The graduating students in the Cosmetics and Fragrance Marketing and Management master’s program—the beauty industry’s think tank—unveil their research findings and predictions for the year 2030. The students partnered with The Boston Consulting Group to conduct original quantitative research in three key areas: New Luxury Consumer Values, New Epicenters of Luxury, and New Luxury Platforms. The event defines a new mindset for the luxury consumer and offers a roadmap to expand global opportunities to grow this category in both mature and emerging markets. The Future of Luxury, at FIT on June 3, is sponsored by LVMH and BCG.
How will people decide to purchase their luxury goods in 2030?
Lasting memories, “centers of creation” flagship stores, and like-minded cities will drive future sales in the luxury sector, is the research revealed by graduating FIT students at School of Graduate Studies Cosmetics and Fragrance Marketing and Management (CFMM) Master of Professional Studies program in partnership with Boston Consulting Group.
- Family: When asked what they would do with a 25th hour in their day, 1 in 3 consumers said they would spend time with family.
- Time: 92% of respondents said that time to oneself was important to them in life.
- Health: When asked what kept them up at night, 97% said that health and well-being were most important.
The accuracy of the CFMM program’s annual industry predictions has established it as “The Beauty Industry’s Think Tank.” For more about the program visit: http://fitnyc.edu/CFMM.
Research infographics predictions on luxury consumer predictions for 2030. Click graphics to view full size.