The Chinese market is set to take the lead for luxury car consumption as soon as 2020, according to experts. China will likely be buying approximately 2.25 million vehicles by 2016, reaching 3 million by 2020. Chinese consumers will likely not stop buying luxury automobiles, especially because China is the No. 1 automotive consumer worldwide.
Meanwhile, brands took their final bow at Fashion Week in Paris, closing out the month and hyping consumers for the new collection. Many brands used digital means to show consumers behind-the-stage footage including new social media platforms and websites.
Amazon continued its ecommerce rein through the introduction of a new 10 Crosby by Derek Lam boutique. Though some experts believe that selling on a mass-market ecommerce space could dilute a brand’s image, Amazon is an exception to the rule due to its luxury brand-esque customer service capability and seamless check-out options. Furthermore, the 10 Crosby boutique will be a separate page, allowing consumers to really get into the brand world. Amazon is expected to roll out a similar strategy with a bunch of luxury retailers, really stepping up the site as a purveyor of luxury goods.
Publishing conglomerate Conde Nast could be attempting to build its portfolio with the $20 million investment in the ecommerce/editorial site farfetch. Conde Nast’s move could be one to eventually acquire the site, allowing it to further its reach of affluent consumers looking for fashion advice and apparel on the site. Conde Nast has a history of acquiring popular blogs, as it acquired NowManifest last year.
The hospitality industry also had a good week, most specifically the Peninsula chain. According to the 2013 Forbes 5-Star ratings, every Peninsula property in North America was rated the highest possible 5-Stars. This honor is especially prestigious since the Forbes Travel Guide, formerly known as the Mobil Guide, is the oldest travel rating guide in the U.S., per Forbes. Other chains faring well in the ratings include Montage Resorts, Mandarin Oriental, Four Seasons, Ritz-Carlton and St. Regis.