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De Beers summarises the market pattern for luxury market in a report
Finds a new set of discerning consumers coming forth in the economic slowdown
By: Diamond World News Service
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Dec 4 2008 7:06PM
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Reference: 3307  

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‘Luxury: Considered’ is the latest reading material for the gem and jewellery industry, released today by De Beers Group. The report The report has been authored by luxury specialist consultancy Ledbury Research, and is based on the expert insights of a bespoke panel of 21 independent senior executives from major global luxury brands, consumer trend watchers, NGOs and trade associations.

It addresses the queries and concerns of the luxury market in the backdrop of the global economic slowdown. The report explores evolving consumer trends in this environment, and what it means for luxury businesses.

The report has concluded key findings:

There is a marked shift from conspicuous to discerning consumption in luxury as the global economic climate worsens and consumer fatigue with mass marketed luxury products grows.

New, more sophisticated drivers of luxury consumption are in evidence in developed markets like US and Europe: renewed calls for product quality, authenticity and value for money, exclusivity, deeper experiences and a heightened awareness of environmental, ethical and social responsibility.

While the wealthy in emerging markets like China and India are still driven primarily by conspicuous consumption – i.e. status and prestige – they are increasingly being influenced by their Western counterparts and their purchasing patterns are transforming rapidly.

This has significant implications for the way luxury players do business in 2009 and beyond according to industry experts, namely: Discerning luxury consumers will create a market for more high-end, high-experience products presenting new business opportunities for brands; as luxury players transform and new niche labels emerge capitalising on the opportunities, competition for luxury spend will intensify; product sourcing and supply chain standards will come under increased scrutiny, as further demonstration of the luxury commitment to excellence; success will lie with the brands that can drive customer loyalty while at the same time respond to the demands of the new, discerning consumer.

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