The power of the brand, luxury recovers after the economic crisis
Luxury has proven to be one of the sectors that best recovered after the crisis thanks to the value of refuge and the emotional factor, as highlighted this Thursday by the president of Elite Excelence-Spanish Luxury Federation, Sandra Andújar, at the first “Málaga Luxury Summit” congress.
The speakers at this meeting highlight the benefits of the sector in Spainespecially in Andalusia, and the president of Elite has made clear the character of a refuge value that investors seek and the emotional factor of enjoying the moment and acquiring “more perennial and timeless” things.
Participants have emphasized the importance of the tourism sector as one of the main industries in the country, with a focus on Andalusia. Thanks to its hotel, cultural, gastronomic offer and good customer service, the honorary consul of the Principality of Monaco in Spain, Philippe Guillaumet, has assured that “Andalusia has everything to be the first tourist region in Spain”.
The consumer profile
Among other industries, the real estate It is positioned as a growth engine throughout the Andalusian community and, especially, in the province of Malaga. The founding partner of the international real estate market entity Lucas Fox, Michael Di Carpio, has stated that “the Malaga market has become the third destination for real estate investment in Spain”.
He has detailed that the purchase and sale of homes in Malaga registered a year-on-year increase of 26% and that in this territory the real estate buyer profile is “tourist investors or families who want to buy a second home. The average budget stands at a range between 600,000 and 1,300,000 euros”.
In the current context, there are several factors that influence the positive evolution of the business and several firms are already adopting them as a strategy for success. Digitization, customer experience, sustainability and internationalization are consolidated as the four fundamental pillars for this market.
The luxury consumer profile is demanding with the quality of the product and service, seeks exclusivity, values the brand, its reputation and an exceptional shopping experience so that it can have sufficient arguments to differentiate itself from a conventional brand.
Beauty, culture and gastronomy play a prominent role in the luxury industry that, traditionally, was positioned within the reach of a few, but which is immersed in a democratization process that amplify your target audienceas has been revealed in this congress.
The price does not always define the purchase decision; in fact, luxury products and services are committed to added value, such as the use of safe and high-quality materials, as well as development throughout the entire production process until the final result is achieved.
They also focus on the shopping experience, by offering exclusivity and an emotional aspect, and on innovation, mixed with the more traditional part of know-how. Experts have also identified the responsibility of firms as a key issue in the high-impact sector with sustainability as a fundamental axis.