LVMH, the maker of Louis Vuitton handbags and Hennessy cognac, assuaged fears of a slowdown in conspicuous consumption on Tuesday when it announced another six months of double-digit sales growth.
The French group, the world's biggest manufacturer of luxury goods, said that sales rose 13 per cent to â‚¬7bn in the first half of the year following "market share gains across all brands". (THE FINANCIAL TIMES, UK)
Implications - Consumers are seeking an element of prestige in the products they purchase. No longer attracted to practical items that simply provide a function and nothing else, customers are looking for a one-of-a-kind experience. Companies could inject an element of luxury into all of their designs in order to attract more shoppers.
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