Buyers Become More Cautious

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    Last year, the luxury industry passed €1 trillion in retail sales, capping off several years of healthy growth, but buyers are becoming more cautious, says Luxury Today. It says the consumer economy has long moved on from its recovery and has now entered a ‘golden’ age – and a buyer’s market. “For many years, the demand for luxury goods has outstripped supply,” says Flavius Jeican, CEO of Luxury Today. “The growth of a well-to-do middle class in Russia, China, and India has been a major contributor to this demand, not to mention the global economic recovery. However, a rising sentiment of economic and political uncertainty has led consumers to be more cautious with their money. In response, the dynamic of the market is changing; buyers have more power, and sellers must work harder to differentiate themselves and communicate their value.”