Our Strategy Director, Patrick Lorentz, shares his recommendations for luxury brands weathering harsher economic times to come in an article that has been published in industry new source, Luxury Daily.
“The Boston Consulting Group recently announced its prediction that luxury sales growth will slow to single digits over the next 10 years. Strong sales figures from China have played a huge part in the industry’s near double-digit growth year-over-year for the past decade. With Asian luxury consumers reeling in their spending, and luxury consumers holding steady throughout the rest of the world, BCG posits a modest 4 percent growth figure well into the year 2020.
We certainly are not ready to panic. After all, any growth is good. That said, there are plenty of ways that luxury brands can help themselves during lean or slow growth periods.”