TFWA ASIA PACIFIC PREVIEW PART II
TFWA is fighting fit for next round of industry challenges
In part two of TRBusiness’ in-depth interview with Tax Free World Association (TFWA) this month, President Erik Juul-Mortensen shares his thoughts on multiple subjects, including relative consumer luxury perception, the current TFWA Management Committee, today’s tough market environment, industry complacency and much more.
market will stay and it will grow, but if you look at Chinese consumers it is true that they have had a problem with conspicuous consumption buying and also with imports. However, ultimately I still think
there will always be a market for the very high-end and luxury brands.
This year's TFWA Asia Pacific Exhibition and Conference will take place at the Marina Bay Sands hotel in Singapore once again.
Doug Newhouse reports. S
ome believe there is a bit of an obsession with luxury in the industry today which
appears to conflict with the priorities of many consumers who say they are looking for more value. Do you think the industry needs to reflect this trend more in future? I think the industry is doing it. I have said many times before that fortunately there will always be a market for very high-end luxury
“We have got a very engaged Management Committee now. They are really eager and curious and they want to take part and I think that is just great.”
Erik Juul-Mortensen, President, Tax Free World Association
42 TRBUSINESS
indulgence and that will continue to grow in my view. However, in line with the growing
number of millennials travelling, not least in Asia, it is true that they are not necessarily looking for the most expensive products on the shelf. They want to find items that they
regard as reasonably priced. So I think that the brands are actually looking at that. I also think that the premium end will continue to grow and the industry is also catering for this demand. It is also important to realise that
what may be a mid-range whisky – or whatever it is – for consumers such as us, for many people, it may be an absolute premium luxury. Especially
for some of
the new markets when they first start travelling. So I think the industry will have to
cover the whole spectrum and I think it is. Although I think we still have a way to go. Fortunately, the luxury end of the
So you believe that people have different opinions and ideas about what is or is not luxury and it is very much a question of perception? Absolutely. It is really a matter of having the right assortment for the right kind of people coming through and it is actually more about penetration than anything else. I really think that the industry
needs to get its head around that. I do think that we are doing some
of these things, but just imagine how many people come into airports every day that don’t even go into the shops. So I think that we still have a real job to do there.
Just looking at the association today, are you happy with the level of commitment that you are getting from the present Management
Committee
going forward? Well I have to say that the Management Committee had a big change at the elections in October and it always takes a couple of meetings before we get everything in gear. But this is our second
meeting now and we had our first in December. I actually thought this latest one was very productive and I think that
MAY 2017
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132 |
Page 133 |
Page 134 |
Page 135 |
Page 136 |
Page 137 |
Page 138 |
Page 139 |
Page 140 |
Page 141 |
Page 142 |
Page 143 |
Page 144 |
Page 145 |
Page 146 |
Page 147 |
Page 148 |
Page 149 |
Page 150 |
Page 151 |
Page 152 |
Page 153 |
Page 154 |
Page 155 |
Page 156 |
Page 157 |
Page 158 |
Page 159 |
Page 160 |
Page 161 |
Page 162 |
Page 163 |
Page 164 |
Page 165 |
Page 166 |
Page 167 |
Page 168 |
Page 169 |
Page 170 |
Page 171 |
Page 172 |
Page 173 |
Page 174 |
Page 175 |
Page 176 |
Page 177 |
Page 178 |
Page 179 |
Page 180 |
Page 181 |
Page 182 |
Page 183 |
Page 184 |
Page 185 |
Page 186
