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7-...In English of Course... - Page 16

  • [Figure You Should Know] – 73.6% [#luxury #automobile #russia @russia]

    Luxury products in Russia are sold at a higher price than in other cities such as Paris (35-40% higher) or London (20-30%), as stated by Strategia & Sviluppo Consultants (2015).

    Still accounting for 73.6% of their luxury market, the car industry was strongly hit by the market crisis and lost for 40% of their sales in 2015, even though this is their least affected market (RBTH, 2015).

    Thus, in light of the economic crisis, wealthy individuals are investing in very expensive cars as the instability of the marketplace is worrisome (Reuters, 2016).

    Lire la suite

  • Donwload our brochure of market research services

    [POUR LE LIRE EN FRANCAIS]

    Since 2000, Promise Consulting helps leaders make the most appropriate decisions.

    [DOWNLOAD OUR BROCHURE PDF]

    Thanks to its ad hoc scientific studies and marketing consultancy, Promise Consulting strengthens the bond between brands and customers and maximizes their return on marketing investment.

    Thanks to their teams from Conso Lab® and Luxury Lab®, Promise Consulting provides a sharp expertise on marketing and branding surveys in the worlds of consumption, retailing, luxury and beauty.

    Our company is located in Paris and New York and holds online panels in over 35 countries in Europe, America, Asia and Africa.

    Promise Consulting is certified OPQCM, Social Media Marketing and adheres to SYNTEC and ESOMAR rules. Promise Consulting is a member of the International ICG (Internal Consulting Group).

     

  • [Figure You Should Know] –18,3 billion $ is the estimated Indian Luxury Market in 2016 [#economy #luxury #promiseconsulting @LuxurySociety]

    The Indian luxury market is expected to cross that amount during this year.

    According to a research report by Euromonitor, India merely contributes 1-2% to the global luxury trade. However, despite this insignificant percentage, the market is growing at a compounded annual growth rate (CAGR) of about 25%. Indian luxury market is expected to cross $18.3 billion by 2016 from the current $14.7 billion.

    As per a study by Assocham , in 2015, luxury jewellery, electronics, SUV cars and fine dining have grown immensely. Apparel, accessories, wines and spirits are growing as strongly as in the past. Consumption of branded wine is also likely to register a over 30% increase in the metro cities.

    Indian brands are starting to be well-known, with Gitanjali Group (jewellery retailers), Titan Company (5th largest manufacturer of wrist watch in the world) and PC Jeweller Limited (jewellery retailers) now accessing the top 50 luxury brands worldwide.

    Finally, it is to be noted that cosmetics and beauty products markets are highly lucrative in India, since women’s purchasing power is greater.

    READ THE FULL ARTICLE : [Luxury Society]

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  • #Balmain: the power of Growth Hacking in #luxury #fashion [@balmain @adetem #promiseconsulting]

    IMAGE : Olivier Rousteing - Directeur artistique Balmain

    SOURCE: FORBES - GREG PETRO - MAY, 06, 2016

    If you’re in tune with what’s going on in the world of tech startups, you’ve likely heard the phrase “growth hacking.” The phrase, coined in 2012 by Silicon Valley veteran Sean Ellis, refers to a way of marketing a business or product that attracts a massive following of fans and customers without spending a fortune on traditional marketing strategies.

    When the phrase first started gaining traction among tech marketers, growth hacking was generally seen as something that software or e-commerce companies did. As we’ll see, growth hackers are very scientific in the way they approach marketing. They only care about growth that is measurable and provides useful data.

    Today, luxury fashion companies like Balmain and Spring are adopting some core growth hacking strategies to give them an edge. Seasoned investors know the luxury market can be fickle, but looking for companies that are on the cutting edge of digital marketing could be a great way to separate the winners from the rest of the pack.

    The keys to growth hacking

    Before we get into specific examples, it’s useful to know some of the core concepts of growth hacking. Naturally, each company’s product/service is different, so specific tactics that work for one business may be useless to another. Regardless, growth hacking has brought some key points into focus for marketers in all industries today. Here are a few of the most important:

    [1]- Product/market fit. The traditional means of product development is to spend months or years developing an offering behind closed doors, then launching it with one big push. The problem is these launches end up losing the company money because, while the product was spending a year or so in development, the market may have moved on. Growth hackers, on the other hand, start with a minimum viable product and get it out to potential customers as soon as possible. This allows them to see if there is a market for it, and early adopters can provide useful feedback about features that can be included with future iterations.

    [2]- Eschew traditional marketing. Growth hackers don’t go for TV commercials, billboards and other mass marketing channels because they are extremely expensive and they don’t allow for precise measurement of results. Growth hackers widen the definition of marketing to include things like PR stunts, shows and anything else that gets a lot of attention on social and legacy media without costing a fortune.

    [3]- Data is king. To that end, these low-cost campaigns must stand the test of social graphs, SEO rankings, A/B testing and other data-based metrics – these are the tools of the growth hacker.

    Now we’ll look at how two well-known luxury fashion companies are applying these principles.

    Balmain combines product/market fit with savvy social marketing

    According to a profile in GQ, Balmain’s creative director Olivier Rousteing knew that the products he helped design for Balmain had a unique look that would catch on with luxury-seeking consumers. main combines product/market fit with savvy social marketing

    But he was also keenly aware that in the world of fashion, if you don’t have a relationship with your fans that gives you prime visibility, people will move on to the next thing.

    Rousteing made a gamble in 2012 that Instagram would become a key social channel, and that bet paid off. He started taking ridiculous pictures of himself while wearing the clothes he designed, and his gregariousness boosted his profile significantly, with Balmain’s rising in step.

    [READ THE FULL ARTICLE]

  • [Figure You Should Know] – +53% number of African millionnaires by 2024 [#economy #luxury #promiseconsulting]

    The number of African millionaires might be higher by 2024, numbering around 258,000 millionaires, which equates to a rise of 53%. Africa is still largely underestimated and is slowly gaining ground on that market: 80% of luxury monobrand stores are operating in Morocco and South Africa.

    Also, KPMG states that the ultra-wealthy individuals are mostly going to South Africa (Cape Town and Johannesburg) or to Morocco in Marrakech – which is attracting luxury hotel investors, as noted by CPP Luxury – and Casablanca.

    Luxury goods for men, such as men’s clothing, watches, accessories, jewellery, etc., play a major role as they still have a higher income than women and are popular amongst wealthy men of power.

    Source: Bloomberg - KPMG - CPP Luxury

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  • [Figure You Should Know] – 630 M[#economy #promiseconsulting @printempsetudes]

    According to McKinsey (March 2014), by 2022, middle class in China will change considerably, mainly geographically.

    Tier 1 cities (Beijing, Shanghai, Guangzhou, Shenzhen) might see their share of urban middle class decline (from 40% in 2002 to 16% in 2022) while it should be rising in tier 2 and tier 3 cities (for the latter, from 15% to 31%). This middle class could reach up to 630 million people in 2022, which is accounting for around half of the population in China, thus making China a middle class country.

    Since they are now spreading, brands looking for customers will have to focus more on tier 2 and tier 3 cities and especially on middle class customers.

    Source: Mc Kinsey

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