In the lap of luxury.

I attended The Walpole Luxury Forum 2010. The Americas' yesterday. It had a particularly interesting line up of speakers and although many had felt the chill wind of the recession running through their businesses, there was cautious optimism about the improving economic situation. In the morning session Dr Jim Taylor of the Harrison Group, presented research which showed that since the financial meltdown, a fundamental shift in the attitude of wealthy consumers in the States had taken place. They had become far more discerning in their evaluation of luxury brands - a premium price needed to be matched by substance. Quality, craftsmanship, exceptional materials, sheer hard work and love on the part of the producer were all seen as essential to a luxury price tag. Harrison had also been measuring and tracking a 'happiness' indicator for many years and paradoxically this was at all time high. It transpired that the financial crisis had forced many couples to evaluate what was important in their lives and indeed for them to work through their financial problems together, bringing them in to a closer relationship.

The afternoon session focussed on South America and particularly Brazil. It was evident that many of the attendees were there to learn more about the opportunities for their brands in this market. Carlos Ferreirinha, Chairman of MCF Consultancy in Sao Paulo did an outstanding job of painting a picture of the Brazilian market and the potential opportunities. Carlos managed to convey his subject with real enthusiasm and one was left with a feeling of excitement about the extraordinary potential for Brazil. He explained some of the challenges faced by luxury brands when entering this market and the cultural differences; he related an anecdote of how even Tiffanys had had to succumb to the Brazilian habit of paying in parts for goods on interest free credit, whatever they may be - even Tiffanys diamonds!