What Is the Luxury Goods Report?
The Bain Luxury Goods Report is a quarterly report published by the company that is best known for its series of “behind the times” publications. This publication is devoted to reviewing luxury goods from all around the world. It is aimed at providing a “comfortable but informed” consumer insight into products that are not only of quality and reliability, but also that are priced attractively. What makes the Bain Luxury Goods Report so different from many other consumer reports is that it is compiled by an actual consumer, rather than by a corporation that is often paid to review products for their own interest.
As is usually the case with luxury goods, the luxury goods market is saturated with so many choices that any consumer can easily become overwhelmed. Many companies offer luxury goods at high-end prices, which makes it extremely difficult for consumers to distinguish between the good deals and the rip-offs. By holding an annual consumer survey, the company hopes to address some of these problems. The Bain luxury goods report divides the world of luxury goods into ten topics to better describe the landscape.
One of the categories is watching. The Bain luxury goods report notes that many luxury goods today are now made of plastic, instead of the traditional metal or leather. While the materials are the same, watch makers are now able to use technology to make watches that look great on both men and women. In addition, they are becoming more innovative by the minute. New luxury goods watch might have multiple functions, such as a stopwatch or a calculator, making it easier for consumers to identify which features are truly worth the purchase.
Another category is clothing. While there are still plenty of top designers creating quality clothes and accessories, the trend toward mass produced clothing has begun to wane. Many manufacturers have begun to offer lower cost items that are designed to appeal to a larger audience. The luxury goods report also examines the impact of this change on the consumer, and whether or not the quality of these products has declined while at the same time the prices have remained relatively constant.
Luxury spa products are another area of rising popularity. As more people seek to find ways to relax after a hard day, a variety of so-called relaxing therapies are popping up. While saunas and other exotic products have been around for centuries, many people now are looking for ways to bring this alternative medicine into their homes. The luxury goods report examines the growing number of spas offering these services and examines how much the industry is worth. It concludes that this trend will continue to grow.
Books, DVDs, and audio recordings are also among the growing number of luxury goods items being offered by companies. The luxury goods report examines these products in depth and reports on their value. High end audio and video products are increasingly popular with consumers, and the Bain analysis is no exception. It notes that many people want to own these products but that they are often priced beyond consumers’ reach. The luxury goods report goes into the specifics of several books and videos, as well as the impact that price and value can have on consumers.
Clothing manufacturers have also seen a surge in business as the economy has weakened. Luxury garments, such as clothing designed for sportswear, are particularly popular. Luxury apparel and sports gear are a relatively cheap luxury that allows buyers to participate in activities that would otherwise be out of the question. The luxury goods report notes that sports equipment is especially popular and continues to see growth, as is the sale of golf accessories.
The luxury goods report examines the changing trends in luxury products. It discusses how the economic downturn has affected the market, and how the financial crisis has affected the rise of new products. It goes into the details on a number of the items that are now on the market. It covers everything from designer garments to golf clubs.