Table of Contents

1. Key Highlights
2. Introduction
3. Why 2026 Marks the Turning Point
4. US and China: Distinct Engines Sharing the Same Outcome
5. Consumer Segments: What Has Changed and What Still Matters
6. Product Mix and Pricing: Balancing Scarcity, Accessibility and Margin
7. Channels and Experiences: Where Luxury Will Be Bought and Why
8. Storytelling and Emotional Connection: The New Currency
9. Sustainability, Ethics and Traceability: Expectations Become Requirements
10. Talent, Technology and Operations: Building Resilience into the Business
11. Mergers, Partnerships and Portfolio Strategy
12. Scenarios to 2030: Risks and Upside
13. Practical Playbook: What Executives Should Prioritize Now
14. Measuring Success: KPIs That Matter
15. What This Means for Smaller and Emerging Luxury Brands
16. The Role of Governments and Policy: A Shifting Landscape
17. Closing the Loop: From Purchase to Relationship
18. FAQ

Key Highlights

• After several years of subdued demand, luxury is projected to return to growth in 2026, expanding at roughly 4–6% annually through 2030, with the United States and China as principal engines of recovery.
• Consumer demand is re-segmenting along local lines: shoppers in different markets display distinct preferences, yet they converge on one clear expectation—emotional connection with brands through experience, storytelling, and authenticity.

Introduction

The luxury market has navigated an extended period of deceleration, forced to adapt to shifting consumption patterns, geopolitical upheaval and the fracturing of once-reliable growth channels such as travel retail. Data and interviews collected by The Business of Fashion and McKinsey & Company make one point unmistakable: the slowdown is ending. Growth will not snap back to the high single-digit rates of the past, but a steady recovery beginning in 2026 will deliver sustainable, if more modest, expansion across the sector through the end of the decade.

What shapes this next phase is not a return to one-size-fits-all strategies. Instead, the recovery will be local and experiential. A survey of over 2,000 clients and dozens of market interviews underpin this conclusion. Their responses point to two related realities. First, consumer preferences have become more differentiated by market and cohort. Second, shoppers across geographies prize emotional resonance—what they buy must say something about who they are and how they feel. Brands that reconcile tailored local execution with a consistent emotional core will capture the most value in the years ahead.

This report examines why 2026 is the inflection point, how the US and China will drive growth, what consumers are buying and why, and which strategic choices will determine winners and laggards in a market that rewards nuance over scale alone.

Why 2026 Marks the Turning Point

Multiple forces stalled luxury growth in recent years: post-pandemic behavioral shifts, weakened tourism flows, inventory and supply-chain frictions, and macroeconomic headwinds. Together they masked underlying resilience in demand that has now started to reassert itself.

Inventory cycles have reset. Retailers and maisons that tightened assortment and rationalized markdown policies during the downturn now approach the market with cleaner stock positions. Better inventory discipline translates into stronger full-price sell-through and healthier margins—conditions that support measured reinvestment in brand-building and retail experiences.

Consumer balance sheets and spending patterns also rebalance toward discretionary categories as inflationary pressure eases and labor markets stabilize in major economies. High-net-worth and affluent consumers reorient spending toward symbolic and experiential purchases after a period of cautious consumption. This shift favors luxury categories that deliver identity expression and memorable experiences: watches, leather goods, high-end apparel, fine jewelry, and luxury hospitality.

Crucially, the recovery will not be a simple rebound. The forecast of 4–6% annual growth through 2030 implies a market that is larger and healthier, but one where gains accrue to companies that can execute on several simultaneous priorities: localized assortment, premium pricing control, compelling direct-to-consumer experiences, and a credible stance on sustainability and social responsibility. Brands that neglect these priorities will find growth slow and margin pressure persistent.

US and China: Distinct Engines Sharing the Same Outcome

The US and China will resume their roles as the principal growth engines for luxury, but the dynamics driving each market differ.

The United States

• American demand is anchored in domestic consumption rather than tourism. High levels of wealth concentration and a strong luxury retail infrastructure make the US a stable source of demand. Younger affluent cohorts—millennial and Gen Z households—prioritize statement purchases and lifestyle curation, fueling demand for visible, covetable items such as bags, sneakers, and ready-to-wear collaborations.
• The US market rewards brands that couple cultural relevance with accessibility. Collaborations with artists, limited-edition drops, and experiential activations in flagship stores or cultural institutions resonate with consumers who are as comfortable buying luxury online as they are in prestigious brick-and-mortar settings.
• Pricing power in the US remains significant. Given favorable currency dynamics for some European houses and the domestic nature of spending, brands can maintain healthier price points than in markets reliant on travel retail discounts.

