Luxury takes special talent, skill and sacrosanct devotion to serving customers that very few brands are able to deliver consistently. Many newcomers have discovered that luxury also takes a long time to bring to fruition and very few beginners have the patience. This exit will prove to be a blessing for the luxury industry as truly devoted luxury purveyors take back leadership and control of the industry for the benefit of all.
“friends and family†as the most trusted source.
Wealthy consumers are becoming comfortable with using the expertise of trusted peer groups to help make luxury purchasing decisions. The aggregated experiences of the larger peer group become a more reliable and expert source for making luxury purchasing decisions as long as the source is trusted.
As 2010 approaches
There is much in the luxury industry for which to be grateful. CocoonU believe it will take a significant amount of time to recover and surpass the economic success levels of 2007, yet luxury is cyclical, and the category will benefit from the growth of the world economy over time. Asia remains a very bright spot and will drive dramatic growth in the 21st century. The top-tier brands of luxury have already embarked on a reinvention and renaissance that will make luxury wonderfully unrecognizable several years from now. Look for those famous green sprouts in 2010. They are definitely there, but hard to see with the naked eye.
