Abdul Karim’s Post

Luxury vs Mass Market When it comes to building a brand, I observed that luxury and mass market are two different worlds with distinct strategies and mindsets. Omar Abedin I am wondering, if what I observed is true than what would you suggest to a trainee to learn these two distinct worlds together or one at a time? Syed Ali Hasham ,Wareesha Abbasi Areeb Khan ,Asim Rafiq FCA ,Iqtidar Ahmad #LuxuryBranding #BrandBuilding #MarketingStrategy

From combining planet-first with profit to hyper-local retail and digital strategies, the recent Walpole British Luxury Summit focused on balancing priorities. As the luxury sector’s recent slowdown in growth causes increasing concern, the event brought together over 300 luxury professionals for a day of expert talks, panel discussions and exclusive insights. Read more in Walpole British Luxury Summit 2024: Strategies for Uncertainty : https://lnkd.in/eMx87uDM

Luxury industry 2023 and beyond - what to expect ❓ Despite continued growth, we approach a pivotal moment for luxury brands ❗️ The luxury market has proven unparalleled resilience: 2023 - The global luxury market is projected to reach €1.5 trillion (+ 11% growth vs LY) The key segment, personal luxury goods is projected to reach €362 billion +4% vs LY (Bain & Company ) Per MARKET: - EMEA tourism rebounds up ⬆️ EUROPE 🇪🇺stable top-customer pools maintained positive momentum contributing to market growth alongside key luxury cities. Saudi Arabia is accelerating, attracting investments of major luxury brands - 🇺🇸 American spending decelerates … 😟 8% drop from 2022, as widespread uncertainty continues to impact aspirational customers' spending. Top customers remain confident but have maintained their spending abroad dur to exchange rate favoring overseas consumption. - APAC region: Chinese🇨🇳 consumers fuel the Asian luxury ecosystem. China posted a strong performance but lately this yer slowed progressively ⬇️…. Hainan is poised to grow as a bright luxury hub, set to become an entire duty-free island by 2025. Japan 🇯🇵 is booming, thanks to sound local customers and the weak currency. South Korea 🇰🇷 is facing a challenging year, with unfavorable macroeconomic headwinds impacting local consumption and strong currency leading tourists to buy elsewhere. Southeast Asian countries experienced positive momentum, thanks to strong intraregional tourism and growing interest from local consumers, especially in Thailand 🇹🇭 ❓2024 ❓- The true leaders of the market will separate themselves through 3R Approach : - Resilience - Relevance - Renewal #luxurybrands #womenempowerment My honor to be nominated and to inspire others for growth ! Stylfemina

LEARN ABOUT THE LUXURY MARKET REPORT!

In an era where the luxury market is constantly evolving, understanding these facets is crucial for anyone in the industry. Whether you're a seasoned professional or aspiring to enter the luxury branding world, these insights are designed to spark ideas and discussions. #luxury #luxurybranding

What do luxury brands means to you?

Luxury in flux? Explore how the luxury sector adapts to global changes. Check out our quick guide on the 10 trends shaping luxury in 2024. #WeAreVML #LuxuryInFlux #2024Trends #LuxurySector

Do you know what your clients and customers deeply desire? Are there a different set of individuals that you missing out in engaging and you would prefer to work with? ‘Luxury is about the experience, emotion and exclusive, desire-inducing stories each brand must tell. Équité predicts that 50 percent of luxury brands will not survive the next decade, and for many, the warning signs are already evident. The best luxury brands, including Hermès and Louis Vuitton, are setting the benchmark for the industry with one record-breaking quarter after another. In stark contrast, other brands are witnessing a significant decline in market share, revenue, profitability and overall desirability. This divergence can largely be attributed to one key factor: a clear and consistent brand story and the organization’s depth of knowledge regarding luxury client insights, the drivers of extreme value and the art of creating a lasting impact. One fascinating observation from my recent training sessions, as mentioned above, is the challenge sales representatives face in asking the right questions to identify and categorize clients in real-world in-store situations. While aspirational luxury clients [new money] often seek brands that allow for visual identification, more established luxury clients prioritize aspects like time, community, inspiration and peace of mind.’ - Courtesy of Daniel

Check out the November Luxury Market report!

A very useful marketing point to note.