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Data collection and analysis, a key issue for the luxury industry

Data collection and analysis, a key issue for the luxury industry

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Luxury Institute conducted a survey of luxury group CEOs and came to one conclusion: most are dissatisfied with the state of resources and data analysis.

 

The Luxury Institute is a research, training and consulting firm on high-end products and services based in New York, and Boca Raton, Florida. Over the past 12 months, Milton Pedraza, CEO of Luxury Institute, has heard a recurring theme: most are not satisfied with the state of their group or brand’s data and analytics resources and capabilities.

 

Luxury Institute’s Affluent Analytics Lab (AAL) survey of luxury goods and services brand executives and their key consultants worldwide indicates that most luxury companies’ data and analytics processes are lacking.

 

Data collection and analysis

 

When asked to rate their data collection capabilities or those of the brands they lead, a majority (56%) are neutral (34%), dissatisfied (20%) or very dissatisfied (2%). In addition, most luxury brands indicate that they lack analytical expertise. Only a small minority (5%) report that the brand has staff with modern analytics training and skills, such as data science, AI and machine learning, to execute their analytics. 95% report that this critical need is partially addressed (56%) or not addressed at all (39%).

 

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