Evolution of Global Consumer Trends by Datamonitor Essay

Evolution of Global Consumer Trends by Datamonitor - Essay Example As a consequence of the remarkable expansion of luxury markets over the recent decade, the literature in marketing has currently witnessed considerable enthusiasm in the investigation of prestige brands, particularly in the fashion industry. However, scarce is known about the effective process of marketing and observing prestige brands. Research carried out in the UK by Applied Futures, a market research company predicted significant social changes at the advent of the 21st century. Their investigation determined that individual’s needs for appearances and materialism were escalating. Specifically, they identified an elevating demand for flamboyant and status fashion products (M2 Presswire, 2008). For instance, current market reports in Australia appear to provide evidence to this assertion. The Sunday Telegraph revealed an exceptional increase in Australia’s luxury products, such as amplified demand for mink furs, and very expensive jewelleries such as diamonds. This i s, which is important to note, occurred prior to the economic slowdown which started in 1997 (ibid). The perspective for Europe’s textile and fashion industry in 1996 is, primarily, not good. Recent reports on market conditions in Italy, Germany, France and the UK are revealed. Germany’s primary suppliers and retailers of clothes for women predict no or zero growth. Several analysts predict sales of apparel in Italy to remain slow-moving, yet others anticipate significant growth (Weisman et al., 1996). Regardless of a number of encouraging reports everywhere, the UK luxury fashion at the advent of the 21st century is far from pretty. Women in UK remain the primary users and buyers of products within the cosmetics and toiletries department, with roughly eight in ten women admitting that they purchase the bulk or cosmetic and toiletry products in their homes.