With 2023 in the rearview mirror, and 2024 in full swing, it is as good a time as any to reflect on the previous year. 2023 was a year of recovery, however many were asking the question, what type of recovery would be seen.
From a high level, it was a year of polarization - with brands positioned on the very top end of the luxury scale performing well, while others at a more premium position facing challenges.
This is not the case for all brands in each segment of course and we have seen outliers to this trend. The brands that bucked the trend were typified by a dogged focus on localization; premiumization of their offering through new product innovation, discount control, and price rises; and leveraging local partnerships with celebrities and local brands to perform above their segment.
We have collected together some of the key learnings from across marketing and eCommerce to help understand the trends and look toward 2024.