Europe, the fastest growing luxury market in 2017

Global sales of personal luxury goods will grow by a stronger- than-expected 2-4 percent at constant exchange rates in 2017, as higher spending in Europe and China outpace weakness in the United States and southeast Asia, a report showed on Monday. In 2017, total revenue in the sector that includes watches, jewellery, clothes, shoes and leather goods will rise to 254 billion-259 billion euros (221.16 billion-225.51 billion pounds) from 249 billion euros in 2016, the study by consultancy group Bain & Co and Italian luxury industry association Altagamma showed. The [...]

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Luxury brands step up digital strategies

Luxury brands are working harder than ever to get their online product and pricing strategies right with major change in the past year as more of them wake up to the importance of e-sales, according to a new report from Contactlab and Exane BNP Paribas. And with consumers who buy luxury goods both online and in-store spending around 50% more per year than in-store-only customers, brands are working just as hard to find ways to increase digital engagement with their customers, while retaining personalisation “and the exclusive touch that defines [...]

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Russian and American shoppers drive luxury shopping in London

Russian and American shoppers in particular are also key to the spending bonanza, new data from London Luxury Quarter showed. International tax free shopping data for the area that includes Mayfair, St James’s and Piccadilly showed growth of 39% for Q1. During March alone, Russian visitors’ tax free shopping spend increased 88%, while American spend grew an even faster 116%, year-on-year. For Russian visitors, it marked a return to London following tough times for their domestic economy that had caused a long-term decline in Russian luxury spend. March saw the [...]

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The negative impact of the grey market on the luxury watchmakers

With sales falling, more unsold timepieces are finding their way from the Swiss-dominated industry’s carefully controlled official retail networks to online platforms where they are often offered at steep discounts. Swiss watchmakers say they loathe this “grey market” because high discounts damage the meticulously crafted aura of prestige and make it harder to sell their goods at the full price. “In luxury goods, when you break the illusion of prestige, the dream, the prices, it takes away the confidence. It means slow death for luxury goods,” Jean-Claude Biver, head of [...]

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Millennial consumers are keen to ‘see now, buy now, wear now’

Younger consumers are without a doubt dictating how brands and retailers operate. The “distracted” generation has a much shorter attention span than other generations, and it turns out that the short attention span means fashion brands and retailers need to move faster for customers. New research from Kurt Salmon, part of Accenture Strategy, found that fast fashion brands must make speed and agility a top priority to remain competitive and keep up with consumers. Over half of all consumers surveyed wear new items within weeks of purchase and 15% wear [...]

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