CXG in Les Echos: Why luxury needs to rediscover the “Henrys”
Written by Virginie Jacoberger-Lavoué for Les Echos
In an article published in Les Echos, journalist Virginie Jacoberger-Lavoué examines a luxury sector under pressure and argues that its heavy reliance on ultra-wealthy clients has left it exposed. Her focus is a customer group the industry has long overlooked: the “Henrys” (high earners, not rich yet), who are affluent enough to buy regularly across multiple categories but rarely receive the attention reserved for top-tier clients.
The piece draws on our recent CXG study, The Loyalty Code, and on the perspective of Christophe Caïs, our Founder and CEO. Christophe notes that Very Important Clients, while a small fraction of the customer base, have absorbed most of the industry’s efforts since the pandemic. They “remain a reliable shock absorber,” he says, “but are not enough to drive new momentum.” The Henrys, by contrast, represent a substantial share of luxury revenue and, in the United States, tens of millions of households.
Jacoberger-Lavoué shows this thinking is gaining ground at the top of the industry, citing Kering’s new chief executive Luca de Meo, who has described these customers as the backbone of luxury and called for a return to the sector’s core consumer.
But serving them well is not straightforward. The Loyalty Code situates the Henrys within a broader group we call “Core” customers: loyal, frequent buyers, a majority of whom feel less well treated than VICs. The article points to the difficulty brands face in even identifying them, given segmentation models built on immediate spend, and to their distinct expectations around recognition and personalisation. Without a deliberate strategy, Christophe warns, this clientele “risks fading further,” with consequences for the sector’s return to growth.
Read the full article as published in Les Echos.
