Stores – Luxury Market Broad, Diverse and Growing

Now more than ever, nothing about luxury is “one-size-fits-all.” Today’s luxury consumers are a varied bunch, ranging widely in ethnicity, in attitudes about ownership versus use and even in how they want to interact with retailers and brands. But they provide enormous opportunity: The global luxury marketing continues to grow by 10 million people annually.

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Washington Post – The definition of luxury retail is being ‘shattered’

As recently as 10 years ago, the profile of a luxury shopper was fairly clear-cut: It was the kind of man or woman who owned a lavish penthouse condo, had a fat investment portfolio and freely threw down cash on pricey Chanel handbags or Louis Vuitton luggage.

But today, industry experts say, luxury shoppers are a much more diverse group with wide-ranging tastes and a unique set of values, a transformation that is pressuring high-end retailers to recast their brands.

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