New York-based Abrams Research firm, founded by chief executive officer Dan Abrams, released a study today on the luxury industry, after speaking with more than 100 carefully selected industry experts.
“There’s definitely a cautious optimism among the experts in the luxury market right now,” Abrams, who is also chief legal analyst for NBC and MSNBC, told WWD in an exclusive interview. “The luxury goods market is one that is preparing for change as a result of recession and the expansion of the online market.”
Below, additional results and data from the study are available exclusively on WWD.com.
Abrams Research Luxury Brands Survey, 2009
• When asked how best a luxury brand could adapt to and survive the recession, 34.9 percent of respondents suggested cutting back on everything but essentials, and making “quality essentials the core of the brand.” (Only 2.8 percent suggested cutting back on luxury materials.) Meanwhile, 33 percent suggested launching an offshoot, down-market brand instead. Just 9.4 percent suggested cutting back on advertising.
• Destination markets: Our experts tapped China as the next big luxury market to break into by a decisive margin, 42.5 percent. The next-closest potential market was India (17 percent) followed by the Gulf States (14.2 percent).
Brands Most Likely to Make the Most of the Recession Topshop — 34.1% Chanel — 28% Louis Vuitton — 21.9% Forever 21 — 13.4% H&M — 13.4% Marc Jacobs — 13.4% Hermès — 7.3% J. Crew — 6.1%
Best Shopping Brands Online Net-a-porter.com — 33.7% Gilt Groupe — 15.7% Neimanmarcus.com — 8.9% Barneys.com — 6.7% Eluxury.com — 6.7% Bluefly.com — 5.6% Shopbop.com — 5.6% Saks.com — 5.6%
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