When I first started covering the branded clothing and footwear market almost 20 years ago, the word “brand” conjured up four or five global names: brands such as Adidas, Nike, Puma and Polo Ralph Lauren. It was a strange and wholly foreign concept – spending $100 plus on sneakers, not so much for the cost of innovation, manufacturing and distribution, but often because of the logo and symbolic meaning such brand ownership delivered among peer groups.
Twenty years later, it’s hard to think of something much owned by us that is not branded. From purses and shoes to clothing and fragrances, cars and where you take your vacation, a brand isn’t just functional, it’s a statement. Perhaps that’s why the branded luxury good market exceeded $280 billion in 2012 compared to just $60 billion in 2006.
With this in mind, Bloomberg Industries developed a new luxury dashboard (BI LUXG) to put data, analytics and insights for industry-focused luxury professionals in one place. The platform provides interactive, continuously updated company, sector and macro relevant data combined with consensus company estimates and industry-specific research, curated by more than 100 research professionals. In addition to the data compiled from the Bloomberg Professional service, Bloomberg Industries holds information from more than 200 third-party data providers.
One trend we’re watching in 2013: the Asian luxury market which makes up an astonishing 50 percent of all luxury good sales. In Tokyo, more than 90 percent of women in their 20s own a Louis Vuitton bag. Hong Kong hosts more Gucci and Hermes stores than Paris. But no one bests China, where last year the Chinese consumer outspent Americans for the first time ever, buying 25% of the world’s luxury goods.
If you are a Bloomberg Professional service subscriber, we encourage you to check out the new luxury industry information available at BI<GO>. Given predictions of 8-10% growth in the luxury brand markets this coming year, it’s surely worth watching.
– Deborah Aitken, Bloomberg Industries Senior Analyst