Emerging markets will remain the industry’s focus for the next 2-3 years. Fueling the growth are social networks and e-commerce.
Global luxury sales are expected to jump 8% to $185 billion this year. The first quarter saw strong momentum in the US (expected to remain the largest market), Europe, Russia, Brazil and the Middle East. China will see 25% growth over last year, while Japan sales are expected to drop 5%, due in part to structural decline and the recent earthquake. Overall, the growth in emerging markets will remain the industry's focus for the next 2-3 years.*
Helping to fuel the growth are social networks and e-commerce, which make such products more accessible. Burberry has nearly 6.2 million Facebook friends!
Luxury is a sensory experience, and that is how we portray it in our communications. In 2009, we launched Perrier-Jouët Belle Epoque 2002, the house's first great vintage of the new millennium. Japanese photographer Makiko Takehara interpreted 20 vintages, turning champagne into art. A fine experience indeed.
*Bain & Co.