Singapore Yacht show – Asia’s leading yacht and luxury show is here. It is the only yacht show in Singapore, which is fully supported by Global Yachting Industry and Singapore Tourism Board. Like all the previous ones, the 8th edition of the show is going to be a great place to discover some of world’s finest yachts and super yachts in an elite and highly social setting.
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It’s a common misconception that technological innovation is directly counter to a luxury brand’s ethos. But in fact, when we look more closely at one of the hottest technology trends, it’s no surprise that luxury brands are helping pave the way towards technological revolution with Virtual Reality (VR). Virtual Reality is hitting the luxury yacht retail and making big waves for the future.
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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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The global luxury market has displayed a stable growth with increasing diversity. However, challenges are seen in the forecast for luxury brands as they face competition due to the emergence of new trends that have the ability to influence the luxury industry. It is imperative for luxury brands to keep up with trends in order to effectively engage consumers with ever increasing demands.
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The technological landscape is constantly progressing with new innovative products springing out more often. This attributes to changes in the way luxury brands approach their marketing and sales tactics, integrating new technology to increase the effectiveness of their businesses. It is certainly necessary for businesses to quickly adjust in the digital age; they need to learn how new technology can help to increase the effectiveness of business as well as integrating them into future marketing plans.
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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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