The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreJul 2014
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The rise of emerging markets has been a key defining feature of the luxury goods industry. This feature could not be more apparent than in the BRICs which have been the destination of choice for many luxury brands. International luxury brands continue to navigate challenging operating environments across the BRICs to capitalise on the growing wealth and booming middle classes. This briefing compares and contrasts the luxury goods landscape across the BRICs and assesses a number of key trends.
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Despite recent concerns about the slowdown experienced in the BRIC economies, these countries continue to command strong appeal, accounting for 12% of the world’s luxury good sales in 2013 and continue to grow.
China is poised to become the world’s second largest market for luxury goods by 2018, as such, luxury goods companies continue to see great opportunity in capturing rising incomes in China. It accounts for 57% of all sales among the BRIC economies and acts as a template for the next frontier markets.
As the luxury environment in first-tier cities of the BRIC countries matures, retail development is moving to less-saturated second- and third-tier markets, where rising incomes are fuelling demand.
In the BRICs, word of mouth is key. Luxury and beauty blogs as well as Facebook and Twitter have high profiles in countries such as Brazil, Russia and India. The social media landscape in China however differs from all other BRIC countries due to government regulation. With the large Western social networks unable to operate in the country, local alternatives have become well established.
Structural challenges include high import duties and luxury taxes for international brands, rolling out internet connectivity from urban to rural areas, consumer attitudes to e- and m- commerce and the associated risk of fraud, understanding fast-changing luxury consumers and implementing a successful operating environment as well as successful strategy.
As the BRIC consumers becoming more mature and selective about the luxury products and services they want, many brands are looking beyond the BRICs, into emerging markets that have considerable untapped potential and are poised for increased growth.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.