Did you know that the UK’s luxury market is worth £6.6 billion and is expected to double over the next three years? More importantly, did you know that most of these spenders are from China, Russia and the Middle East? In fact, Arab shoppers spend £4.5 million a day in the UK and nearly £6 million a day if you add the Local Arab community, which lives in London.
As the UK continues to diversify, so does the consumer market. We believe that marketers need to acknowledge that as different cultures enter the UK market, their methods need to change accordingly.
The luxury market is in a league of it’s own and whilst this is recognised by marketers, this ‘league’ needs to be further segmented. The market needs to be based on the styles and preferences of its major consumers as the UK continues to develop into a cultural hub.
In fact, retailers and designers have already begun to adapt according to these preferences. For instance, luxury department store, Harrods, became the first store to stock a designer of modest fashion from the United Arab Emirates, DAS Collection. What’s more, Temperley London, described as ‘a feminine, effortless and timeless designer collection’, has recognised this growth in Middle Eastern luxury shoppers and now includes modest pieces suited for the Muslim lifestyle in its collection.
Having paved the way, it is now up to us, as marketers, to encourage other brands to further segment their luxury marketing. And over at Mediareach, we feel that digital is one of the ways to target these groups going forward. A study by Global Blue, found that 90% of luxury buyers from China, Russia & Brazil plan their purchases prior to their arrival to the UK. These plans are based on social networking and video adverts, making these platforms key.
So go on fellow marketers, make the most of it… we sure are planning to!