The Future Laboratory, a leader in trend forecasting, consumer insight and strategic innovation, will give an in-depth presentation on the future of retail and luxury at its upcoming US Retail & Luxury Futures Forum, to be held October 21 at the Crosby Street Hotel in Manhattan. Here, CEW Beauty Insider chats with The Future Laboratory Co-founder and Editor-in-Chief, Martin Raymond, on the content of the event (learn the meaning behind virtual opulence, sensory search, whole-chain thinking, home-tail and place-making) and how these insights are expected to impact the beauty sector over the next three to five years.

 
Beauty Insider: You recently had your Beauty Forum in London – what were some of the key insights you shared with attendees?

Martin Raymond: One of the really fascinating subjects was how the beauty industry is harnessing Big Data in order to tailor products. We saw brands like Geneu developing products based on customer DNA, so hyper-personalization is a big trend. One of the other headlines was convergence, and this is especially true of beauty and food and drink, where so many products are crossing over now. And then there were some key markets to focus on for us, such as all the innovations coming out of South Korea, as well as powerful demographic shifts such as the Flat Age Society – where we see the whole concept of aging turned on its head.

 
BI: How are you seeing technology disrupt the luxury and beauty sectors?

MR: One trend that we’ve been tracking recently that has huge potential in the US is Virtual Opulence. Technology and luxury have traditionally viewed each other with some suspicion – they’re kind of the awkward dinner party guests who know they need to get on but don’t really know how. This has all changed drastically over the last few months, and one of the most exciting areas is virtual reality tech. This sounds dated, and something that never really came of age, but Facebook is now driving innovation, with Oculus Rift and Samsung bringing out some really interesting tech in this area, too. We’ve seen brands such as Dior really innovate here with their Dior Eyes project, one that gave consumers back stage access at the Paris runway. Also Harrods Estates have created a VR viewing suite for some of their most high-end properties. As the technology improves, we’re likely to see more and more brands taking advantage of the powerful experiences on offer.

 
BI: Can you give us a taste of what trends you will be focusing on for the Retail & Luxury Forum in New York?

MR: There’s a lot in there – it’s our ‘best of’ the Retail and Luxury Forums, which are normally standalone events but this gives us the chance to do a really focused edit and update on these two interlinked sectors. Virtual Opulence will certainly be in there, and so will things like Sensory Search and virtual browsing – where we see online retailers begin to emulate the revelatory experiences of being in-store, rather than cold and limited online transactions. Another area that we think is fascinating and will be digging into in a lot more depth is whole-chain thinking, where we see brands responding to a millennial consumer who is demanding bigger visions of legacy rather than heritage. This is partly about ethics and sustainability, but is more about knowing your place in the world and being able to articulate this to digital-first consumers. Other key trends we’ll be looking at include Home-tail – where bricks and mortar stores take on a much more personal and idiosyncratic quality – and New Urban Guilds, where we see brands rejecting the standalone Flagship model in favour of something much more embedded in the neighbourhood. It’s all about placemaking.

BI: So that’s the key trends covered, but what else can delegates expect from the afternoon?

MR: We’ll be flagging some of the most innovative brand offers that we’ve seen in the last few months – from Net-a-Porter’s new social-commerce offer, The Net Set, to Everlane’s Transparent City. We’re actually lucky enough to be joined by Rebekkah Bey from Everlane, who will be drawing on her wealth of experience across the retail industry to help us understand where it’s all going.

There are other speakers in the line-up too, including Jacques Panis, the President of Shinola, who will be talking about how to reclaim the concept of heritage from the morass of bland branded comms. That will actually be another big theme of the day – Anti-Authenticity Marketing is our call to action for the industry to reinvent how they speak to consumers, doing away with terms such as heritage, artisanal and crafted. The whole event will be about looking at legacy rather than heritage in retail and luxury – looking forwards rather than backwards. A morning of inspiration and revelation designed to leave brands ready and eager to make the future happen.

To view the full agenda and purchase a ticket, click here.