Summer 2023 marked the return of concerts. No longer casual outings, concerts are beginning to resemble summer holidays, with fans travelling from far and wide to see their favourite artists and extending their stays in host cities.
This trend was most pronounced in Taylor Swift’s The Eras Tour, which is set to continue in 2024. Amid a summer filled with concerts from beloved stars like Beyoncé, Bruce Springsteen and Drake, The Eras Tour stood out in terms of crowd numbers and media buzz.
The tour is expected to inject $4.6bn (€4.3bn) into the economies of hosting cities (source: Forbes). Meanwhile, revenue from Swift’s ticket sales alone could climb to $1.4bn (€1.3bn), potentially surpassing Elton John’s record-setting $939m (€885m) from his multi-year farewell tour (source: The New York Times).
Elsewhere, in Sweden, the influx of fans travelling to see Beyoncé’s Renaissance Tour caused a surge in hotel prices in the nation’s capital, contributing to a 0.2% inflation spike in May (source: FT).
Concerts are evolving from single-day events into fully fledged holidays. Fans aren’t just buying a ticket for a two-hour show; they’re buying plane tickets, booking hotels and exploring host cities, contributing significantly to local economies. As this trend gains traction, the worlds of music, travel and commerce will continue to merge – offering brands new opportunities to get involved with cultural events.
Continue the conversation: How can luxury brands collaborate with today’s pop stars? Discuss how Dior could help offer exclusive hospitality experiences linked to cultural events.
Images: Beyoncé’s Renaissance Tour
Images: Loewe and Studio Ghibli
Toys, video games and animated series aren’t just showing up on the big screen; they’re also making an appearance in the world of high-end fashion and accessories. Just this March, Alizila, the news platform of Chinese online marketplace giant Alibaba, reported that 50 luxury brands introduced 500 fashion items inspired by Japanese anime characters on the Tmall Luxury Pavilion (source: Jing Daily). Notable among these collaborations was the partnership between the luxury brand Jimmy Choo and the anime series Sailor Moon, which serves as an example of the growing popularity of cartoon crossovers.
This emerging trend is linked to the rise of a consumer group known as ‘kidults’, which includes teenagers and adults with a strong interest in action figures, board games, building sets and puzzles. According to a survey by The Toy Association, some 41% of US parents have bought toys for themselves in the past 12 months.
As a result, companies are now introducing high-end toys that cater specifically for this demographic. Building block company Lego, for example, has an Icons product series aimed at adults that includes a $680 (€640) Titanic set. In China, fragrance companies like Creed and streetwear brands like Chen Peng have successfully collaborated with the art toy brand Robbi, penetrating the growing collectible toy market.
Continue the conversation: How can Dior enter the collectible toy market? Discuss whether it would be better for Dior to craft its own unique character or explore partnerships with existing intellectual properties (IP).
Social media platform TikTok is sparking a reading revival among younger generations. BookTok, a segment of the platform dedicated to book-centric content, has become the go-to destination for Gen Z consumers looking for recommendations and inspiration. Recent research shows that BookTok significantly influences Gen Z’s reading choices. In a survey of over 2,000 individuals aged 16–25, some 59% credited BookTok for helping them discover a love of reading.
As a result of the growing interest in reading, publishing houses like Bloomsbury are posting record sales. In the year to March 2023, the company noted a 16% rise in profit (source: FT). The publisher recognises BookTok’s contribution, especially emphasising the role played by the popularity of fantasy author Sarah J Maas.
So, what are the kids reading? Romance and fantasy novels like Madeline Miller’s The Song of Achilles and Colleen Hoover’s It Ends With Us are flying off the shelves. When it comes to luxury, some brands have started flirting with the world of literature. Take Chanel’s Rendez-vous littéraires at rue Cambon or Dior’s very own Book Tote Club.
Social media is often criticised for eroding attention spans and devaluing long-form content, but it’s playing a crucial role in inspiring a new generation of new readers. In the future, it will continue to reshape readers’ habits and industry-wide strategies.
Continue the conversation: How can Dior combine the worlds of reading and fashion? Consider ways in which the brand could infuse literary elements into its retail environment, like styling mannequins based on iconic book characters.
Image: Valentino
