The changing face of luxury: what affluent consumers want
Even as the number of affluent households and high net worth individuals continues to grow, the traditional luxury goods industry is forecast to remain in a period of stagnation in high growth and mature markets. And while luxury shoppers and the desire for luxury still exists, the definition of what luxury means is changing, according to Joe Staton, Client Services Lead at GfK Market Opportunities & Innovation.
The new definition
Speaking at the MRS Luxury Research Conference, held in London in September 2016, Staton laid out four ways in which...