Why asia is a target market for the luxury brands

Agility Research managing director Amrita Banta said this generation of prospective luxury consumers wants options for researching before making a purchase. This creates an additional challenge for building relationships with first-time luxury buyers, Mauron said. This article was also published on CMO. The Latest Creative Work.

DDB Spotlight. Interviews APAC. Hong Kong , vexed by socio-political uncertainty, closed borders and a second wave of Covid, will remain a weak spot for luxury retail in Asia Pacific.

Bradstreet expects brands with multiple stores in the city to drop at least two or three locations as retail sales remain low, rent remains high and mainland consumers remain across the border. By Annachiara Biondi. In the Western hemisphere, the US market is expected to fare worse than Europe.

OTB has assumed a wait-and-see approach towards the market at least until Benaglia, speaking of luxury in general terms, sees a reduction in the weight of the US and a longer recovery path for the market. Brands, facing critically low tourist rates, are rethinking their approach to stores in order to be as relevant as possible to local consumers.

That strategy includes continuing digital initiatives born during lockdown as stores remain open to maintain relevance. During lockdown, Dunhill launched an outreach programme on WeChat, which allowed sales assistants to send an edited assortment of products to customers and finalise the transaction remotely.

Now that the stores are opening again, Maag says that the digital clienteling is helping in assorting the stores correctly. To receive the Vogue Business newsletter, sign up here. November 1, - By TFL. October 28, - By Amanda Spry. October 22, - By TFL. This field is for validation purposes and should be left unchanged.