News by Topic
- Search Marketing
- Email Marketing
- Loyalty Marketing
- Mobile Marketing
- Social Marketing
- Viral Marketing
- Trends & Ideas
- Internet Marketing 101
Where the next luxury-minded wave will hit
There is a new trend in the luxury products area: consumers buying from so-called underdeveloped countries. According to new data out from Ceros, wealthy shoppers in Latin America, China and India are pushing the luxury envelope.
According to the Ceros data the surge in luxury buying coincides with a surge in wealthier consumers from those regions.
"The rise of wealthy indivisuals across the world has created countless new markets for luxury goods," was written in the report. "Where there is wealth, there is demand for luxury goods. Given the high return on those goods, and slowing sales due to weakened growth, it's easy to see why so many savvy businesses have an eye on Asia, India and Latin America to grow their brands."
They point out that there were no Chinese billionaires in 2003 but in 2013 there are 122 and that there has been a 50% growth rate for Latin American millionaires during the same time period.
"As wealth rises, so does demand for things to spend that wealth on," writes the company. "In countries with rising luxury markets, it's almost impossible to overlook the growing trend towards extravagance. They're taking a bigger market share of luxury goods, spending more on big ticket events like weddings and seeing more niche sales even in a weakened global economy."
Just what are the newly rich spending on?
• In India the wealthy are spending on weddings - $38 billion annually
• In Mexico, wealthy consumers are spending on designer duds - $3.88 billion (2012)
• In China, spending on premium cars (BMW, Mercedes) increased 32% and premium watches (Rolex, Piaget, Cartier) 43% in 2012
• Both Latin Americans and Chinese are shelling out dough for top-shelf liquor
Image via Shutterstock
- Olfactory device for mobile phones not to be sniffed at
- Report reveals impact of slow load times on brand perception
- Print catalogs continue to drive sales in Australia
- Study: Shoppers more focused on the end-game
- Adchemy release pulls keywords from branded content
- RocketLawyer: SMBs looking forward to 2014
- Survey: Marketers facing disconnect with content creation
- Nearly half of consumers believe mobile marketing messages are irrelevant, useless
Featured White Papers
- 6 Step Roadmap to Engaging Customers With Social Media
For a growing number of consumers, social media is the preferred means of gathering product information and interacting with companies....
- The Making of a YouTube Blockbuster: 10 YouTube Blockbusters
You want to create the next viral video. Sure, who doesn't? But you knowing that videos "go viral" organically, not...
- 5 Questions About Managing Social Media that You Should Ask Your Agency
This white paper provides you with 5 questions you should ask agencies to help you separate the real candidates from...
- 10 Tips to Rock the Twittersphere
Engagement on Twitter can help companies build brand awareness, strengthen customer relations and cultivate brand advocacy. These 10 tips lay...