Luxury Goods consist of premier branded fragrances, cosmetics, jewelry, watches, leather goods and fashion wear.
Global demand for luxury products is both sensitive to economic cycles and resilient having grown every year for the past 50 years despite economics, conflicts and world events.
The global luxury market has surpassed $1.1 trillion in retail sales value.
The industry continues to consolidate with 40% of the global luxury goods market dominated by five corporations or 'houses'.
There is intense pressure to grow and develop market share while retaining product exclusivity and brand value.
Luxury goods companies can be a victim of their own success when increased brand visibility, volume sales and profits diminish brand exclusivity.
The intangible emotional attributes comprising luxury brands provide a constant challenge of establishing a balance between prestige, exclusivity and volume sales.
No longer are internet and mobile devices, social media and internet sites the domain of mass marketing – but an essential component of the luxury goods market and a technology that must carefully managed to retain the luxury goods label.
Demographic data supports that there is no longer a narrow, homogenous group of luxury goods consumers but rather a broad range of consumers - particularly young consumers - selecting luxury goods for a variety of reasons with a willingness to move easily to other brands.
The Luxury Goods industry model set consists of Enterprise, Business Area, and Data Warehouse logical data models to support the marketing, sales and infrastructure requirements of companies competing in the luxury goods industry.
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