their respective markets. Conversely, five-star restaurants and certain four-star airlines cater to a wider spectrum of customers. In fact, many also offer entry-level products to attract emerging and potentially affluent customers. Other companies take a different approach and target a small line of their overall business to the lucrative luxury market, while their brands aren't primarily associated with luxury goods. Hyundai’s Genesis and Equus sedans are perfect examples as they offer luxury products aimed at Audi, Mercedes, BMW, Lexus and Cadillac customers, even though the bulk of Hyundai’s vehicles are targeted to the everyday motorist.