March 14, 2013
Bloomberg Professional is tailoring a new dashboard to real-time data and analysis on the luxury sector since the industry is expected to grow up to 10 percent this year.
Subscribers to the Bloomberg Professional service can access a new dashboard that examines the luxury retail market through Bloomberg Industries, a platform with real-time data, news analysis and insights. Bloomberg is filling a gap in its service to find trends in the luxury goods market that went from a $60 billion industry in 2006 to more than $280 billion in 2012, per the news organization.
“We launched the new Bloomberg Industries luxury dashboard to bring together company financial data and street forecasts to an aggregate sector level, adding sector specific macro and industry data into one place on the Bloomberg terminal,” said Deborah Aitken, senior analyst at Bloomberg Industries, London.
“We’ve seen high growth rates across the luxury sector for several years historically,” she said. “Other recent trends in the sector include positive consumer sentiment of higher income earners, a plethora of new and innovative privately held smaller brands and a cash-generative environment of the iconic largest and high-end brands.
“In 2013, our research shows expectations of up to 10 percent sales growth for the $280 billion sector and an industry consensus earnings per share estimate of 17 percent."
Results are in
The luxury market dashboard on Bloomberg Industries, or BI LUXG, will present insights on global luxury marketers including Prada, Burberry, Hermès and LVMH Moët Hennessy Louis Vuitton.
The growth of the luxury sector prompted Bloomberg to curate the data, analytics and insights on these brands, retailers and conglomerates on one platform.
Per Bloomberg, the luxury dashboard will present subscribers with real-time company, sector and macro data, consensus company estimates and industry-specific research.
The dashboard is put together from the data-gathering and analysis of more than 100 researchers.
Luxury marketers can examine insights such as those provided by the new dashboard to justify innovations in their consumer-focused efforts.
As the industry continues to grow, consumers’ expectations will increase as well.
“The luxury industry has been growing at a double-digit rate for several years,” Ms. Aitken said.
“Consumer expectations are moving onwards and upwards in terms of quality, shopping experience and expectation of product,” she said.
“These expectations can be seen across all price levels and category levels globally.”
Luxury dashboard
Act globally
One area of focus for Bloomberg Industries’ new luxury dashboard will be insights on global markets.
Luxury marketers have been eyeing emerging markets – mainly China and other parts of Asia in 2012 – to drive revenue.
Notably, 50 percent of worldwide luxury good sales come from the Asian luxury market and Bloomberg Industries will continue to watch this part of the world in 2013, Ms. Aitken said.
Chinese consumers bought 25 percent of all luxury goods sold in 2012, making it the first time that this group spent more than U.S. consumers.
Despite the subsequent slowdown, luxury marketers should continue to target Chinese consumers. But they should also continue to scope out the global marketplace for new opportunities.
“Growing markets are in tier-one and tier-two Asian cities and in tier-three Chinese cities,” Ms. Aitken said.
“Wealth growth in the United Arab Emirates, United States and European Union and exponential growth rate expectations for higher income earners will also fuel growth for the luxury sector,” she said.
Final Take
Tricia Carr, editorial assistant on Luxury Daily, New York
Share your thoughts. Click here
