NEW YORK—From luxury without the bling to the rich getting richer, HBA Global Expo’s prestige market panel discussion talked about where the market’s been, where it is now, a few predictions and a little perspective on how to approach today’s new shopper.
BeautyPress reported the panel’s highlights, including:
Looking Back
A reminder from Howard Kreitzman, VP of cosmetics and fragrance, Bloomingdale, brought listeners back to September 2008 when the high-end skin care business collapsed along with the stock market, leaving only the very wealthy consumer buying up the luxury products; but business is bouncing back.
“American consumers like to spend and can only hold back for so long," Kreitzman said. “The luxury consumer is roaring back, but the rest of America is struggling."
A Niche Perspective
“Luxury may be back, but bling isn’t," Kelly Kovack, founder, Purpose Built, said, quoting The Wall Street Journal. Price is no longer king, according to Kovack; value is king, and it’s defined by the experience and the emotional connection. Her key ingredients for prestige niche brand success? Retailer exclusives, sampling, retailer support, press relations and training.
Get Trendy
“The rich are getting richer," said Judy Galloway, a consumer insight and market research expert and futurist, noting there are nearly four times the number of billionaires globally in 2010 than in 2000. She stressed the importance of design as a purchase driver, as well as the need to invent and reinvent in order to “surprise and seduce customers into making purchases."