According to research by consulting firm Bain & Co., the overall global market for luxury products and services hit $1.1 trillion in 2014—up about seven per cent from a year earlier. The demand for personal luxury goods, such as clothing, handbags and jewellery, has also grown, with an increase of five per cent to more than $300 billion globally.
This rise coincides with the recent “democratization of luxury” in Canada, which involves the widespread demand for high-quality, exceptional and lavish items.
Experts say that this increase in interest in luxury goods is due to our fascination as a society with celebrities, the growing wealth in emerging economies, and rising consumer expectations. Moreover, for Canadians, this growth has occurred largely due to the country’s booming housing market.
As a result, many brands have become involved in the “luxury lie,” which involves the selling of pricey, mass-produced products to consumers. These companies use the idea of luxury as a marketing tool, repackaging their old goods and services in a way that gives the illusion of finer quality. To put it simply: in today’s luxury business, it’s all about appearances. CJ
Author: Canadian Jeweller Magazine Staff
Canadian Jeweller Magazine Staff is the shared byline for reporting filed by the magazine's editorial desk. Founded in 1879, Canadian Jeweller is the longest running jewellery business publication in Canada, covering market reporting, retail strategy, watches, diamonds, coloured gemstones and the commerce of the Canadian jewellery trade. Work published under this byline is edited and verified by the Canadian Jeweller editorial team in Toronto.
