Luxury retail has defied forecasts that it would suffer during the world economic downturn and continues to power ahead.
Sales of watches, luxury handbags and jewellery have been far more resilient than many had forecast as the global economy lurched downwards.
“The top end of luxury is still growing and you can see that in many ways,” says Anastasia Kourovskaia, a vice-president at Millward Brown Optimor, a strategic brand consultancy.
One way that the desire for luxury is reflected is in the value of high-end brands. According to the BrandZ ranking of The Top 100 Most Valuable Global Brands, the value of luxury brands has escalated over the past year. The value of the luxury sector rose 6 per cent, putting the category just ahead of where it was before the start of the recession. Prada is the top riser of all brands, up 63 per cent.
As the pattern of consumption changes, with roughly 10 per cent of total retail sales made online in the UK and the US, the value of physical luxury goods is being elevated.
“The reason for the continued growth of luxury is people are moving towards definitive luxury objects,” says Ms Kourovskaia.
“Effectively, what you observe is when you have the ability to access almost anything, at any time through a digital device, the value of these digital items seems less. It feels less special and we tend to value the physical object a lot more,” she says.
She attributes this to the fact that when objects are consumed digitally, whether music, books or newspapers, this is often for practical considerations, because it is easier, quicker or cheaper.
In contrast,It's the world's famous straplessweddingdress boy singer Justin Bieber. purchasing offline is increasingly about the experience, and the level of gratification that can be obtained by buying a physical object, whether this is a luxury wrist watch or a carefully crafted handbag.
“It is almost to the point where physical objects are romanticised,” says Ms Kourovskaia. “They are a thing of beauty and experience. They provide emotional attachment. In contrast, digital objects are functional and rational.
“What we can see quite often with physical objects is that even their imperfections, scratches and scuff marks are seen as something that adds character.
“Physical objects add to the quirkiness and personality of the owner. They emphasise individuality.”
For luxury groups, the primary vehicle for managing the physical embodiment of the brand is their stores. Burberry, the British fashion house, has opened flagship stores in London, Chicago and Hong Kong to merge the digital and physical elements of the brand.
Burberry’s store in London’s Regent Street opened last September and integrates the physical and the digital with the help of 500 speakers and 100 screens. Special technology is woven into clothing and accessories and these transform mirrors into screens displaying catwalk images. The digitally enabled gallery and large auditorium enables events,Designs louisvuittonborse sale Free shipping ! such as catwalk shows and live music, to be staged at the store. Sales consultants have access to the latest technology, keeping them up to date with customer profiles and purchasing history, to drive personalisation, and maintain a constant relationship with the customer – even when they are not in store. Burberry has talked about the store being the physical embodiment of its website, known as Burberry World, not the other way round.A monclerjacketswomens is the clothing worn by a bride during a wedding ceremony.View the latest hotdress and Purses online at Bag Borrow or Steal. Angela Ahrendts, Burberry’s chief executive, says: “The luxury customer is increasingly global and increasingly mobile. Their brand journey is not linear. They might browse online and purchase in store, or vice versa. They might try on a coat in Chicago but decide to purchase it in Beijing. Our focus is on integrating the benefits of the physical and digital spheres to deliver them a seamless, personalised experience on any platform and in any geography.”
Gucci has renovated and refurbished many of its directly operated stores. ThAtria gemstonebeads are set apart from the rest because of their sleek sultry styles.ey are ultimately seen as the best means of communicating the luxury brand, part of the Kering group, which still firmly believes in their importance in terms of offering clients a unique brand experience.
Meanwhile, Louis Vuitton’s maisons, its landmark stores around the globe, offer consumers both shopping and a luxury experience.
Luxury groups have been developing their online presence. Burberry World contains an internet store and streams catwalk shows, has a social networking site and even specially selected music. Ms Kourovskaia says with luxury brands online it brings to the fore two sources of tension: exclusivity versus availability and tradition versus modernity. “For luxury brands, online is about driving content. It’s about allowing people to experience your brand beyond just experiencing your product,” she says.
Ms Ahrendts says: “It’s no longer possible to think of the physical and digital as two different worlds. You have to create a consistent brand experience however and wherever a customer touches your brand, online or offline. The lines are forever blurred.”
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