LUXURY PRESS DIGEST 30TH APRIL
Luxury Fashion, Retail & Consumer Goods
EIGHT WAYS BUYING LUXURY WILL CHANGE
Forbes writes that luxury brands need to reinvent the way they sell to you to remain relevant, said a number of experts, speaking yesterday at Luxury Daily’s “Luxury Insights Summit” in New York. For decades, buying luxury goods has meant a trip to the store, although gradually high-end brands have been exploring e-commerce. Burberry has been on the cutting edge of making the bricks-and-mortar experience more dynamic, integrating technology that brings products to life and ties your mobile phone to in-store shopping.
CHINA TO REDUCE IMPORT TARIFFS TO BOOST DOMESTIC SPENDING
Reuters reports that China will reduce import tariffs on some consumer goods by the end of June to help boost domestic spending and support the slowing economy at a time when record numbers of cash-rich Chinese tourists are splurging overseas. The State Council, China's Cabinet, said the decision was made in order to satisfy rising consumer demand but did not specify which consumer goods would benefit or how much tariffs would be reduced. Consumers in China generally pay 20 percent more for luxury goods than their counterparts in Europe, while Japan and South Korea are also much cheaper shopping destinations due to their weaker currencies, according to analysts.
SWINDON’S LONG SHOP RE-OPENS FOLLOWING £40 MILLION INVESTMENT
Swindon’s historically significant railway building – the Long Shop – officially re-opened to the public for the first time in nearly 30 years yesterday. The launch follows the completion of a £40-million investment in Swindon Designer Outlet – which was developed by McArthurGlen and continues to be managed by Europe’s leader in designer outlet retailing – by the UK Outlet Mall Partnership and TH Real Estate. The investment sees the incorporation of the Grade II-listed building to expand the centre to 250,000 sq ft retail space and over 120 brands. This is the biggest investment into the six designer outlets that comprise the McArthurGlen UK portfolio.
WHAT IS LUXURY?, V&A, REVIEW: 'REWARDING'
“What is luxury?” asks the title of a new exhibition at the V&A. It’s a timely question writes The Telegraph. Since the global financial crisis, the West has been clamped between the teeth of hardship and austerity. At the same time, the richest one per cent in Britain has accumulated a disproportionate amount of the country’s wealth. Meanwhile, foreign investors from China, Russia and the Middle East continue to swoop into the country, ploughing cash into luxury real estate, and sending property prices skyrocketing for the rest of us.
Luxury Travel, Culture & Leisure
HOW LUXURY HOTELS DECIDE IF YOU DESERVE A PERK
The Wall Street Journal writes that it’s one of the mysteries of travel: Why do you sometimes enter a hotel room to find free treats—a bottle of wine, a plate of snacks—and sometimes get nothing? Not even a lone chocolate on the pillow? Even at the same hotel? Hotel amenities, as these gifts are called, are undergoing a transformation, particularly at the luxury hotels where their presence is most common. In general, the treats are getting smaller, more frequent and more personalized. At the same time, they are getting more elaborate for children and pets..