Global Luxury Industry Steady Forward
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The world economy is still in the weakness of international financial crisis, the global luxury goods industry is very "spirit." According to a well-known strategy consulting organization recently released report predicts that 2010 sales of global luxury goods industry will grow by 4% to 158 billion euros. The world's leading luxury goods companies in Europe, but they are affected by sovereign debt crisis significantly less than other consumer goods companies. Luxury goods industry has been able to fully warmed up, and reflects the strong international financial crisis, "immunity" to a large extent rely on to maintain the purchasing power of emerging economies. Asian countries except Japan, Russia and the Middle East and Latin American countries, are its main sales and profit growth momentum.
Luxury is beyond the scope of people's basic survival needs, with the scarcity of high-end consumer goods. From a macro perspective, the emerging economies in recent years, rapid economic growth, low unemployment, and in the international financial crisis, the strong recovery in the ability to show all to see. Therefore, the emerging economies now become a coveted luxury goods industry, a big cake. Moreover, as emerging economies increasingly mature market and legal system, intellectual property protection system is being completed, all kinds of luxury goods have greatly improved the business environment, to further improve profit margins. Reported that luxury goods in mainland China last year amounted to more than 1,500 billion yuan, and the expected growth rate of up to 23%. In India, despite the base of the luxury market is not large, but the report is expected to grow by an annual average of 25%. Insiders predict that the next 10 years, 65% of luxury consumers worldwide will come from emerging economies.
At the micro level, the economic development of emerging economies have strong purchasing power and gave birth to the concept of avant-garde consumer class. They are highly educated, high income, high consumption of the new "three high" crowd. Rapidly growing and affluent middle-income groups, people like to use the brand symbol or symbols to mark their material life, attitude, taste and status. In addition, the emerging economies, the luxury market is not mature, strong plasticity of consumers to enable enterprises to have greater innovation and development of space.
In addition to these factors, a number of luxury goods in an inflationary environment in the function and increasing the value of their brands in emerging economies, lack of foreign luxury goods also contributed to the boom in emerging economies, the trend.
The face of luxury goods companies in emerging economies are increasingly dependent on strong, some entrepreneurs worried. Because the current global economic recovery as a whole is not stable, more susceptible to the luxury of monetary policy, price policy and capital flows and other factors. Some economists believe that economic growth in emerging economies is not all the way to "sing", this luxury feast possible bubble. Despite these concerns and projections plausible, but probably not stop the current economic situation, the luxury business expansion in emerging economies determination.
It should be noted that the massive influx of luxury goods in emerging economies may not always be something to be welcomed. "Not rich luxury" is the potential utility of conspicuous consumption rather than the concept of high-profile publicity attitude to life may result in blindness and other adverse social comparisons. How to rationally face the luxury goods as "not bad money," the emerging consumer groups have to think about. After all, lifestyle, personal values and to win respect is to not be bought. |
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By :
Jessie Stone
Submitted
2010-12-08 14:16:18 |
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