Throughout the recession luxury gifting was, perhaps unexpectedly, one sector that didn't suffer.
In this insight piece Honey explore the key to success in this aspirational category -
Top London stores are showing serious profit returns. Selfridges’ operating profits are up by 12.3% to a record breaking £150 million, whilst at London based food and gift emporium, Fortnum & Mason, sales have jumped 14 per cent to £74.4 million – pushing profits up to £3.8 million from £1.8 million the previous year.
At the more modest end, Britain spends up to £6.34 billion each year on takeaway coffee as it becomes more and more part of the everyday. Organic food has also grown, with 4 out of 5 households now buying organic and the industry now worth £1.79 billion in the UK.
The key to success in all these areas is the personal touch - the relationship between you and the customer. Quality of service, craftsmanship, and product delivery that lives up to the brand values.
To read more about how the luxury sector builds relationships with customers download Understanding Luxury here.
Lulu Laidlaw-Smith, Commercial Partner