Luxury brands are adjusting their structures to cater to the needs of their wealthiest customers, who have grown up with brands like Vuitton, Hermès, and Chanel. This shift is driven by the desire for exclusivity and the need for luxury products and elaborate experiences post-Covid. Luxury conglomerates are adjusting their structures to move away from third-party online sales.
New York City is experiencing a luxury real estate boom, gaining 27 of luxury brands’ 650,000 sq. ft. investment in U.S. stores. However, recouping their investment may take time, as Hermès, LVMH, and Kering share prices fell this week, wiping out $60 billion in market value. Experts suggest investors were likely spooked by slowing demand in the US and new uncertainty in China.
The luxury travel industry is also experiencing a boom, with the Class of Palm Beach social media accounts featuring designer-label-laden outfits. Exclusive Resorts is an invite-only membership club for high-end travel. Brands must shape the 21st-century luxury experience through innovation and personalization, while marketers must cultivate the next generation’s affinity for ultra luxury brands.
The overall luxury goods market is expected to grow about 10% this year to $160 billion. The newly wealthy economies of China, India, Brazil, and Southeast Asia have churned out young buyers with a hunger for markers of status and sophistication. Speakers at The New York Times International Luxury Conference discussed the challenges facing the sector.
📹 Luxury was created to keep you poor!
If you wanna take control of your life, hit that Subscribe button! Speaker: Eminem Source: @60 Minutes #shorts #eminem …
📹 How Tesla Planted the Seeds for Its Own Potential Downfall
When Elon Musk set up Tesla’s factory in China, he made a bet that brought him cheap parts and capable workers — a bet that …
You failed to mention the current number of EV makers in China, and the number of models they produce, It is staggering compared to the USA. China is way ahead of the US in adaptation of the EV. Range also is probably a factor. If the US market is open, China will dominate it immediately. Not to mention other transport like buses and trucks.
Far too much of our economy is directly tied to automotive manufacturing and maintenance. It would be economic suicide to hand that to China. We’ve already given up far too much of our manufacturing base to China in the effort to cut costs. What happens when prices are low but their are is no income to buy anything? Elon just learned this lesson that other manufacturers learned decades ago. “But we need to save the world!” is the response to this concept. I would say to those people that EV cars are not the panacea of environmental change. The energy from manufacturing is high in carbon usage. In addition, gasoline power is mostly handed to the electrical grid and natural gas/coal is still a huge player in that arena. It’s only in areas like the Pacific Northwest where hydro and green power are dominant that it pays off. In addition, people are moving toward hybrid vehicles instead of all EV because of the lack of charging in large parts of the country. The US is far more spread out than Europe and this is a problem with EV’s.
NYT is presenting this almost as a conspiracy which is quite disappointing. Tesla was not the first car company to get into China. Every one and their uncle wanted a piece of the Chinese market. China had a large EV industry already and a clearly stated goal that they wanted to develop their own car industry. It was exactly what happened in Japan decades ago and then in Korea a couple of decades later. BYD was there before Tesla was there. It wasn’t like China overtly snatched Tesla’s tech and gave it to their internal companies ( I am not saying they are not involved in intellectual theft but we can talk about that after we discuss what the East India Company did to China back in the day). China was wise to provide Tesla with all those subsidies to develop their supply chain. Also, if Tesla helped set up a clean car credits in China similar to the ones in California, it is directly in line with their mission of enhancing sustainable transport. BTW the comparable BYD model in UK are in the same price range as say a ModelY, it might even be slightly more expensive. I test drove a ModelY made in Shanghai in the UK and its build quality was demonstrably better than what comes out of Texas and Freemont (don’t know how Berlin fares). The naivete’ you talk about for Tesla’s China initiative, applies to the entire Western effort to open the third world markets to their goods and manufacturing. The West exported their dirty factories to the third world and now blames it for pollution while they consume most of what is made in those factories!
The difference between byd and Tesla is that Tesla makes high quality products with long range. Call BYD makes glorified golf carts. Dad aren’t up to USA or europe crash standards. Not to mention most of the cars BYD makes are not electric. They are hybrids so you really can’t count the number of hybrids they produce and compare them to the number of EVs Tesla produces
What is Tesla’s mission? “To accelerate the world’s transition to sustainable energy.” This narrative ignores this. Tesla is wildly successful at accelerating the transition. China was once the pariah of climate change activists, now it is the world’s leader in renewable energy. You guys are talking about BYD as a competitor while it is a partner.