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How luxury brands should retain the attention of Very Important Clients and One-Percenters in China and elsewhere

March 4, 2024

British department store Harrods has introduced the Harrods Residence, a private members' club in Shanghai, featuring exclusive perks such as access to Gordon Ramsay's first restaurant in China, a selection of rare whiskies and private jet services, with membership fees starting at approximately 20,000 euros ($21,700). Image: Harrods British department store Harrods has introduced the Harrods Residence, a private members' club in Shanghai, featuring exclusive perks such as access to Gordon Ramsay's first restaurant in China, a selection of rare whiskies and private jet services, with membership fees starting at approximately 20,000 euros ($21,700). Image: Harrods

 

By Mickey Alam Khan

There is no getting around this reality: the core customer base for luxury goods is not growing significantly, necessitating a strategic focus on top spenders to sustain revenue.

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  3. Global luxury spending to stay flat at $1.66 trillion in 2025 as shopper base shrinks
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