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PRESS RELEASE Luxury Business newsletter reports Worldwide Luxury Market Rebounds in 2002 Stevens, PA March 24, 2003 — Last year turned out to be a pretty good year for luxury marketers and a significant improvement over 2001, the Luxury Business newsletter reports. In 2002 the average sales increase of the 18 leading international luxury marketers was 6.6%, which compares favorably to an overall average sales increase of only 4.4% in 2001."While the luxury market showed measurable topline improvement in 2002, so far this year sales are basically flat or down slightly," Pam Danziger, editor of Luxury Business newsletter and president of Unity Marketing, reports. "Worldwide geopolitical events, a decline in international travel and the SARS outbreak have combined to pinch the luxury market this year. But luxury companies have tremendous resiliency as a result of the investment they make in crafting their brand image. The luxury market should bounce back as shoppers slowly emerge from their cocoons and venture out to reconnect with the outside world." Another positive sign for the turn around in the luxury market in 2002 is a rise in the number of companies reporting a sales increase. In 2002 only one company experienced a sales decline, as compared with eight companies in 2001. But the luxury industry in 2002 still lags behind the average 17.9% increase seen in 2000 over 1999 levels. "A key trend emerging in the global luxury market is that America is becoming a prime exporter of luxury, as our reputation for luxury brands grows worldwide," Danziger says. "America is no longer thought of only for mass brands like Coke or MacDonalds, but prestige brands like Ralph Lauren Polo, Estée Lauder and Tiffany. "American consumers are increasingly turning to USA-based luxury brands, while international luxury consumers are also eager to buy into the American vision of luxury. For example, Coach, the luxury leather goods marketer that exalts its American heritage, has sustained double-digit sales growth in both the 2001 and 2002 sales years. The Coach brand is hot in its own chain of 200 store, including two stores in the United Kingdom and one joint venture in Japan, and in its wholesale business to department stores." About Unity Marketing |
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