31 May '16, 12am

Luxury growth needs entry-level products - Warc

NEW YORK: Luxury brands need to consider creating a range of "entry-level" products to attract some 50m new consumers in younger age groups and emerging markets over the next four years a new report has said. According to consulting firm Bain & Company, not only will Generation Z be entering the luxury market for the first time, but a growing number of middle class Millennials in China will reinforce the importance of that country; by 2020, Chinese shoppers alone will make up more than one third of all global luxury consumers, Luxury Daily noted. "The future market scenario will be inevitably shaped by luxury brands' strategic decisions across various levels," said Claudia D'Arpizio, Bain partner and lead author of the study. "While customer strategy, branding and story-telling, omnichannel distribution and pricing remain at the top of the CEO agenda for luxury companies,"...

Full article: http://www.warc.com/LatestNews/News/Luxury_growth_needs_e...

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