Source: BBC, Jun 2011
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Luxury is big business and it’s not only among a wealthy few. The luxury goods market is expanding worldwide and is expected to rise by 8% and be worth a cool £164bn by the end of this year.
By 2020 it’s predicted to be the world’s largest luxury goods market and account for 44% of all sales. By then the Chinese will be buying more luxury products than the entire world is now.Rarity has always defined luxury, says historian Dr Michael Scott.
So what luxuries will people be stimulating their senses within 10 years’ time? Experts predict the market will be fuelled by consumers’ “emotional connections”, says Lucia Van Der Post, luxury lifestyle commentator and former editor of How to Spend It magazine.
In a speech to the Champagne Assembly, which is made up of champagne producers, she said luxury has evolved from the expensive trinkets and toys of yesteryear, to meaningful experiences with a genuine emotional dimension. “The traditions of old luxury – the luxury of things – are awfully dull for new consumers. They want to be touched emotionally by their experiences, and there are new priorities, such as ethical concerns and sustainability.Luxury lifestyle company Quintessentially is seeing this change. People want unique experiences to savour and remember, says co-founder Aaron Simpson.