« many brands have made the strategic decision to concentrate on the wealthy rather than aspirational luxury customers »- New York Times

Topic: retailer launching private labels, Bucherer

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Media: New York Times

« Such pricing decisions might be risky at some point in time. But Laurent François, managing partner of the luxury creative agency 180 Global in Paris, noted the world’s increasing number of millionaires. And according to the 2023 Credit Suisse Global Wealth Report, the number will rise to 86 million by 2027 from 59.4 million at the end of 2022. And, Mr. François added, many brands have made the strategic decision to concentrate on the wealthy rather than aspirational luxury customers, who, he said, “can be more volatile, unlike higher earners who can afford to pay at the top” and are less price sensitive. »