The luxury market, including its goods and experiences, will end the year up eight to 10 percent over 2022 at current exchange rates, which is pretty dynamic considering the hefty comps it is up against. Expected to hit €1,508 billion ($1.65 trillion), it will have advanced between 18 to 20 percent over 2019, according to […]
Archive | HENRYs (High-Earners-Not-Rich-Yet)
RSS feed for this sectionAspirational Consumers Pull Back, Driving Down Luxury Leaders’ U.S. Sales
The leading global luxury brands showed topline gains for the first half of the year, despite a drop in sales in the U.S., where aspirational consumers are stretched thin and have cut back on indulgent purchases. In most recent reporting, all but Kering showed outstanding topline gains – LVMH was up 15% to $46.5 billion […]
Luxury Brands Must Prepare For A Reset: Here’s The How And Why
Over the last three years, the luxury market has experienced a whirlwind of change. In the lead-up to the pandemic, the personal luxury goods market grew 7 percent in 2019, reaching $300 billion globally. Then in 2020, it suffered a sharp decline, dropping an unprecedented 22 percent to $235 billion, followed by a remarkable rebound […]
HENRYs Are Preparing For An Economic Downturn: Luxury Brands Must Too
Peloton, the maker of high-end, digitally-enhanced exercise equipment that enjoyed a bump during the pandemic only to crash spectacularly afterwards, just announced it is laying off 500 employees, about 12 percent of its existing workforce following three rounds of layoffs earlier this year. Store closures accounted for most of the last round in June, but […]
What Web 3.0 And Changing Consumer Psychographics Mean For Luxury Brands
Web 3.0 is coming fast. While it still hasn’t been fully realized, it promises to mark the end of the domination of the internet by power platforms, like Google, Facebook and Twitter and put users in charge. “This third generation of internet services will be the catalyst for a new internet, connecting data-driven technologies like […]