LVMH Announces Another Record Quarter
Trend Spotter — July 31, 2006 — Luxury
References: msnbc.msn & news.agendainc
LVMH, the maker of Louis Vuitton handbags and Hennessy cognac, assuaged fears of a slowdown in conspicuous consumption on Tuesday when it announced another six months of double-digit sales growth.
The French group, the world's biggest manufacturer of luxury goods, said that sales rose 13 per cent to €7bn in the first half of the year following "market share gains across all brands". (THE FINANCIAL TIMES, UK)
Implications - Consumers are seeking an element of prestige in the products they purchase. No longer attracted to practical items that simply provide a function and nothing else, customers are looking for a one-of-a-kind experience. Companies could inject an element of luxury into all of their designs in order to attract more shoppers.
The French group, the world's biggest manufacturer of luxury goods, said that sales rose 13 per cent to €7bn in the first half of the year following "market share gains across all brands". (THE FINANCIAL TIMES, UK)
Implications - Consumers are seeking an element of prestige in the products they purchase. No longer attracted to practical items that simply provide a function and nothing else, customers are looking for a one-of-a-kind experience. Companies could inject an element of luxury into all of their designs in order to attract more shoppers.
Trend Themes
1. Prestige-seeking Consumers - Consumers are seeking an element of prestige in the products they purchase.
2. Unique Experiences - Customers are looking for a one-of-a-kind experience.
3. Injecting Luxury Into Designs - Companies could inject an element of luxury into all of their designs.
Industry Implications
1. Luxury Goods - The luxury goods industry can take advantage of consumers seeking prestige in their purchases.
2. Marketing and Branding - The marketing and branding industry can help companies create unique experiences to attract customers.
3. Product Design - The product design industry can assist companies in injecting luxury elements into their designs.
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