EuropeanLife is growing, and more events are joining our EuropeanLife family to show the world these great stories of luxury.
We are a company working in different parts of the world, and with our business developers and editors, we work together every day for our magazines. Last month I was recruiting new managers and telling the company’s story over and over again, and I realized how unique it is to have the opportunity to work with so many people in so many different countries.
Designers, editors, salespeople—they all bring something to EuropeanLife that I highly value, and I think that international touch gives me a global feeling every day. I am still amazed that designers and entrepreneurs can take advantage of all the possibilities the world has to offer these days, and their designers and brands can be not only seen across the world but also bought across the world.
Beyond personal luxury goods, Chinese consumers increased their spending in such categories as luxury cars, fine food, luxury hospitality and designer furniture, while holding steady in fine art, private jets, yachts and luxury cruises and declining in fine wines and spirits.
The wholesale channel still dominates, with roughly two-thirds of total global sales in 2016. Retail continues to grow steadily, however, reaching its current high of 35% of the total market. Since 2008, the retail channel has expanded 11%, vs. 3% for the wholesale channel.
Online sales have shown particularly strong growth in the personal luxury goods market, increasing nearly twentyfold from 2003 through 2016, to the current level of €19 billion (or 8% of the total). In 2016 alone, the market for online luxury goods grew 13%, significantly outperforming the rest of the personal luxury goods market.
Airport stores make up 6% of the market, with growth in the high single digits in 2016. Slowing tourism has affected growth, but that effect has been less severe in some markets. Asia is still leading the growth trend for airport stores. (Source: the global luxury market tracked by Bain & Company.)
When I do my research in the world of trade markets and talk to designers and luxury owners, I see them still concentrating on local clients. I am surprised there are still brands that do not expand their market by media, social media or any other marketing tool in the digital world.
I wonder if they realize that the market is changing, especially with the young, digitally oriented generation taking it over. Even if a designer or the owners are older and not familiar with new ways of showcasing their product, they should educate themselves, grow with the young people and the changing market, or outsource their marketing or PR.
Take my advice: make the world your market, enjoy the new possibilities and embrace the excitement of being successful on a global level.
With our new sales managers and editors, we will soon start working with events in South America and the USA, and I can’t wait. A whole new continent to discover—I love it!