This meager growth which will fall short by one percentage point from 2016 sails upon several headwinds including the slowdown of the Chinese economy; the crackdown on corruption by the Chinese government which leads the ultra-rich to be prudent when displaying wealth; the terrorist fixation with luxury Meccas such as Paris, the increasing costs to fight counterfeiting; and the potential trade war looming in the horizon as the Trump Administration seeks to execute its electoral mandate to put America First.
As these developments take a toll on luxury goods manufacturers and service providers prompting industry leaders to take refuge and protect the village from this stormy weather. Measures to shield from these winds are all wrapped under the same mantra: exponentiate the scarcity value of luxury so it becomes even more desirable. In short, the industry should take refuge in its differentiating attribute which is the desirability of the impossible.
And the strategic path taken to reach such goal includes a set of interactive actions that aim at creating a beneficial effect upon margins and sales. These actions are:
These among other eternal practices such as good location; savvy use of social media and continuing innovation are the rules for a successful 2017.
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