China

• Chinese consumption is returning decisively, driven by urban affluent households and rising consumption in lower-tier cities. Domestic travel and in-country retail have regained traction, reducing reliance on outbound travel as a channel.
• Shoppers in China exhibit a pronounced appetite for storytelling and brand heritage, but they also demand innovation and limited releases. Social commerce and short-form video platforms are central to discovery and community formation. Brands that engage early adopters with localized product drops, KOL partnerships and immersive retail experiences see outsized returns.
• Price sensitivity exists alongside a willingness to buy at full price for items that confer status or align with personal aspirations. Domestic platforms that provide white-glove service, rapid delivery and integrated aftercare strengthen conversion among Chinese shoppers.

Shared outcome: emotional connection Despite differing behaviors, consumers in both markets converge on the importance of an emotional dimension to luxury. Buyers want meaning—ownership must deliver identity reinforcement, memory, or belonging. Brands that articulate a clear emotional narrative and make that experience tangible in both product and service will succeed across markets.

Consumer Segments: What Has Changed and What Still Matters

Luxury consumers are more complex than ever. Rather than a single mass of high-spending shoppers, the market now resembles a mosaic of segments, each with distinct needs and purchase drivers. Understanding these profiles is essential to prioritizing investment.

The Symbolic Shoppers

• Motivation: Public signaling of status, taste and membership in cultural cohorts.
• Typical purchases: Iconic handbags, logomania pieces, limited-edition sneakers, watches.
• Channels: Flagship stores in major cities, secondary markets such as resale platforms for rare items.

The Experience Seekers

• Motivation: Desire for unique, memorable experiences tied to travel, craftsmanship and exclusivity.
• Typical purchases: Bespoke tailoring, artisanal jewelry, high-end hospitality packages, exclusive event access.
• Channels: Direct-to-consumer channels; brands’ own ateliers and experience centers.

The Value-Conscious Affluent

• Motivation: Buying for long-term value, craftsmanship and investment potential rather than conspicuous display.
• Typical purchases: Timeless leather goods, classic watches, heritage outerwear.
• Channels: Authorized retailers, boutiques with transparent aftercare policies.

The Conscious Consumers

• Motivation: Environmental and social responsibility—purchase decisions reflect ethical considerations.
• Typical purchases: Brands with traceable supply chains, pre-owned and rental luxury, certified sustainable collections.
• Channels: Brand channels that provide full traceability and third-party authenticated resale platforms.

The Young Aspirants

• Motivation: Cultural capital, peer recognition, a desire to experiment.
• Typical purchases: Collaborations, street-luxury hybrids, entry-level luxury accessories.
• Channels: Social platforms, fast checkout digital experiences, pop-ups.

Brands must map these segments accurately by market. The Business of Fashion/McKinsey survey indicates that consumers in different regions prioritize different segments. For instance, symbolic purchases remain strong in the US among high spenders, while experience-driven buys and social commerce discovery dominate in China. European markets show a mix, with classic luxury retaining a dedicated base among older cohorts.

Product Mix and Pricing: Balancing Scarcity, Accessibility and Margin

The 4–6% growth outlook constrains how brands can pursue volume and margin. Scaling revenue without eroding brand equity demands disciplined product and pricing strategies.

Control distribution tightly Luxury thrives on scarcity. Over-distribution dilutes desirability and accelerates discounting pressure. Maintain strict channel controls, limit wholesale exposure, and expand direct-to-consumer channels where brands can manage the narrative around price and experience.

Rationalize assortments Streamline SKUs to focus on high-velocity, high-margin cores while preserving space for limited, high-impact drops. Rotating exclusives and regional capsule collections keep assortments fresh and responsive to local tastes without adding permanent complexity.

Manage pricing with transparency Global pricing strategies must account for regional tax regimes, import duties and currency fluctuations. Move toward clearer price alignment to reduce gray-market arbitrage. When price increases are necessary, pair them with clear product or service upgrades that reinforce value.

