LSN : News : Stat: Global luxury market could grow by double-digit figure in 2023

Lamborghini unveils exclusive luxury residences

Tierra Viva Residences by Lamborghini, Spain

Spain – Italian car-maker Lamborghini has announced its venture into the property market with the upcoming debut of its first ever European residences. The project, Tierra Viva, is scheduled for completion in 2027 and will be located in the village of Benahavis, Spain. In collaboration with luxury real estate developer Dar Global, Lamborghini has designed the exclusive complex to reflect the essence of its vehicles, including features like leather accents and intricate glasswork.

The gated community, overlooking the Mediterranean Sea, will comprise 53 villas. Residents will enjoy convenient access to popular tourist sites while benefitting from round-the-clock security.

With a total value of some £242m ($307m, €282m), Tierra Viva will offer three distinct residence layouts: the spacious six-bedroom Diamante, the elegant five-bedroom Zafiro and the intimate four-bedroom Esmeralda. The villas will boast panoramic swimming pools, gardens, direct vehicle access, terraces and lavish marble flooring.

In Automotive Accommodation, we previously looked at how, with global car sales in decline, premium automotive brands are entering the property market using car-branded condos to diversify their product offerings.

Strategic opportunity

Just like fashion designers, premium car companies should consider how to apply their cutting-edge craftsmanship to new categories such as interiors, home appliances, fabrics and furniture

Hims offers prescription erectile dysfunction pills in mint form

Hard Mints by Hims, US

US – Hims, the American telehealth company, has unveiled a ground-breaking addition to its product line-up. Hard Mints are a real, prescription, erection-boosting medications in mint form. The discreet and accessible nature of these innovative erectile dysfunction (ED) pills aligns with Hims’ mission to provide convenient online access to a range of healthcare solutions.

Founded in 2017, Hims offers prescription and over-the-counter drugs and treatments for conditions such as hair loss, anxiety and depression, and skincare products. With an online platform, individuals can discreetly address their healthcare needs without the hassle of physically visiting a doctor. To obtain the ED products, customers need to connect with a licensed professional through Hims’ website, and after being connected with the correct doctor, they can receive their prescription.

In Fertility Market, we looked at how stigma surrounding male infertility persists, making services such as Hims’ discreet box more necessary than ever. By offering a low-lift and rewarding experience, Hims is revolutionising the accessibility and convenience of remote healthcare.

Strategic opportunity

Moving away from the stigma attached to sex, health and wellness brands should find inspiration in Hims and embrace more modern and chic designs. How can you bring elegance and refinement to a condom, sex toy or lubricant packaging?

Price and taste are effective in boosting lower-emission meals

Pilo. Identity by 5.5, France

Global – In a new meta-analysis published in the journal Appetite, researchers have explored effective ways for restaurants to encourage patrons to choose lower-emission food options. Researchers found that interventions aimed at altering consumer beliefs about sustainable food choices, such as menu labelling, had minimal impact on behaviour. Despite consumers understanding the benefits of opting for more sustainable options, it was not enough to drive significant change.

The study highlighted two primary factors behind emissions in restaurants and cafeterias. Firstly, the reliance on non-local suppliers leads to long-distance transport of food, a major contributor to carbon emissions. Secondly, meat-based menus contribute significantly to global emissions. Meat accounts for nearly 60% of all greenhouse gases from food production, according to a 2021 study published in Nature Food.

The research suggests that making low-emission choices more accessible and enhancing the enjoyment of such foods are more effective strategies than trying to change consumer beliefs. Measures such as emissions labelling on menus, social norms and incentives were found to have limited impact.

In The Overconsumption Mindset, we previously hinted at why sustainable brands should focus on tangible benefits such as affordable price points to persuade consumers to shop more consciously. A green label or recognition is not enough to foster real change.

Strategic opportunity

Although consumers are more aware of climate change, brands should invest in more educational yet entertaining content to raise awareness of the impact of the industry on the planet – storytelling will drive more sales than eco-doom-inducing data on global warming

Stat: Global luxury market could grow by double-digit figure in 2023

Photography by cottonbro studio, Russia

Global – A new report by management consultancy Bain & Co and Italian luxury association Altagamma predicts that the global luxury market will grow between 5% and 12% year on year in 2023. The market is expected to rise in value from £296bn ($376bn, €345bn) in 2022 to between £309bn ($392bn, €360bn) and £326bn ($414bn, €380bn) in 2023.

Bain & Co expects a US slowdown to continue amid rising inflation and recession while Asia and Europe will lead the market growth. Since mainland China lifted its strict lockdown, the local luxury market is on the road to recovery, according to the report. Hong Kong and Macau, key destinations for Chinese tourists, have seen a sharp acceleration in luxury spending, and the Southeast Asian market is experiencing strong growth following an influx of high-spending Russian and Chinese tourists.

Japan was named a rising star for luxury sales thanks to local demand and inbound tourists seeking luxury accessories. The report predicts the sector will thrive in the next few years, with the market reaching 2.5 times its 2020 value. By 2030, the industry could be worth between £455bn ($578bn, €530bn) and £490bn ($621bn, €570bn).

In State of Luxury: Post-lockdown China, we previously analysed how Chinese luxury consumers will set new standards across the industry while leading sales in the region.

Strategic opportunity

Luxury brands should consider how to expand not only in China but also in Asia as a whole. Think about how your next store or local campaign can adapt to regional nuances to reach local high-net-worth individuals who aren’t the same in Japan, Singapore, Hong Kong or India