How to Market Luxury Brands to New Millionaires
It's official: The luxury industry is back after a short rest. According to an article in Forbes referring to the global consulting firm, Bain & Company's 2012 Luxury Market Update, the luxury goods industry is poised for full recovery in 2011. The report is authored by Claudia D'Arpizio, a partner based in the firm's Milan office. The study covered some 220 luxury brands, which includes leather goods, fashion, jewelry, alcohol and cosmetics companies that serve high net worth customers, or those with assets of US$1 million or above and concluded that spending on luxury is expected to pick up to around $230 billion per annum by 2012. New millionaire from countries like China, India etc. will be leading the charge. Rules of the game: While some golden rules of marketing remain, there are a few new ones that need to be recognized. The new rich seem to believe in the maxim - "If you've got it, you've got to be able to show it...or else you ain't reall
