Snapshot The global luxury goods market is significantly gaining from the rising number of high net worth individuals HNIs and increasing disposable income among the growing population. Increasing spending on the luxury products improves the living standard and increases the revenue earned by the players in this market. Prominent players in the market are introducing tailor-made products according to the prevailing trends in order to meet the demand of customer from various regions, which is further benefitting the market by introducing new variety of luxury goods. E-commerce has also pushed the demand for luxury products across various developed and developing regions due to rise in disposable income of the people in those regions.
Blockchain makes it easier and cheaper to invest in luxury assets 1. This occurred a year after the French luxury group said no to doing business with Amazon. For these brands, craftsmanship and unique in-store experience are not mutually exclusive.
With few or no physical stores, they focus on the quality of their products, often by promoting the artisans making them. With soaring luxury online sales comes demand for a better e-commerce experience. Over the past 10 years, startups offering to rent out luxury products have emerged, aiming to replace ownership with access.
Upgrading the in-store experience using newly available technologies is both an opportunity and a challenge for luxury brands which pride themselves on crafts and traditions.
MemoMi Labs has created the Memory Mirror, which uses augmented reality to allow users to virtually try on and change the color of new items as shown in the patent application below.
As an early adopter of new technologies such as interactive screens, London-based Burberry appears to be reaping the benefits. The luxury industry has also grown more conscious of this trend, as evidenced by the rise of ethical fashion brands such as previously mentioned Maiyet.
The startup grows collagen using living cells and tans the assembled collagen sheets to produce lab-grown leather. Spanish startup Red Points has adopted a different approach, as it allows clients to scan marketplaces and detect infringements. Red Points uses artificial intelligence to recognize fake products and to refine searches on marketplaces.
Blockchain is another promising technology for authentication. All the relevant information related to the tagged product are recorded on the blockchain. All three are still very early-stage and planning to raise several millions of dollars through initial coin offerings this year. In addition to making co-investment and co-ownership easier, the startup would also take care of maintenance, insurance, and storage on behalf of the investors.Chinese consumers represent the nationality driving the most growth: about 70%, to account for 40% of the market.
The overall luxury goods industry, including products and services, is worth approximately € billion today and will reach about €1, billion in Discover the latest news from Europastar - Luxury Swiss Watches & International Watchmaking - Websites & Magazines.
International Luxury Hotel Association is a non profit organisation. Luxury Travel Industry and Luxury Hotel Association. © Comlux, all rights reserved. Website by THIS IS timberdesignmag.com IS UNION.
Sep 23, · Kate Benson, founding managing director of Martens & Heads, has made a career of placing top people in some of the finest luxury brands in the world. The Language of Luxury A unique and original conference subject. The conference looked at the threads that bind countries across continents as the colonialism of the past connects with present and future.