CUISINE

How fashion brands are attracting customers to their flagship stores with elaborate F&B concepts

- STORY BY THOMAS HAUER

The global luxury goods industry is facing a period of transformation.

Even established growth markets such as China, which have generated double-digit sales increases for many years, are now showing visible signs of slowing down. In the Far East, a new generation of consumers is increasingly skeptical about the purpose of handbag collections that seem to be launched every week, or the purchase of watches worth the equivalent of a Mercedes S-Class that spend most of their time locked away in a safe. The trends are now moving away from luxury goods and people are placing more importance on luxury experiences. After all, luxury is still very much on trend, but in a different way. For example, 78 percent of all millennials—currently the largest driver of growth in the luxury segment alongside Gen Z—stated in a recent survey by Eventbrite that they would rather spend their money on an experience than a product. In short, memories are better than possessions.

One of the biggest beneficiaries of this trend is the high-end segment of the travel industry, which sells its customers these exact “intangible” experiences. An increasing number of first and business class customers are no longer just traditional business travelers, but also wealthy private individuals and vacationers who are happy to pay a five-figure amount to travel to paradise. Even the major fashion brands are increasingly focused on the “brand experience” in their efforts to attract affluent customers. This includes elaborate food and beverage concepts, which are often conceived in collaboration with culinary stars who serve as ambassadors for stylish and chic popups, fashion cafés or branded restaurants, generating valuable publicity.