The luxury goods market to return to growth in 2017

For the first time since the financial crisis of 2008, the global market for personal luxury goods in 2016 failed to grow, stalling at €249 billion (about $258 billion). According to a report on the global luxury market by management consulting firm Bain & Company, only it won’t look anything like the boom years from 2010 to 2015, when global sales of such goods jumped 45%, fueled by Chinese consumers with high-end appetites. The slowing of China’s economy and its government’s ongoing crackdown on corruption, paired with turmoil in the US [...]

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Luxury rentals, the future for departments stores? Neiman Marcus launches ‘Rent the Runway’

Neiman Marcus has opened its first Rent the Runway store within its San Francisco location. Rent the Runway customers—who are mostly women between the ages of 27 and 42—can visit the studio at Neiman Marcus to find luxury formal wear on loan, get consulting from stylists and perhaps pad out their rentals with department store purchases. That’s what Neiman Marcus is hoping will happen, at least, as department store foot traffic has continued to decline, resulting in lackluster sales. In 2016, Neiman Marcus reported that comparable sales fell 3 percent, to [...]

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Global luxury industry impacted by terror threats in Europe, strong dollar and US elections

The terror threat in Europe, a strong dollar and uncertainty over the US presidential elections have eroded the confidence of the globe’s big-spenders, holding luxury purchases flat in 2016, according to a study released Thursday. Spending on luxury apparel, accessories and other personal items is expected to hold steady at €249 billion ($273 million) this year, a study by Bain Consultancy for the Altagamma association of Italian high-end luxury producers. Add in spending on luxury cars, yachts, jets, cruises, hotels, fine art, design and food, and the market tops a [...]

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Best performing luxury brands on social media

Social media behavior varies across industries, with product categories showing different levels of maturity and diverse priorities, according to a new report from Brandwatch. Whether brands like it or not, consumers are creating a conversation around their name on social media, giving brands an opportunity to learn about their audience by listening.  Brandwatch’s rankings put these conversations in context, allowing brands to see their own activity and that of their category against other industry’s conversations. “Luxury fashion brands use social media differently than other industries in that…they don’t,” said Alex Jones, lead researcher for Brandwatch. [...]

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Chinese tourists favor the U.S. and Australia to the detriment of Europe

Safety has become a priority issue for Chinese tourists this year, putting traveling to hot spots in Europe and other parts of the world on hold. Terrorist attacks have caused major waves of tour cancellations, but a series of recent incidents have compounded problems even further. With interest in Paris already dwindling, Chinese locals there protested in the streets last week after a Chinese tailor died of injuries from being mugged. This followed a scare last month, when a group of 27 Chinese tourists on an airport bus were tear [...]

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