Research shows that Cannes Lions sales in the luxury category have bounced back post-Covid-19 and are expected to exceed pre-pandemic levels in 2023 as China activity normalises.
The Cannes Lions International Festival of Creativity has announced the launch of the Luxury & Lifestyle Lions. This Lion will provide a global benchmark for brands in the luxury space, recognising and celebrating the most impactful creative work, experiences and creative business solutions for the luxury and lifestyle sector.
Simon Cook, CEO, Lions, said, “When we introduce a Lion that reflects the needs of an industry sector, the Award is crafted in collaboration with the relevant industry. Our global committee of experts have advised us that this highly disrupted sector needs its own benchmark so that we can move from driving awareness to recognising solutions that are changing business models and setting a new creative standard for a market in flux. The Luxury & Lifestyle Lions will recognise branded communications and solutions that drive business performance and brand loyalty. A multi-disciplined Jury will set a new benchmark for the luxury sector, with the Lion recognising creative work that elevates the discipline and the sector.”
Marian Brannelly, Global Director of Awards, Lions, added, “The luxury market has faced significant disruption in recent years and post-pandemic. A shift in consumer behaviour and an accelerated shift towards e-commerce and emerging technologies are just a few of the areas the market has had to navigate and innovate in at speed. Add to this the changing values of new demographics, the evolving definition of luxury in non-Western markets and the need for a heightened focus on sustainability and conscious consumption, and you begin to see the pivotal role that world-class creativity can play in this transformation.”
In WARC’s ‘Guide to luxury marketing in an era of change’, Euromonitor research cited shows that sales in the luxury category have bounced back post-COVID-19 and are expected to exceed pre-pandemic levels in 2023 as China activity normalises.
As cited on WARC, further research by IPSOS, shows that the global luxury market is changing bringing new opportunities and challenges. Demographic shifts in emerging economies will create more than one billion first-time consumers, concentrated in China, India and Southeast Asia. Their purchasing power is supported by rapid digital adoption amongst a youthful, urban and tech-savvy population.
Charles Georges-Picot, Global CEO at Marcel and Publicis Luxe, Global Client Lead, said, “At a time where the luxury sector must constantly reinvent, transform and honour brand heritage with a keen eye on the future, the introduction of a Luxury & Lifestyle Lions will help set a new creative benchmark for this highly disrupted and exciting sector. We know that creativity has the power to push boundaries and progress sectors and disciplines. We’re excited about a new industry standard that will redefine how we look at branded communications, business models and creative transformation in this dynamic space.”
