Luxury goods sales four times more than estimated – BCG

Insights to Help Brands Succeed as Demand Patterns Shift Worldwide BCG envisions three ways in which the family of indices can help brands and retailers.

1. Conduct deeper market analyses at the city and cluster-of-city levels. Brands and retailers armed with a deeper understanding of local demand and consumer behaviors can cluster cities beyond the geographic boundaries of countries. Brands need to continue to market locally and also market effectively in tourists' countries of origins. From a retail perspective, assortments need to cater to demand from locals as well as tourists.

3. Develop aggressive strategies for reaching tourists. The proliferation of tourism will continue to drive growth for brands. Travelers from Brazil, China, India, and the Middle East have been especially keen spenders while vacationing abroad. Luxury brands and retailers must understand the tourist mix at a city level and develop strategies that create brand awareness before tourists' journeys begin.

 

About The Boston Consulting Group

The Boston Consulting Group (BCG) is a global management consulting firm and the world's leading advisor on business strategy. We partner with clients from the private, public, and not-for-profit sectors in all regions to identify their highest-value opportunities, address their most critical challenges, and transform their enterprises. Our customized approach combines deep insight into the dynamics of companies and markets with close collaboration at all levels of the client organization. This ensures that our clients achieve sustainable competitive advantage, build more capable organizations, and secure lasting results.