Maximize the high-margin categories Leather goods, watches, and jewelry typically offer better margins than apparel. Investing in craftsmanship storytelling and aftercare for these categories solidifies long-term brand value and supports price resilience.

Leverage resale and repair A controlled pre-owned strategy—either in-house or via vetted partners—provides an entry pathway for younger buyers while preserving price integrity for core collections. Aftercare, resale buy-back programs and refurbishment services extend product lifecycles and keep consumers within the brand ecosystem.

Case examples

• A heritage maison that limited certain handbag runs and prioritized waitlist sales preserved perceived scarcity and avoided heavy discounting while achieving sell-through at full price.
• Brands expanding made-to-order and bespoke services anchored margin and strengthened customer relationships, translating one-off interest into lifetime value.

Channels and Experiences: Where Luxury Will Be Bought and Why

The split between physical and digital will not resolve into a binary; rather, omnichannel integration will define success. Each channel must justify its role through distinct value.

Flagship stores as cultural centers Flagships remain essential for high-touch discovery, private clienteling and immersive storytelling. The most successful flagships function as cultural hubs—hosting exhibitions, pop-ups and collaborations that generate media and social traction while deepening emotional connection.

Smaller, targeted formats Brands will increasingly deploy compact, experience-focused formats in secondary cities and affluent suburban locales. These stores emphasize curation, personalization and events rather than vast merchandising.

E-commerce with white-glove service Digital channels require frictionless checkout, premium packaging, and rapid, flexible fulfillment. The line between online purchase and physical experience blurs through services such as virtual appointments, at-home try-ons, and seamless returns.

Social commerce and short-form discovery In markets like China, social platforms and short-form video are primary discovery channels. Brands that integrate commerce into these platforms—offering live-streamed product launches, creator collaborations and tailored local-language content—capture younger, trend-sensitive buyers.

Resale and rental as acquisition channels Pre-owned and rental platforms serve two functions: they attract new customers to the brand and they sustain product desirability through circular availability. Luxury houses will deepen partnerships with certified pre-owned specialists and create their own authenticated resale channels.

Travel retail regains but changes Travel retail will recover, but its role shifts from price-driven tourism shopping toward experiential duty-free offerings. Brands can leverage airport spaces for exclusive collaborations and time-limited releases that cater to international travelers—while guarding against a return to discount-heavy promotion.

Customer experience as a differentiator Emotional connection manifests in experiences—private previews, behind-the-scenes access to ateliers, invitation-only events, and bespoke service. These experiences create narratives that encourage repeat purchase and advocacy. Brands must operationalize clienteling at scale: using data to personalize outreach without eroding the aura of exclusivity.

Storytelling and Emotional Connection: The New Currency

Functional excellence—quality, materials and craftsmanship—remains necessary but insufficient. Emotional connection is the linchpin that transforms customers into advocates and sustains pricing power.

Narrative clarity Brands must articulate a coherent, differentiated story that translates across markets while allowing local adaptation. Heritage houses should foreground craft and provenance but avoid ossification. Contemporary brands must highlight cultural relevance without diluting intrinsic value.

Tactics that build emotional ties

• Curated content: Editorial and visual storytelling that situates products within lifestyles and aspirations.
• Community building: Invite-only events, branded clubs, and loyalty models that reward engagement rather than mere spend.
• Collaborative authenticity: Partnerships with artists, designers and cultural institutions that align with brand values and introduce fresh narratives.
• Service rituals: Personalized aftercare, bespoke experiences, and clienteling processes that create memorable touchpoints.

Measurement matters Emotional connection must translate into measurable outcomes—repeat purchase rates, net promoter scores, average lifetime value. Brands that invest in qualitative research and customer listening convert intangible loyalty into financial performance.

Real-world examples Some maisons have successfully translated narrative into uplift by staging exhibitions that showcased archival pieces alongside contemporary collections, creating cross-generational resonance. Other brands converted social storytelling—crafted short films and behind-the-scenes content—into measurable engagement spikes that fed store traffic and online conversions.

Sustainability, Ethics and Traceability: Expectations Become Requirements

Sustainability is no longer optional. Consumers demand credible action rather than marketing claims. Brands that integrate transparency and traceability across supply chains will gain trust and defend premium positioning.

