In contrast, Hermès was less affected by China’s economic slowdown, perhaps because the brand is a relative newcomer to China, and also because of its more discreet designs. Without the logo emphasis that had characterized some of its competitors, it better fit the more reserved mood of today’s Chinese consumers. Jewelry was popular in Asia because of its timelessness and investment value.
“Luxury means far more than logo for many shoppers Luxury means different things to different consumers. While some covet luxury institutions, others are more motivated by being "in the know" – the first to access a brand, a product, a story. The appeal is that few others know about it. Digital content makes these brands more easily discoverable and sharable,” said Louise Temperley Managing Partner MEC, one of the world's leading media agency networks.Of the 13 categories tracked in the BrandZ top 100 most valuable global brands, luxury declined most in Brand Value, with a 6 per cent drop compared #
Because of the price transparency created by the Internet, many brands harmonized their prices across regions. Chanel lowered retail prices in Hong Kong and China while raising prices in Europe. Other luxury brands, such as Cartier, Patek Philippe and Burberry, took similar actions.
The study found that for many post-recession luxury consumers, it was acceptable to purchase and enjoy luxury but not to be profligate and ostentatious. (SH)
Fibre2fashion News Desk – India
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