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Rolex’ decision to halt its routine price hikes signals a potential shift in the luxury sector's pricing strategy…While the industry has seen substantial price increases, there is a growing need for moderation to maintain customer loyalty….. In India, where luxury sales have been robust, continuous steep price rises could dampen consumer enthusiasm, potentially reversing the growth trend. Brands may need to balance exclusivity with affordability to remain relevant #LuxuryMarketShift #ConsumerAwareness #india #middleclass #luxurygoods #fashionbrands #marketinsights

How the Red Lipstick Effect Explains the Surging Sales of Luxury Perfumes in South Korea In the first 5 months of 2023, the sales of premium perfumes in Korea have experienced a high and sustained growth. Market analysts have reported a remarkable 45% increase in luxury perfume sales during the spring months compared to the same period in 2022, while sales of premium perfumes have soared by an impressive 61% during the same timeframe. This trend has been predominantly driven by the younger demographic, who have embraced premium fragrances priced between 200 and 300 USD as the modern-day equivalent of the allure of red lipstick. In current times of economic uncertainty, customers view these scents as small luxury indulgences that uplift their spirits and dispel any gloom they may be experiencing. Moreover, the easing of mask-wearing restrictions in March likely played some role in influencing their sentiment. One noteworthy aspect of this phenomenon is that the concept of small luxury goods centers around the idea of affordable pleasures. While the average price of a premium lipstick typically ranges from 30 to $50, luxury perfumes commence at a significantly higher price point of $200. Another observation is the growing preference for niche fragrance brands such as Jo Malone, Byredo, and Diptique, which has even given rise to a new trend referred to as "JoByDi."  Growing demand for luxury perfumes signifies three underlying factors: Firstly, an increase in the consumer's willingness to invest in products at a higher, yet still considered "reasonable," price range, indicating their favorable financial situation. Secondly, consumers are becoming more adventurous and sophisticated in their olfactory exploration, seeking broader emotional experiences. Lastly, while remaining brand-conscious, younger customers in Korea now desire a more tailored and personalized approach that niche brands excel at delivering. Unsurprisingly, this dynamic has captured the attention of premium perfume brands, exemplified by Jovoy's strategic move to open a boutique in the affluent Cheongdam district. Given the optimistic outlook, it is likely that more brands will follow suit in the near future. With the Korean perfume market estimated at 564.6 million USD in 2021, it is projected to witness further growth, reaching 703 million USD by 2025. This expanding market presents abundant opportunities for luxury perfume brands to capitalize on.  Bon courage! #luxuryperfume #seoul #korea #luxurymarket #perfumebrands #sales

🇨🇳 The Chinese Pre-Owned Luxury Watch Market: A Growing Frontier 🕰 While still a fraction of the global market, China's pre-owned luxury watch market is steadily gaining prominence. Chinese consumers are progressively embracing the concept of purchasing pre-owned watches. At the pinnacle of the wealth pyramid, high-net-worth (HNW) collectors are fueling demand for unique timepieces in the secondary market. Hurun's Chinese Luxury Consumer Survey 2022 reveals that 49% of HNW individuals in China now collect luxury watches, a notable 23% increase from the previous year. This aligns with a broader interest in passion investments in China, with 29% of surveyed consumers recognizing the long-term investment potential of watches. At the entry level of luxury, aspirational and younger consumers are drawn to the allure of owning a pre-owned luxury watch at a more affordable price. These savvy consumers are well-informed about pricing, thanks to social media and informal networks, and they place high value on securing a good deal. The interplay of supply and demand factors is shaping the evolving ecosystem of the pre-owned luxury watch category in China. Despite global price corrections in the secondary market, there's a significant supply of timepieces as consumers either upgrade their collections or seek to release capital. Key players are recognizing the importance of early entry into this evolving market to build consumer trust. Certified Pre-Owned (CPO) Programs: A game-changing development is the introduction of certified pre-owned (CPO) watch programs by luxury watch brands. Rolex has already launched its CPO program, with Audemars Piguet set to follow by the end of this year. While CPO programs are not yet available in China, they promise greater transparency and authenticity, setting a global standard for pre-owned pieces and attracting a new segment of luxury watch consumers. Source: https://lnkd.in/gewqSzxr #luxurywatches #preownedmarket #China #watches #WatchAdvisor #wherethewatchesarethestars

Luxury watches as an #asset are here to stay! ChronoCap will offer a gateway for investors to diversify their portfolios in rare #timepieces. Through #tokenization, investors can easily participate in this #alternative asset class. Interested in alternative investment opportunities? Make sure to follow ChronoCap to stay up to date. #blockchain #investment #alternativeassets

There are two types of luxury watch buyers: those who see it as a luxury accessory and those who are making an investment. The two categories can overlap, and who comprises the first is changing. If all you want is to know what time it is, you have a phone for that. But a luxury watch is so much more than a timepiece. It is a functional accessory, something that can call back to bygone traditions or can signal belonging to a subculture that appreciates the fine craftsmanship and complex expertise of the watchmaker. Watches are Hot Again. What Does This Mean for Luxury Consumers and Retailers? ▸ Link in comment