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Key forces shaping the luxury market
28
May '16
The luxury goods sector has now passed the mid-point of what was previously termed the 'decade of change' – during which there would be a remarkable difference between 2010 and 2020, says global audit and consulting major Deolitte's third annual Global Powers of Luxury Goods report.

The first half of this period was characterised by the Chinese consumer and the explosion in the use of digital technology.

“This period has offered strong growth, new markets and exciting channels. It brought with it an avalanche of exciting new technologies and platforms for brands to play on, and experiment with,” the report says a section of the report titled Discipline by Design: Luxury's New Normal.

“We are now entering the second half of the decade, which we believe should be characterised by discipline. The external environment will change in a number of crucial areas: an evolution in consumer buying behaviours; the merging of channels and business model complexity; an increase in international travel; the growing importance of the millennial consumer; and the continued impact of the global economy. All of these factors create opportunities for the luxury goods sector,” it said.

According to the report, there are four key elements of growth for luxury goods companies, and if brands bring disciplined, long-term investment to these areas and focus on them, they will be well-placed to succeed.

In addition, brands will also emerge as 'winners', in the eyes of the consumers, investors and stakeholder communities, if they manage carefully four other factors in the market: reputational risk, regulation and stakeholders, inertia and external events. (SH)

Fibre2Fashion News Desk – India

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