New luxury trends in the world

Luxury consumer goods not only endure but are also expected to grow and some new luxury trends in the world emerged. According to the research “Real Luxury Global Consumer Insight” realized by Altagamma, luxury market could count on 440 million consumers in 2020, for a global investment of 880 billions.  In order to meet luxury market demands, it is necessary to understand the customers diversified needs. As far as “Made in Italy” receives broad support and embodies the concept of Luxury, we have to face the inability to enhance this characteristic.

Thanks to this research emerged some new luxury trends. First of all, the  requalification of the intrinsic values such as craftsmanship, exclusivity and classic style rather than external quality like the brand identification, that  today is a dropping value. This trend affects mainly old-fashioned consumers and it consolidates in adults.

“Made in” is a fundamental concept. The origin of a product is discriminatory for the 80% of the consumers.  “Made in Italy” is successful, and overcomes the “Made in France” in surveys.

The word of mouth, also the digital one, is usually decisive. Most of the customers tend to suggest and recommend their favorite brands. In the social media era, what is fundamental for companies is to articulate a communication strategy that allows contacts with consumers in different markets.

The male share is growing: male contribution is important for a luxury market growth analysis, since they purchase for themselves but also for others.

The new consumer is globe trotter: he buys outside his own country to find lower prices and more choices; Paris and Milan are the most sought shopping destinations, anyway Singapore, Moscow and Macao are emerging markets.

The concept of single-brand outlet is old fashioned, and requires a different approach, based upon supply diversification according to age and geographical area of the customer. Mature countries buyers prefer specialized stores in exclusive locations that allow an intimate purchase experience. While consumers in emerging countries prefer big flagship stores where they can find the traditional physical experience but also a virtual one. Some consumers, like Russians and Koreans, prefer independence while doing shopping, while Americans and Chinese require more assistance.

Smania thought embraces the new luxury trends. Attention to details and craftsmanship form part of its products. Smania bears this truth in mind while creating luxury, Made in Italy furniture and accessories, characterized by an eclectic design, shapes and mood that manage to satisfy a refined male taste and the most demanding customers thanks to its custom oriented design projects.