The Luxury Network UK Celebrates its 5th Anniversary30th October 2018
The Luxury Network UK, the private membership club is delighted to announce its fifth birthday. They are celebrating their expertise in amplifying brands and businesses for success, and the achievements of their members.The luxury industry has undergone major changes during recent times. Economic uncertainty and geopolitical crises, rapid digital transformation and fast-evolving consumer preferences are creating a new competitive and challenging landscape, which The Luxury Network is helping clients to navigate.
The Luxury Network boasts a team with experience working with best in class luxury brands, headquartered in London, the world’s luxury capital. Boasting 28 offices worldwide and a network of over 500 brands, the network is the next generation of marketing for premium brands; they specialise in forging unique partnerships, which give their members the edge in targeting pre-qualified high-net-worth clients across the world.
Members join this exclusive club to anchor their brand in the luxury space, building brand awareness and creating powerful affinity activities with like-minded luxury professionals. Members share clientele and activations to support business development and client retention. Through industry seminars and networking at director and owner level within the luxury sector, they gain access to peer group intelligence.
The UK is fast becoming the most affordable luxury market in the western world
Despite market uncertainty due to Brexit, there have been few complaints from retail brands in London, where the fall in the value of sterling has had tills ringing with overseas visitors spending heavily. Compared with China, prices in the United Kingdom are on average 22 per cent cheaper.
Chinese arrivals into the U.K. have now increased by a massive 58% since 2014 with a projected 46% growth in the next 5 years; China now makes up 23% of tourist spend on luxury goods in the UK, followed by the U.S. at 13%, and the Middle East at 12%. Luxury shopping continues to be a status symbol for wealthy tourists with the total spend increasing by 41% in the last 5 years.
The United Kingdom is fast becoming the most affordable luxury market in the western world, and London retains its mantle as the centre of the retail world, with all major brands maintaining flagship stores in the capital. Meanwhile, domestic luxury customers are reducing their shopping abroad due to unfavourable exchange rates and spending more at home instead.
Sales in the U.K. have historically been driven by the growth in luxury cars, designer leather goods, accessories, and beauty. However, it is expected that categories such as luxury hotels, and other luxury services in the hospitality sector to increase in importance as consumer continue to look towards more luxury experiences over ‘things.’
Sunseeker Adding ‘Wow’ Factor with Alexander James Interiors
For The Luxury Network, one of the most successful brand collaborations to date has been between Sunseeker London Group and Alexander James Interiors, the award-winning luxury interior design firm, which now dresses all Sunseeker yachts at boat shows around the world, including Cannes, Southampton, Genoa, and Monaco last month. When a client saw the very first boat they had dressed, they wanted to buy it, so long as they could have all the interiors. With boats selling for between £3 to 5 million, it has proven to be an exceptionally fruitful relationship, and since joining The Luxury Network three years ago, Alexander James Interiors says that the network accounts for between 50 to 60% of their marketing activity for a fraction of their marketing budget.
Sunseeker’s Group PR, Marketing & Events Director Alexandra Harrison, remarked: “The Sunseeker London Group have been members of The Luxury Network for four years. Helena’s passion for connecting like-minded brands is exceptional and through her introductions, we have made many superb, beneficial connections.”
Managing Director of The Luxury Network London and Global Head of Business Development, Helena Warren, the luxury expert with the superlative matchmaking skills for high-end brands commented: “The rude health of the luxury sector has led to a demand for increasingly sophisticated sales techniques to promote products and services in a fiercely competitive market; we excel in affinity marketing, which isn’t a new concept, but an arguably unrivalled approach to accessing new clients”.
We want our clients to stay ahead of their peer group, so we are constantly innovating, and we are excited to be celebrating our fifth birthday and our members successes with the launch of additional new services, including brand and business development, event planning and management, and marketing planning and delivery, including management of social media.”
The network is currently also developing stronger ‘category verticals’ to maximise membership exclusivity, focusing on luxury goods, luxury services, finance, hospitality and property.
Euromonitor International Identifies the Luxury Market’s Key Disruptors
Fflur Roberts, Head of Luxury Goods Research at Euromonitor International, the world’s leading independent provider of strategic market research remarked on the luxury market’s key disruptors: “Global luxury goods sales edge closer to US$ 1 trillion and is set to reach almost US$93bn in the UK in the next 5 years.
From 2018 to 2030, despite Brexit uncertainty the number of high-net-worth individuals in the U.K. is expected to rise by 74% to reach 302,000, hailing largely from China, India, the Middle East, and Africa. The U.K.’s interest in luxury also shows no signs of slowing down but going forward, the focus will be less on wealth and more about mindful luxury.
Wise brands will incorporate a wellness and ethical angle into their products and services to drive consumer interest. Materialism as a determinant of status will persist in the short-term but with a visible shift towards experiences, and establishing and maintaining empathy will be the most powerful way to create emotional connections with luxury consumers.”
A Reason to Celebrate
With the market fast evolving and Brexit on the horizon, The Luxury Network, the invitational members club, offers extraordinary partnership event and collaboration opportunities, so brands not only navigate any unforeseen headwinds but are propelled and elevated, giving members a reason to celebrate.