When sales should be booming, many luxury brands saw their sales slow or even decline in the last quarter of 2022.For example, LVMH, the industry’s pacesetter and market-share leader generating $86 billion last year, experienced a slowdown during the fourth quarter, with organic revenues up only 9%, after double-digit increases in the ~20% range during […]
Archive | May, 2023
Just Adding Home Won’t Make Banana Republic A Lifestyle Brand
Banana Republic is a brand with a mission: to build a brand with character and a personality that truly resonates with customers. It had that in spades on its founding in 1978 by Mel and Patricia Ziegler when it was named Banana Republic Travel & Safari Clothing Company, selling the virtual safari experience through clothes. […]
What Consumer Psychology Reveals About Our Urge To Splurge
Deloitte is out with new research that found the urge to splurge is universal, indulged in by nearly equal measures regardless of the consumer’s age, income or gender.Its survey, which spanned 23 countries and over 114,000 adults, found nearly 80% said they made at least one splurge purchase to lift their mood in the past […]
King Charles’ Coronation Gave British Luxury A Boost
When King Charles III was coronated in Westminster Abbey on Saturday, May 6, it reignited ongoing questions about the value of the monarchy. Many watched all the pomp and circumstance of the event and the three-day holiday weekend surrounding it and measure it in money wasted.The coronation alone is estimated to cost between $63 to […]
As Consumers’ Economic Outlook Turns Bleak, Their Spending Slows
On the heels of the Census Department’s depressing March retail sales report, with February seasonally-adjusted retail and food service sales revised downward to -0.2% from January and March down another 1%, comes more sobering news from the Bureau of Economic Analysis.It just released notice that personal consumption expenditures on goods dropped 0.4% in March in […]