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.
LVMH Announces Another Record Quarter
1. Prestige-seeking Consumers - Consumers are seeking an element of prestige in the products they purchase.
2. Unique Experiences - Customers are looking for a one-of-a-kind experience.
3. Injecting Luxury Into Designs - Companies could inject an element of luxury into all of their designs.
1. Luxury Goods - The luxury goods industry can take advantage of consumers seeking prestige in their purchases.
2. Marketing and Branding - The marketing and branding industry can help companies create unique experiences to attract customers.
3. Product Design - The product design industry can assist companies in injecting luxury elements into their designs.