From certification to storytelling Certification—whether for materials, carbon accounting or labor standards—provides a baseline. Brands must convert these credentials into coherent storytelling: where exactly did this leather come from, who made this bag, what is the product’s carbon footprint? Traceability tools and QR-enabled product passports create tangible proof points.

Circular business models Circularity is both a moral and commercial imperative. Services such as buy-back, refurbishment, certified resale and rental reduce friction for customers who want sustainability without sacrificing access. Circular initiatives that are tightly controlled preserve brand integrity, while loosely implemented resale strategies risk margin erosion.

Design for longevity Design that prioritizes repairability, classic silhouettes and high-quality materials extends product life and supports premium pricing. Investing in repair networks and aftercare services transforms disposable consumption into durable ownership.

Regulatory and reporting pressures Governments and regulators are increasingly demanding transparency. Brands must prepare for mandatory reporting, due-diligence requirements and possible restrictions on certain materials. Compliance is costly, but a proactive stance reduces reputational risk and supports long-term competitiveness.

Talent, Technology and Operations: Building Resilience into the Business

Operational resilience underpins the ability to capitalize on recovering demand. Talent and technology investments are non-negotiable.

Talent: craft plus commercial fluency Recruiting and retaining artisans, retail talent and digital marketers is vital. Brands must blend heritage craft capabilities with modern commercial fluency—data analysts, CRM specialists and social content producers. Training programs that merge atelier skills with storytelling competencies strengthen coherence between product and narrative.

Technology: data-driven personalization Customer data platforms, advanced CRM, and predictive inventory management enable tailored outreach and fewer markdowns. Technology investments should prioritize privacy-conscious personalization to foster deeper relationships without violating customer trust.

Supply chain: agility over lean Recent years have taught that extreme lean models are brittle. A hybrid approach—maintaining efficiency while building buffers and multi-sourcing critical components—reduces disruption risk. Nearshoring certain processes for speed and control can justify higher costs through faster reaction to local demand and a premium on sustainability credentials.

Capital allocation: invest in brand-building With modest growth forecasts, brands must be choosy about where to deploy capital. Prioritize investments that amplify emotional connection and protect margin: flagship experiences, digital clienteling tools, supply-chain traceability, and premium product categories.

Mergers, Partnerships and Portfolio Strategy

The slow-growth environment favors disciplined consolidation and strategic partnerships rather than unfettered expansion. Portfolio management becomes a core management discipline.

Selective M&A Acquisitions that fill capability gaps—digital platforms, niche luxury labels with strong cultural cachet, or service-oriented businesses such as bespoke ateliers—create synergies without diluting brand proposition. M&A must preserve the acquired entity’s DNA where that DNA is the value driver.

Strategic partnerships Partnerships with technology firms, resale platforms, logistics specialists and creative collaborators offer flexible routes to market and capability augmentation without full integration. For example, co-investments in authenticated resale platforms allow brands to participate in circular economies while maintaining control over valuation and presentation.

Portfolio rationalization Luxury groups must evaluate brand overlap and cannibalization. Consolidating overlapping back-office functions and clarifying brand architecture removes friction and reduces cost while allowing each label to maintain a distinct emotional position.

Private equity and capital markets Investor interest remains strong but selective. Private capital can accelerate digital and market-entry plays; public markets reward clear, predictable growth and margin stability. Management teams should craft narratives that link short-term discipline to long-term brand value.

Scenarios to 2030: Risks and Upside

The 4–6% baseline is a consensus view, but several scenario paths could produce materially different outcomes. Brands should plan across these possibilities.

Baseline: steady recovery

• Global luxury grows 4–6% annually.
• US and China account for the bulk of incremental demand.
• Winners: companies that emphasize emotional connection, local execution and category mix.

Upside: synchronized wealth and easing geopolitics

• Growth accelerates if global wealth concentration increases, tourism fully rebounds and geopolitical tensions ease, enabling cross-border luxury flows.
• Winners: brands that combine global scale with nimble local activation.

Downside: renewed macro shocks or regulatory disruption

• Severe recessionary conditions, sharp currency moves or regulatory restrictions on certain materials (e.g., exotic skins) could compress demand and margins.
• Winners: brands with strong balance sheets, diversified geographies and integrated circular models.

Stress tests Brands should stress-test inventory, pricing, and customer cohorts against these scenarios. Robust contingency planning—alternate supply sources, liquidity cushions, and dynamic pricing—reduces downside exposure.

