As Asians are learning to adjust to their new found wealth, they are looking for high priced ways to redefine their identities and positions in society. They are seeking out unique experiences, enjoying luxury brands and in search of new pleasures. The new status of wealth cuts across regions and through different income levels, but it all leads to the desire for more luxury brands and products that will improve their lifestyle while setting them apart. Although in America the wealthy population leans toward being inconspicuous, emerging markets see luxury products as an honour or achievement worthy of a very expensive, and "showy" badge.
Second Annual Marcus Evans Luxury Brands Conference
The new reality in Asia has lent its support to the global luxury market and has helped it to withstand economic downturns that have greatly affected other industries. With the emerging markets in mind, the Marcus Evans 2nd Annual Luxury Brands Conference will introduce bespoke services and products while highlighting case studies by some of the largest international luxury brands. Participants will be encouraged in steps they can take now to meet the higher expectations and continue to grow with the new luxury brand market, including tools to meet the new challenges facing them with the sway towards digital marketing.
Raising the Bar
As noted in a previous Marcus Evans Luxury Conference, the luxury goods companies that have suffered the most throughout economic turmoil are those that produce products aimed at the middle market. The very high-end luxury items have done the best, as well as the lower end products. This was seen in 2010 when watches that cost in the upper range of $15,000 or more continued to sell as well as the lower end timepieces in the under $2,000 range. The market that did poorly was the middle range, a trend that carried over into the jewelry market as well as name brand clothing.