Posts tagged millennials
Top 4 Reasons Why Luxury Car Brands are Using Virtual Reality

The advent of virtual reality in the automotive industry dates back to 2013, when Ford used an ultra-high definition VR lab to enable engineers and designers based in different locations around the world to work together on vehicles in real time.The next remarkable use of Virtual Reality was made by VOLVO in 2014, on the launch of XC90 SUV .Since then, VR automotive application has stepped beyond the R&D labs and factories, and entered showrooms and homes. With VR headsets, consumers can test drive any car of their choice just by sitting at their home.

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Millennials: The Future of Luxury Retail

According to the white paper, “Five Luxe Trends for 2015” by marketing expert Pam Dazinger, millennials will have the highest potential to become the largest spending generation in history by 2035. Bain & Co also predicts that millennials will heighten the value of the luxury goods industry to $324 billion, accounting for 45% of the market by 2025. This entails a challenge for many luxury brands as research reveals that traditional business models do not resonate well or align with their values and expectations.

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