Luxury Unfiltered: How empathy can save the luxury industryBain predicts for the first time a decline in luxury purchases in a year that is not a crisis year. Even more concerning, the net promoter score of luxury clients is cratering, indicating plain blank that luxury brands are not creating the value clients expect.
These moments of learning, collaboration, and reflection are a gift, and I wanted to share that wisdom with a wider audience. In the podcast’s inaugural episode, I had the privilege of hosting Luc Rochereau, the general director of Marco Valente High Jewelry. One of the most striking lessons from my conversation with Luc was how many luxury brands remain trapped in the “sea of sameness.” Despite their efforts to stand out, their offerings lack the emotional resonance needed to truly captivate their audiences.
My research over the past decade has uncovered the true psychological drivers behind luxury purchases, and it’s all about personal emotional desires. Unlocking this emotional connection requires empathy, creativity and emotional intelligence, skills that are completely absent in many luxury sales teams today.