Practical Playbook: What Executives Should Prioritize Now

The path from strategy to execution requires focused efforts across five pillars. These priorities translate the recovery narrative into actionable steps.

1. Rebuild emotional storytelling

• Audit brand narrative across markets; consolidate core themes and allow regional tailoring.
• Invest in content that showcases craft, provenance and customer stories.

2. Rebalance assortment and pricing

• Reduce SKU complexity and prioritize core, high-margin categories.
• Implement transparent pricing policies that minimize gray-market leakage.

3. Scale clienteling and personalization

• Deploy CRM and clienteling tools to deliver individualized experiences—virtual appointments, bespoke offers and loyalty benefits.

4. Expand controlled circular programs

• Launch certified resale and refurbishment services under tight brand control.
• Communicate circular credentials clearly to attract conscious consumers.

5. Invest in revenue-protecting operations

• Strengthen supply-chain resilience, diversify sourcing and build capacity for made-to-order or limited runs to match local demand.

Action steps for retail leaders

• Convert flagship spaces into content-creating venues.
• Introduce intimate, appointment-based experiences for high-value clients.
• Train sales teams in storytelling and digital triage to blend offline and online consultative selling.

Action steps for product leaders

• Institute modular design approaches that allow for regional customization without permanent SKU proliferation.
• Prioritize repairability and timelessness in product spec.

Action steps for marketing leaders

• Reallocate portions of marketing spend from broad reach to high-engagement formats: community events, creator partnerships and experiential activations.
• Use first-party data to refine lookalike audiences and measure the ROI of emotional engagement programs.

Measuring Success: KPIs That Matter

Executives must focus on metrics that connect emotional engagement to financial outcomes.

Revenue KPIs

• Full-price sell-through rates.
• Repeat-purchase rate and purchase frequency.
• Average order value and lifetime value by cohort.

Engagement KPIs

• Net promoter score and brand advocacy measures.
• Event attendance and conversion from experiential activations.
• Social and content engagement tied to conversion metrics.

Operational KPIs

• Inventory days and markdown rate.
• Time-to-market for limited releases and region-specific capsules.
• Repair and resale program margins.

Sustainability KPIs

• Percentage of materials traceable and certified.
• Product lifecycle extension metrics: average years in use, refurbishment volumes.
• Scope 1–3 emissions and progress toward established targets.

A disciplined set of KPIs prevents vanity metrics from masking underlying weaknesses. Tracking the right ones enables timely course corrections.

What This Means for Smaller and Emerging Luxury Brands

Not all brands can emulate the scale and resources of major luxury groups. However, the evolving landscape favors nimble brands that focus on authenticity and customer intimacy.

Advantages for smaller players

• Speed: nimble operations and lighter overheads allow quick testing of regional concepts and collaborations.
• Authenticity: emerging brands can build direct relationships with communities and translate niche cultural relevance into loyal followings.
• Partnerships: strategic alliances with platform providers, ateliers and experience curators allow smaller brands to offer high-end service without heavy capital investment.

Risks and mitigants

• Risk: resource constraints may limit ability to scale or defend price. Mitigant: focus on premium niches—e.g., craftsmanship-led product categories—with high margin profiles.
• Risk: talent scarcity in specialized roles. Mitigant: invest selectively in core roles and outsource non-core functions to vetted partners.

Tactics for growth

• Launch limited, regional capsules to test market fit and demand elasticity.
• Embed sustainability and traceability from launch to appeal to a growing cohort of conscious buyers.
• Build community through localized events and social engagement tied to tangible commerce outcomes.

The Role of Governments and Policy: A Shifting Landscape

Public policy shapes the operating environment for luxury, from trade regimes to environmental regulation.

Tariffs and trade policy Tariffs and import duties affect pricing and cross-border purchase behaviors. Brands must model tax-inclusive pricing and decide where to absorb costs versus maintaining price parity.

Environmental regulation New rules on chemicals, waste, and material sourcing will alter production economics. Early compliance and transparent reporting reduce future compliance costs and reputational risk.

Data privacy and commerce regulation Regulatory attention to data privacy influences customer-data strategies. Brands should prioritize consent-based personalization models that both respect privacy and deliver tailored experiences.

