In recent years, the luxury market was focused in Western Europe and the United States, however for some time this trend has been reversed by some markets: China, for example, whose purchasing power of luxury consumers has increased, is definitely imposed as a key market.
The European and American markets can be considered “old” because their growth is stagnating and brands are working more and more on strategies to enter new markets.
Countries with good potential for luxury brands include:
China remains the leading country in recent years for the luxury market and many brands are already present in this market (LVMH, Dior, Hermes, Chanel, etc.). Although the growth of this market has stabilized, the Chinese are big consumers of luxury.
The Indian market has been very dynamic in recent years, the country is also considered the third largest billionaires in the world. This is a potential market to explore for brands, some of which are starting to settle in the country (Coach).
Around the world, ad-hoc stores are multiplying. Ermenegildo Zegna, Prada and Montblanc have been established in the last two years in Nigeria, the next luxury eldorado in Africa; Zegna, Boss and Prada have recently moved to Angola.
Brazil has experienced a surge in investment despite the crisis and Brazilians are still more attracted to luxury. The biggest brands are already present in the country. The Brazilian consumer follows the trends.
Mexico is the largest luxury market in Spanish-speaking America. The middle class is increasing. Brands have already settled in high-end shopping centers including (Hermes).
The key to success for brands wishing to establish in other regions is to respect the local culture, to adapt to local tastes while keeping the identity of the brand, moreover the website must imperatively be translated in the language of the country.