
More than 60% of global marketers optimistic about business in 2024
While marketers in many countries are worried about a recession, there is also optimism regarding the business climate and marketing budgets.
LUXURY GOODS RETAILING
By our News Team | 2023
High demand is being driven by the rising number of high net-worth individuals and mass affluence globally, researchers say.
Despite so many consumers around the world struggling with rising inflation and higher prices, retailers of luxury goods say they’re having a field day because the growing wealth of a small elite is boosting sales.
A new study that interviewed 50 senior executives at major luxury retailers in in Asia, Africa, Europe, the US and South America predicts annual growth of more than 5.6% for the luxury retail sector over the next three years.
Photo via Wikipedia
In addition, senior executives are confident about rising revenues and margins at their firms and for the market as a whole.
The report was done communication technology company Communications Specialist Ltd, in conjunction with research agency Pure Profile.
Even though it may sometimes not feel like it, the researchers say there are a rising number of high net-worth individuals and growing mass affluence globally. Pent-up demand in the wake of Covid-19 is also a factor.
Personalised product offers are a sales driver
Of the executives interviewed, 31% said increased sales are down to more personalised offers from luxury retailers for clients.
In addition, almost all of those questioned (96%) believed revenues at their firm will be higher this year than in 2022, while 22% said they expect revenues to be 50% higher in 2023.
Price-cutting is not a factor. More than 90% of interviewees said margins this year will be higher than last year, and most believed margins will be higher than pre-Covid levels. Up to 40% said margins will be significantly higher than pre-Covid levels.
“The luxury retail sector globally is firmly on a growth path, with the market set to expand by 5.6% a year for the next four years,” said Kevin Buchler, Chief Marketing Officer at Communications Specialist Ltd.
“It is not simply a case of the post-Covid recovery, as executives point to the rising number of wealthy individuals worldwide – as well as increasing sophistication and personalisation of offers from retailers.”
While marketers in many countries are worried about a recession, there is also optimism regarding the business climate and marketing budgets.
US industry body warns marketers to be vigilant as programmatic media is ‘complex’ and ‘can be non-transparent’.
Dentsu says big events like the Euro 2024 soccer finals and US presidential election will help to push up spending.
Look for transparency, check results of previous projects, and request an air-tight scope of partnership, advises industry expert.
AMC’s range of Short Courses is designed to complement the study and career-growth initiatives offered by our member countries.
More people also took advantage of deals to buy everyday items, rather than spending on big-ticket luxury goods.
Bath and body well-being brand creates a 3m-high candle and lights it in a busy Christmas shopping precinct to encourage people to ‘reset’.
Data from 2008 recession indicates that, in another recession, the amount spent on higher-priced Fair Trade goods may actually increase.
Interbrand study says lack of growth mindset, weaker brand leadership and poor forecasting are among the key reasons.
Tlali Taoana has experience in strategy, marketing and executive roles, and will expand the capabilities of the business.
AMC President flies the flag at the World Marketing Forum in Thailand, then welcomes Tunisia as the confederation’s 11th member.
Dr. Kin Kariisa is an extraordinary force at the helm of Next Media Services, a conglomerate encompassing NBS TV, Nile Post, Sanyuka TV, Next Radio, Salam TV, Next Communication, Next Productions, and an array of other influential enterprises. His dynamic role as Chief Executive Officer exemplifies his unwavering commitment to shaping media, business, and community landscapes.
With an esteemed academic journey, Dr. Kariisa’s accolades include an Honorary PhD in exemplary community service from the United Graduate College inTexas, an MBA from United States International University in Nairobi, Kenya, a Master’s degree in Computer Engineering from Huazong University in China, and a Bachelor’s degree in Statistics from Makerere University.
Dr. Kariisa pursued PhD research in Computer Security and Identity Management at Security of Systems Group, Radboud University in Nijmegen, Netherlands. As a dynamic educator, he has shared his expertise as a lecturer of e-Government and Information Security at both Makerere University and Radboud University.
Dr Kin did his PhD research in Computer Security and Identity Management at Security of Systems Group, Radbond University in Nigmegen, Netherlands. He previously served as a lecturer of e-Government and Information Security at Makerere University in Kampala, Uganda and Radbond University in Netherlands.
Dr Kin did his postgraduate courses in Strategic Business Management, Strategic Leadership Communication and Strategies for Leading Successful Change Initiatives at Harvard University, Boston USA.