• - 15 Dec 2014

    Understanding the Digital Luxury Consumer

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    Based on the success of our Keynote event series, Luxury Society was thrilled to partner with Google in Paris to discuss the attitudes and behaviors of the Digital Luxury Consumer.

    McKinsey also confirmed that online sales represent one of the fastest growth opportunities in the global luxury goods industry. The overall market is expected to grow at 5% between 2012-2018, whereas luxury eCommerce sales are forecast to increase by 18% during the very same period.

    So whilst currently eCommerce only represents 4% of all luxury industry sales, this market is growing 3.5 times faster than the industry average. According to research, 80% of luxury consumers have already purchased products online or are actively using eCommerce, whilst only 40% of luxury brands are retailing online.

  • - 11 Dec 2014

    In Conversation With Torsten Müller-Ötvös, CEO, Rolls Royce

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    Since the 2010 appointment of Torsten Müller-Ötvös, Rolls-Royce Motor Cars has delivered four consecutive years of record growth

    An all-time record of sales was achieved in 2013, when the brand sold 3,630 cars, In July 2014 it was announced that half-year sales had increased by 33% worldwide compared with the same period in 2013.

    The brand has since opened in Azerbaijan and Kazakhstan, and announced that a new new 30,000m2 Technology and Logistics Centre will be built at Bognor Regis in the coming years, to consolidate current logistics functions and allow for future expansion.

  • - 8 Dec 2014

    Risky Business in Russia's Luxury Goods Market

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    Escalating tensions with the Ukraine have undermined a promising growth spurt for the Russian luxury goods industry, explains Fflur Roberts of Euromonitor

    Sales of luxury goods in Russia reached RUB363 billion (US$10.4 billion at fixed exchange rates) in 2014, making it the world’s ninth biggest luxury goods market, accounting for 3% of global sales.

    Whilst sales growth remained positive at 4% in 2014 in real terms, worsening relations with the West, uncertainty owing to sanctions and capital flight are all having a chilling effect on investment, which could pose serious threats to the future of Russia’s luxury goods industry.

  • - 4 Dec 2014

    UHNW Individuals Account for 19% Of Global Luxury Spending

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    The global ultra-wealthy population has reached a record high of 211,275 individuals – with a combined net worth of nearly $30 trillion – according to Wealth-X & UBS

    The average UHNW individual spends US$1.1 million a year on luxury goods and services, ranging from expenditure on travel to food. We estimate that these individuals are responsible for almost 19% of the entire luxury market – higher than the 17% share of the market they accounted for last year.

    Their increasing importance in this sector is partly due to the fast growth in UHNW population and wealth, which saw their average net worth and liquidity rise. Furthermore, demand for luxury goods and services from high net worth and mass affluent individuals seems to have ebbed a bit in the last year, while UHNW individuals have not modified their purchasing patterns significantly.

  • - 1 Dec 2014

    Women's Fashion Watches, A World of Opportunity

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    There was once a time when ‘fashion’ was a dirty word in watchmaking. When a watch could either be technical or beautiful, but never both.

    Fast-forward to Baselworld 2014 and the opportunity on every CEO’s lips was the world of women’s complications. Fashion players such as Chanel, Dior, Hermès and Louis Vuitton – with comparatively little significant claim to watchmaking – were gaining technical ground on the historical houses of Geneva, offering products exclusively designed for their existing female clientele.

    It has become very clear in recent years that wealthy independent women are ready to spend large sums on mechanical timepieces, but what is ultimately lacking in the marketplace is choice. The most celebrated watchmakers in the world have historically focused 95% of their attention on the men’s market, as the majority of collectors have indeed been male.

  • - 19 Nov 2014

    Easing of US Visas for Chinese Travelers Heralds a Business Boom

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    Last year, 1.8 million Chinese nationals visited the US and spent some $21 billion, explains Avery Booker of China Luxury Advisors

    For tourists and businesspeople that regularly travel between China and the US – and the businesses that serve them — the agreement has been hailed as a positive step in US-China relations. Given the growing economic ties between the two countries, these moves are something of a no-brainer. China remains the world’s fastest-growing outbound tourism market, and one of the ten most important for the US.

    Last year, 1.8 million Chinese nationals visited the US and spent some $21 billion, in the process supporting an estimated 109,000 American jobs. By 2021, these figures are expected to balloon to 7.3 million Chinese travelers spending $85 billion annually and supporting up to 440,000 US jobs.

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