June 25, 2010
10 global luxury trends for 2010, predictions by Bain. Did it work for you?
Posted by: Andrey : Category: News
We find this reading very interesting now, in the middle of 2010, when the big crisis and its related downs and fails looks mostly the past (?).
A quote from “Strength by luxury goods shoppers in Asia and online bring glimmers of hope to beleaguered industry, says Bain & Company in release of annual worldwide market study“, Bain & Company press release 10/21/09.
Bain concluded the presentation with its prediction of 10 global luxury trends for the coming decade starting in 2010:
- Younger consumers and new groups such as working women will become the dominant segments as baby boomers age and retire
- Aspiration will evolve into new relationships with brands as consumers look to fill different emotional needs with their luxury purchasing
- Retail networks and product offerings will see greater and greater customization by country and even by city-one size fits all has stopped working
- Growth in China, South Asia and Central Asia may cause Asia to overtake Europe and the Americas as the largest global luxury market region
- Asia’s diversity (more than 15 countries, more than 300 cities, and more than 50 million consumers) will stretch luxury brands’ marketing and supply chain capabilities
- Market pressures in a turbulent recovery will drive a second wave of luxury consolidation
- New luxury players will emerge as tastes and consumers change, including brands based in emerging market companies
- The luxury shopping experience will transform as direct-owned stores, department stores and outlets look for ways to draw in the decade’s new luxury shoppers
- Online retail is still in its infancy, but quickly becoming more than a niche
- Retailers will treat new shoppers as “in play,” and offer competitive products to those produced by typical luxury brand.
Did it work, the prediction by Bain of the last October? You judge!
