dadasd 

Thought Leadership - Pioneers of the latest industry thinking

Honey

How to Understand Luxury

Honey - Understanding Luxury

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.

Author
Lulu Laidlaw-Smith, Commercial Partner

Key take outs:

  • Understanding gifting is vital if you want your company to head towards a luxury market. 
  • In hard times, people seek compensatory gifts or self-gifts to make up for other more expensive treats being unattainable.
  • It is often said that today’s luxury is tomorrow’s necessity, though it remains to be seen whether that will come to fruition in the next few years.

To find out more contact Steph Garville at Honey

About the author

Kara Melchers, Managing Editor, BITE

Kara has editorial control over BITE, creativebrief’s marketing trend briefing. Get in touch if you’re working on an interesting project

kara.m@creativebrief.com