SML essentials: The Business of Luxury
In the latest issue of the publication series “SML essentials” scientist from the ZHAW School of Management and Law examine the phenomenon of luxury, its roots, and its economic impact both globally and in Switzerland.
In this publication readers will learn more about global luxury markets, well-known and niche market players, as well as major trends shaping the definition of luxury and the management and marketing of luxury brands in the future.
Luxury has been fascinating humanity for millennia and it seems that it will continue to do so in the future. In developed countries with populations living in relative affluence, luxury takes different forms, becoming less materialistic when people already own a house, two cars and a boat, but now crave wellness treatments and more recreational time. However, luxury will always have a material aspect as embodied by beautiful products made from exclusive materials by skilled artisans with an eye for detail. One way or another, luxury is a big business and an important economic factor all over the world, especially in Switzerland, a country with few natural resources to speak of but a wealth of knowledge when it comes to services and the manufacture of exclusive products such as watches, textiles, and of course chocolate – to name just a few. Indeed, a significant proportion of Swiss GDP comes from the production of luxury goods which are exported all over the world.