01 Jul '16, 9am

Brands must reassess in-store experience to profit from increased consumer spending: GfK

Brands must reassess in-store experience to profit from increased consumer spending: GfK

Image courtesy of Neiman Marcus As per capita purchasing power increases, proportional spending on personal goods has decreased, according to a new report from GfK. For the 28 European Union member states, retail sales accounted for 31.2 percent of spending in 2013 but only 30.4 percent last year. As newly earned purchasing power manifests itself in cultural and recreational spending, brands must invest in the experiential economy to regain prominence. “Luxury segments generally benefit from higher per-capita purchasing power – this is a deviation from the trend for retail shares in general,” said Christian Heller, fashion and lifestyle expert for GfK’s geomarketing division and co-author of the study. “For example, if you compare regional purchasing power levels in Germany with the purchasing power for jewelry and watches, there is a connection. “Interestingly however, th...

Full article: https://www.luxurydaily.com/brands-must-reassess-in-store...

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