Luxury Industry Executives Bullish On Outlook For Q4 2014, Wealth-X Survey Shows

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Wealth-X

Nov 10, 2014, 03:00 ET

SINGAPORE, Nov. 10, 2014 /PRNewswire/ -- As the end-of-the-year holiday shopping season approaches, the level of optimism in the global luxury industry is on the rise, according to the latest Wealth-X Luxury Sentiment Survey Report released today.

The Luxury Industry Sentiment Index (LISI) – which gauges the level of optimism among luxury industry professionals – has registered an 8% increase since the start of the year, recovering from a slump over the past two quarters.

The quarterly Wealth-X Luxury Sentiment Survey polls senior-level executives from various sectors in the luxury industry, including watches and jewellery, art and collectibles, hospitality and services, planes and helicopters, and yachting and boating.

Below are some highlights from the latest edition of the Wealth-X Luxury Sentiment Survey Report:

  • Almost 60% of luxury industry executives expect to see their revenue increase by more than 10% in Q4 2014.
  • Although few respondents plan to open new stores in Q4 2014, they expect to see new product launches.
  • 45% of respondents said that 75-100% of their revenue is derived from UHNW clients.
  • 82% of respondents said that "data is instrumental in engaging and retaining UHNW clients".
  • Only 50% of respondents said they use the data they collect to rate their customers.
  • Only 40% of respondents use CRM integration to optimise the use of their data. However, even within the 60% that do not use CRM integration, its value is recognised, particularly with regards to its use in assessing the value of individual clients.

Download the report at http://www.wealthx.com/wp-content/uploads/2014/11/V4_LuxurySentimentSurveyReport.pdf

About Wealth-X
Wealth-X is the world's leading ultra high net worth (UHNW) intelligence and prospecting firm with the largest collection of curated research on UHNW individuals, defined as those with net assets of US$30 million and above. Headquartered in Singapore, it has 13 offices on five continents. (www.wealthx.com)

SOURCE Wealth-X

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