During the 1990s the global luxury industry was mainly in North America and Western Europe. Since then, we have seen a major boom in the global luxury industry expanding to Eastern Europe, Asia, Australia, and Africa. China, Russia, India, Australia, the United Arab Emirates, Pakistan, and other countries have emerged or are emerging as important markets in the luxury industry. The United States of America and Europe are overwhelmingly largest markets. Prominent luxury brands have tremendously benefited from globalisation and digital marketing.
Smart devices, robotisation, artificial intelligence, machine learning, blockchain, social media platforms, e-commerce, changing consumer behaviours, generations Y and Z, are changing the luxury industry at the same time.
We are seeing the rise of digital-native luxury brands, which can reach out to global audiences but the largest sales are made in shops. In 2019, 10 per cent of luxury sales were made online. In contrast, 90 per cent of the sale was made in shops and department stores. Online sales are increasing slowly and steadily, and this is the reason why digital capabilities are essential to survive in the future.
Modern Luxury: How to navigate in the modern world goes through different trends. It will you a bigger picture of what is happening in the luxury industry. As a reader, you may find valuable know-how of the current situation and adapt to change.
The book is available on Amazon.
Modern Luxury is Jukka Aminoff's fifth book. His previous books Social Selling Luxury: Increase sales by engaging in the digital world (2016) and Luxury: How to create a fascinating luxury brand (2015) are topical.
Aminoff is the founder of Luxury Sales Academy and UHNWI Luxury Events. Aminoff is a member of the Mark Challenge Entrepreneurship Club, which is powered by the International University of Monaco. He is a Fellow of the Royal Society Arts and holds a master's degree, Master of Arts in Marketing and Innovation from Anglia Ruskin University. BBA from Laurea University of Applied Sciences.