On 20 November, Vogue Business hosted a reception in partnership with Capital One to explore the results of their recent collaborative study looking at the needs and expectations of luxury consumers across different lifestyle categories. While buying behaviour and generational differences across product categories like fashion and beauty are regularly investigated by the industry, less is known about the holistic needs and expectations of the different lifestyle categories of shoppers, not to mention their service requirements.
The research found that 55 per cent of luxury consumers in the US have used concierge services to source luxury goods or access exclusive experiences such as in-demand restaurants, VIP entry to sell-out shows and elevated travel. Interestingly, Gen Z shoppers are more likely to use concierge services and, across the board, a trend emerged in shoppers utilising concierge providers to bypass waiting lists and take on the labour of time-consuming tasks when it comes to accessing luxury goods and experiences.
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The event featured a panel discussion to explore these findings, moderated by Vogue Business head of custom insights Anusha Couttigane. It was kicked off by Capital One’s head of Premium Card, Katie Swegle. Swegle highlighted that both Capital One and David Yurman are relatively young organisations, having been established in 1994 and 1980, respectively, among competitors who typically have extremely long histories in the market. “The benefit of coming from a young company is there’s no playbook. You’re building the playbook every single day,” said Swegle. This youthful approach to business makes each brand more agile and alert to the ever-changing needs of shoppers, and also able to react intentionally when new opportunities are identified, such as demand for travel or cultural pursuits. She spoke about how Capital One identified a very clear gap and launched its Venture X card to deliver value in terms of rewards and benefits for luxury shoppers. “These are benefits that you don’t have to jump through hoops to figure out how to use them.”
A favourite card perk of luxury travellers is access to airport lounges, given their increasing desire to travel. “It’s not always a joyful experience, so we really want to reinvent the lounge experience,” explained Swegle. Capital One has so far launched three bespoke lounges and, on the day of the event, had just opened its fourth lounge location, Capital One Landing, at Ronald Reagan Washington National Airport. The Landing focuses on offering a differentiated dining experience — not just from regular airport food, but a distinct dining experience that people would want to access, with a culinary concept crafted by Michelin-starred chef José Andrés. Venture X and Venture X Business cardholders can also get exclusive reservations for Capital One Landing before they arrive at the airport via the mobile app.
