Luxury Market Slowdown: Can Brands Adapt to Evolving Consumer Behaviors?

The luxury market, known for resilience, is experiencing its first slowdown in recent years. In the first half of 2024, 42 percent of publicly listed companies reported negative growth, with revenue dipping 0.4 percent. This follows a period of double-digit annual growth since 2020. However, a select group of luxury brands are thriving, achieving double-digit growth.

A new global report from Accenture titled 'Staud's Sarah Staudinger Revealed as Buyer of Carolyn Bessette-Kennedy's Collection at Sotheby's' surveyed 500 C-suite executives from luxury brands across Europe, the Americas, Japan, India, and China. The report found that luxury brands continuously and holistically investing in building and maintaining high desirability outperform financially. These companies enjoy a 2.3 percentage point higher revenue growth rate and a projected 6.6 percentage point operating margin growth advantage over the next three years. Despite this, maintaining the top spot is challenging due to evolving luxury shopper behaviors. Only 35 percent of survey respondents are satisfied with their company's current performance. Keeping up with the customer proves difficult, as 83 percent of luxury executives believe customers are changing faster than businesses can adapt. Additionally, luxury consumers are not a homogenous group, with 82 percent noting that the values and behaviors of emerging customers frequently differ from existing ones

المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين

Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.

Luxury Unfiltered: How empathy can save the luxury industryLuxury Unfiltered is a weekly column by Daniel Langer, an expert in luxury branding, hospitality and activations who was named a “Global Top 5 Luxury Key Opinion Leader” by Netbase Quid.
مصدر: LuxuryDaily - 🏆 325. / 59 اقرأ أكثر »

Housing tracker: A slowdown in the Southern California market for homes and rentalsExplore the latest prices for homes and rentals in and around Los Angeles.
مصدر: latimes - 🏆 11. / 82 اقرأ أكثر »

Luxury homes on the market in DothanThese are some of the most luxurious homes on the Dothan market.
مصدر: dothaneagle - 🏆 337. / 59 اقرأ أكثر »

Interparfums Acquires Virgil Abloh's Fragrance Rights, Aims to Expand Luxury Market PresenceInterparfums Inc. has secured fragrance rights for Virgil Abloh's brand, positioning the company to explore new avenues in the luxury fragrance market. The acquisition aims to capitalize on Abloh's legacy of blending streetwear and high fashion, enhancing Interparfums' portfolio and market reach.
مصدر: wwd - 🏆 24. / 68 اقرأ أكثر »

Mass-market, premium beauty brands outpacing luxury: LaunchmetricsIn Q3, the gap between high-end cosmetics and low-cost alternatives widened, though prestige labels are still on the rise.
مصدر: LuxuryDaily - 🏆 325. / 59 اقرأ أكثر »