Emerging markets local luxury magazines will disappear one by one
Local luxury magazines have flooded the emerging markets in Eastern Europe during the boom of 2006 and 2007. Most of these magazines have been locally developed brands with the aim of competing with major glossy magazines for the luxury brands advertising pool. Unfortunately, many of them have limited themselves to publishing international luxury brands profiles, in most cases copying and translating materials from brand web sites. Editors and marketers of these magazine have failed to realize how important is the content which is relevant to readers in these markets, in many cases featured brands not even being available in the markets. Also, the focus on international celebrities instead of local wealthy consumers, have kept affluent consumers at a distance from these magazine. In case you wonder how they have managed to survive – the secret has been low editorial and production costs, with few locally produced materials and a small operations team. The unfolding crisis will produce the first bankruptcies, over half of these magazines will close by the end of 2009.