Milton Pedraza, CEO of Luxury Institute is speaking.
Welcome to the Luxury Institute
Luxury Institute's Wealth and Luxury Trends -- 2009 and Beyond
Beyond the "Deer in the Headlines" Fear Factor
As the Luxury industry enters 2009, some luxury executives look like deer caught in the headlines–paralyzed by the terrifying headlines and by declining sales. Yet, genuine luxury purveyors know that luxury is, and always has been, a cyclical business. They see 2009, and beyond, as a golden opportunity to deliver on the luxury fundamentals, to radically innovate, continuously adapt their offerings and business models, and position their brands for long-term leadership.
Here are some trends we predict for 2009 and beyond:
Traditional Luxury Dramatically Accelerates its Internet Activities in Response to Innovators The Luxury Institute has been presenting the empirical case directly from the voice of the wealthy consumer for luxury brands to make their websites the centerpiece of their online and offline strategies since 2006. Nevertheless, the traditional luxury industry has been slow to adopt Web 2.0. Meanwhile, innovators such as Gilt, Ideeli, A Small World, Portero, Vivre, Couture Lab and several off-the-radar players such as Bespoke Global, are gaining traction online via membership models, global communities, and by aggregating categories of bespoke luxury designers and producers in one-stop-shop destinations. Their economics will become much more compelling as the economic downturn makes opening stores and traditional advertising economically challenging. Look for all types of traditional luxury goods and services providers to begin to imitate the techniques of these luxury innovators, or to acquire them.
About the Luxury Institute- The Voice of The High Net-Worth Consumer
The Luxury Institute is the uniquely impartial, independent and objective ratings and research organization that is the global voice of the high net-worth consumer.
Our knowledge-based products deliver actionable insights to luxury goods and services firms that continuously seek to create extraordinary customer experiences for their customers. Our proprietary research is based solely on responses from wealthy consumers as to their needs, wants, ratings, reviews and expectations. Our innovative surveys, conducted with independent panels, and tabulated by independent analysts, bring the voice of the high net-worth consumer to life, enabling us to bring the highest level of conflict-free primary research, insights, and knowledge to our constituents.
