Why Luxury Travel Brands Should Pay Attention to High-End Retail Trends– Skift

Deloitte’s “Worldwide Powers of High-end Goods 2017” examines the world’s biggest high-end goods business based on consolidated sales. While travel purveyors are not consisted of in the research study, in this case by style, numerous of the findings of the report matter, particularly for market players keen to woo free-spending worldwide shoppers.According to Deloitte,”Customers in emerging markets continue to own luxury market growth. In China, Russia and the United Arab Emirates, the portion of consumers claiming to have actually increased their costs stood at 70 percent, compared with 53 percent in more mature markets(EU, United States and Japan ).”Many of those customers in emerging

markets are doing the bulk of their luxury costs while on the road. Usually, practically half of luxury purchases are made by consumers who are traveling, either in a foreign country (31 percent )or while at the airport (16 percent). However,”the proportion increases to 60 percent for customers from emerging markets, who might not have access to the very same range of items found in mature markets. “Next, taking a look at buying behavior by generation, the older one is, the greater

the propensity to purchase luxury goods at home. So, destinations wanting to interest high-end international travelers may want to focus on regional luxury buyer opportunities for millennials from emerging markets.Although the report focuses on the luxury retail sector, numerous patterns parallel what’s taking place in the travel market. For example, Deloitte notes that the high-end market for items has moved”from an emphasis on the physical to a concentrate on experiential and how luxury makes you feel. Status has actually now become less about’what I have ‘and more about ‘who I am ‘; more ethical, tasteful and critical. “This ties right in with travel trends recently covered by Skift New High-end reporting.The report also considers it states continues to be challenging for luxury brand names due to slow growth in fully grown markets, protectionist reaction versus globalization, and distressed credit in some markets. The U.S. still leads the high-end market, although spending has actually slowed due to the strong dollar and the resulting slowdown in foreign tourists. China might quickly overtake the U.S., but for now, the report keeps in mind that financial unpredictability there is moistening customer confidence.For those curious regarding which business was available in as Deloitte’s # 1 luxury brand, it was LVMH Moët Hennessy Louis Vuitton SE. That’s the parent company of Louis Vuitton, which came in at # 19 on Interbrand’s 100 Best Global Brands. Intrigued in more stories like this? Register for Skift’s New Luxury Newsletter tostay current on

business of modern luxury travel.Photo Credit: Louis Vuitton’s parent business tops Deloitte’s luxury brand rankings. Bloomberg

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