· The global make up of luxury demand is changing – The channels on which luxury consumers shop is constantly evolving, making it critical for companies to understand the changing desires, buying behaviors and channels of luxury consumers. Results from Deloitte’s Luxury Consumption among European High Earners 2014 survey of over 1,000 high-income earners across Europe illustrate that while traditional marketing channels such as magazines and store browsing continue to be relevant for consumers gathering information on new luxury brands, 45 percent of participants indicated that they search online for information.
Ira Kalish, DTTL’s Chief Global Economist, comments: “The global economy in 2015 has provided ups and downs for luxury purveyors. On the positive, some key markets are continuing to show signs of greater strength. The US economy has accelerated and will likely grow faster in 2015 than at any time since 2005. In Europe and Japan, more aggressive monetary policies are boosting growth as well as asset prices. Comparatively, China’s economy continues to decelerate, even as the government takes steps to boost credit activity. Looking ahead to the second half of 2015, we expect to see increased growth in India, slow growth in China, and recession in Russia and Brazil which may have an impact on the luxury sector more broadly.”
