Premium products more exclusive

According to a study by Verdict Research, the interest for exclusive and limited edition products is growing. In the UK the sales of high fashion, luxurious accessories and cosmetics increased in 2007 four times quicker in comparison to other markets. For 2008 the same growth is expected. Verdict predicts that the luxury goods markets will double globally in the upcoming five years, and will be responsible for a revenue of £225 billion.

Further to the increasing interest for luxurious goods, not only retailers will benefit. Trendwatching.com refers to 2008 as the year of ‘premiumisation’: extra luxurious version of products in limited edition will dominate the market. To illustrate the trend they refer to Portuguese toilet paper Renova Black of €2 a roll and mineral water Bling H2O packed in limited edition bottles decorated with Swarovski crystals which are available for $500 a bottle.

The preference for premium products is mainly caused by the individualisation of the society. Hand made, rare and unique products correlate with the personal taste of the consumer of the moment.

Source: Design Week