Training to work in a sector undergoing digital transformation

Wellbeing challenges in the digital world

The global luxury market is booming, fueled by the digitization of this industry, which has been forced to invest in digital at the time of the health crisis. Founder and Director of the EFAP Specialized MBA in Digital Marketing and Business (DMB), and Vice President of the Association for the Digital Economy (ACSEL), Vincent Montet details the three strong and rising trends in this sector.

A fast growing industry and a certain dependence on China

After suffering the effects of the health crisis in 2020, the luxury industry rebounded strongly in 2021, registering a 29% increase, for a market representing €1.140 trillion (products and services combined), according to the 20th edition of the study. Luxury is back…to the future Published last November by strategy consultancy Bain & Company and Altagamma Foundation, the Italian luxury market experts’ association. Thus, the luxury personal products market, which produced 283 billion euros in 2021, could reach between 360 and 380 billion euros by 2025, a growth rate of 6 to 8%.

The sector is benefiting from a rebound in domestic consumption in China, whose market has doubled in size since 2019. The US and online sales have also helped revive welfare. ” It must also be remembered that it is the leading French industry in terms of exports and turnover. It thus holds the standards of France in the world, while benefiting from this tremendous growth Vincent Montet analyzes.

Luxury is catching up digitally

If the sector is considered traditionally backward from the point of view of its digital transformation, nowadays the luxury is catching up in this area. ” In the history of digital and luxury, the latter has somehow missed the role of Web 2.0 and e-commerce. We can say that in the past year, thanks to global digitization, Luxury 3.0 has imposed itself under the impetus of 3 main factors: blockchain, NFTs, as well as immersive universes such as the metaverse. They are all 3 major new challenges to the luxury industry. »

A market driven by the younger generation

The revival of the luxury sector is also supported by young consumers. Generations Y and Z are particularly attracted to luxury brands. ” It’s been 4 or 5 years since this sector became a real trend again, as it was previously a niche for CSP +. Consulting firm Bain & Company estimates that these two generations should account for 70% of spending in the luxury market by 2025.

Another luxury figure: 33% of Gen Zers worldwide have already purchased digital clothing for their avatars, according to the We Are Social Think Forward 2022 report. 60% of Gen Z Americans believe brands should sell their products in the metaverse, according to a study. The Metaverse Mindset: Consumer Shopping Insights” conducted by Kantar and Obsess.

Professions and skills that must be mastered to evolve in the world of luxury and digital

Many digital marketing jobs can be pursued by specializing in one of the realms of luxury, such as jewelry, restaurants, perfumes, wines, food, fashion and automobiles, regardless of the type of structure. ” In an advertiser or agency, you can perform the role of a digital project manager in a role of either a generalist or an e-commerce specialist, but also Social Media Managerexplains Vincent Montet. Within a startup or with a technology provider, it will be possible to work on developing metaverses. You can also turn to advertising agencies or software publishers for affiliation or to purchase keywords or references. Many professions and business models still have to be invented. »

If you want to pursue one of these professions, it is necessary to master the luxury codes, but also to have a good knowledge of the gaming world, the metaverse, as well as cryptocurrency. Soft skills are also required, such as creativity or empathy. ” Today, you can no longer evolve in the field of communications and digital marketing by staying in your corner. The professionals of the future must show empathy to be able to systematically put themselves in the shoes of the user and their customers, in order to meet their needs. »

Digital marketing training that allows you to specialize in luxury

To gain an understanding of luxury codes, understand this ecosystem and learn about market players, EFAP is launching a new course from October 2022: Digital Marketing and Business (DMB) specialization that specializes in the world of luxury. The training, co-produced with Marta Marcheva, MBA Director specializing in “Luxury Strategies and Communications” at EFAP, is given full-time, with 6 months of lessons, punctuated by luxury advisory assignments, entry and exit from competition in the subject , written thesis, and 6 months in the company.

The program is open to all students and professionals from different backgrounds and cultures, such as communication and marketing, but also fashion design or creativity, with the possibility to apply to other sectors according to their desires. ” You can make digital an intersection in a discipline which ensures differentiation, and also allows you to bounce back into many other universes, should you later wish to change paths. The DMB Specialized in Luxury allows you to earn the RNCP Level 7 (bac+5) Certified “Manager of Marketing and Digital Transformation” title. ” The new RNCP validates our dual approach: a Diploma that provides skills and tools in Marketing and Digital Communications with this specialization on Wellbeing, allowing us to embrace a sector in complete transformation. »

To learn more about the world of luxury and the courses being prepared for these professions, EFAP is organizing an online information meeting on February 24th. It will be hosted by Vincent Montet and Marta Markeva, co-producers of the Specialized MBA, and will welcome many guests. In the program: Market inventory, introduction to training and question-and-answer session.

Register to participate in the online information meeting

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