Engagement with policymakers Leading brands increasingly engage with policymakers and industry groups to shape practical, sector-appropriate regulation that protects consumers and supports sustainable competitiveness.

Closing the Loop: From Purchase to Relationship

Luxury’s next chapter rewards brands that view transactions as the start of a relationship rather than a single exchange. The shift toward local preferences and emotional connection demands a customer lifecycle mindset: acquisition through discovery, conversion via curated experiences, retention through exceptional service and expansion via community and resale channels.

Companies that construct ecosystems—spanning commerce, experience, repair, resale and storytelling—will capture both immediate revenue and enduring brand equity. Execution requires patience, capital discipline and a relentless focus on what consumers actually value: meaningful ownership that affirms identity and delivers lasting satisfaction.

FAQ

Q: Will luxury return to the high single-digit growth rates of previous decades? A: No. The forecast points to a more modest, sustainable expansion of roughly 4–6% annually through 2030. Growth will be steadier and more uneven across categories and regions. Brands should align expectations and capital allocation with this more measured trajectory.

Q: Which regions will drive the recovery and why? A: The United States and China will lead. The US benefits from strong domestic consumption, concentrated wealth, and cultural appetite for visible luxury. China’s recovery is driven by rising urban consumption, social-commerce-enabled discovery, and a resurgence of domestic retail. Each market requires different activation strategies despite shared emphasis on emotional connection.

Q: How should brands balance global consistency with local adaptation? A: Maintain a clear global brand story and emotional core, then tailor product assortments, marketing narratives and retail experiences to local tastes and channels. Use regional capsule drops, collaborator partnerships, and localized content to stay relevant without diluting brand identity.

Q: Is sustainability a luxury advantage or a cost? A: Sustainability is both a cost and a competitive advantage. Initial investments in traceability, sustainable materials and certification add expense, but brands that demonstrate credible action can command premium prices, attract conscious consumers and reduce long-term regulatory and reputational risks.

Q: What role will resale and circular models play? A: Resale and circular services will function as acquisition channels and loyalty drivers. Controlled resale—certified, branded and authenticated—supports entry for younger buyers while preserving brand value. Rental and refurbishment services extend product life and deepen customer relationships.

Q: Should brands focus on digital or physical retail? A: Both. Omnichannel integration is essential. Digital drives discovery and convenience; physical stores deliver experiential storytelling and high-touch service. The most effective strategies integrate digital personalization with memorable in-store rituals.

Q: How should brands measure emotional connection? A: Combine qualitative research with quantitative KPIs: net promoter scores, repeat-purchase rates, event conversion rates, social engagement tied to conversion, and lifetime value metrics. These indicators reveal whether storytelling translates into commercial outcomes.

Q: What operational changes will protect margins during recovery? A: Tighten inventory management, diversify sourcing to reduce disruption risk, prioritize high-margin categories, and invest in clienteling technologies that increase conversion and reduce discounting. Nearshoring and made-to-order options can improve responsiveness and margin.

Q: Are mergers and partnerships still advisable in a slow-growth market? A: Selective M&A and strategic partnerships remain useful for filling capability gaps and accessing new audiences. Prioritize deals that enhance cultural relevance, digital capability, or sustainability credentials without diluting brand equity.

Q: What should smaller or emerging luxury brands prioritize? A: Authentic storytelling, community-building, curated product assortments and partnerships that extend service and distribution capabilities. Focus on niches with high margin potential and invest in traceability and aftercare to build credibility.

Q: How should CEOs prepare for downside scenarios? A: Maintain liquidity buffers, stress-test inventory and pricing strategies, diversify geographic exposures, and preserve operational flexibility to scale up or down. Prioritize investments that protect margin and customer lifetime value.

Q: Where will the greatest opportunities for innovation arise? A: In experiential retail, circular business models, personalized clienteling enabled by first-party data, and product design that emphasizes repairability and long-term value. Innovation combines cultural relevance with operational feasibility.

Q: How do brands avoid over-customization by market? A: Establish firm brand guardrails—core values, signature product cues and quality standards—that all localized adaptations must respect. Localize within those boundaries to maintain brand coherence while responding to regional preferences.

Q: What is the single most important strategic shift brands must make? A: Move from transaction-centric models to relationship-centric ecosystems. Prioritize emotional resonance and lifetime engagement through product, service, content and circular offerings that reinforce brand meaning and create ongoing value for customers.