AFFORDABLE LUXURY
Travellers call for greater choice of affordable luxury in DF&TR
According to a recent exclusive survey conducted by m1nd-set for TRBusiness, 62% of international travellers believe there should be a greater range of ‘affordable luxury’ products in duty free & travel retail stores. Charlotte Turner provides this analysis of the category whilst attempting to provide a clearer definition of the term.
W
hilst some credit high-end US fashion designers with creating
the term ‘affordable luxury’ by designing off-shoot clothing lines targeted at millennial customers – a trend which reached a real peak in 2015 – it is still unclear what the term really means and to what brands and products it refers to. Since launching this special report
three years ago, TRBusiness has made some progress in demystifying the category, but there is still much to debate, as many would argue that the category itself is still evolving. To collate material for this report,
TRBusiness approached retailers, airline concessionaires, airports and suppliers and discovered how they each defined the category and its significance to duty free and travel retail. In a recent survey conducted
exclusively for TRBusiness by Swiss research company, m1nd-set, this publication was also able to dig a little deeper into the consumer perception of the category. According to m1nd-set, 62% of
travellers said there should be more affordable luxury items available in travel retail & duty free stores (+3%
vs a similar survey conducted in 2017). However, 26% believed that there is already ‘the right amount’ and 12% said there should be less. As was to be expected, respondents
said that the price range of affordable luxury items should differ between categories. For example, the majority of respondents believed that a watch or a piece of jewellery with an RRP of $150+, would slot comfortably into this segment. However, respondents expected to pay lower sums for fashion & accessories items within the affordable luxury bracket ($100-150).
Exclusive and unique Aside from the price conversation, from its own analysis and research, TRBusiness would say that the term encompasses products designed/ created to a high standard using high quality ingredients/materials, but at prices below those associated with luxury goods. Jeannie Archer, Consultant for cashmere scarf company, Morgan &
FEBRUARY 2019
Oates, offers her definition. “Good quality, good design and different exclusive items available only through travel retail.” Interestingly, Archer believes affordable luxury in travel retail also means exclusivity and uniqueness. Christian Ruehrschneck, Sales-
Department Asia/New Markets/ Global Travel Retail, Fraas weighs in on the debate. “Any brand offering a product you wouldn‘t ‘consume’ on a daily base, but which is yet affordable for the average man’s or woman’s wallet. I would immediately think of accessories brands like Aigner, Picard, Silhouette, Le Sportsac, Steiff, Thomas Sabo, Swarovski, etc.” Fellow scarf maker, Fraas
Above: Swiss Eyewear Group wants buyers to take greater notice of new brands.
Below left: Fraas places itself firmly in the affordable luxury category.
According to m1nd-set, 62% of travellers said there should be more affordable luxury items available in travel retail & duty free stores (+3% vs a similar survey conducted in 2017).
TRBusiness TRBUSINESS 33
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