Tomorrow we’ll talk on emerging markets for the wine industry. I happen to find a rather interesting article by one of my colleagues, Uché Okwonko, author of Luxury Fashion Branding on luxury and emerging markets.
On her website, Uché created an online magazine on luxury. Her latest article, “Separating the Facts from the Fiction of the Emerging Luxury Markets”, is related to emerging markets and I do think that a lot of her ideas are quite pertinent for the wine market:
“Before looking at the main features of each of the emerging markets, it is important to note that the emerging markets have unique characteristics that make it unrealistic for them to act as benchmarks for one another. For example, the socio-cultural attributes of China and Russia are so starkly different that it would be impossible to use the same parameters in their measurement. One thing the emerging markets have in common however is their current robust economies and the future promises this holds for luxury companies.”
After she presented the main differences between the four emerging markets (Brazil, Russia, India and China), she concludes:
“The emerging luxury markets collectively hold promising futures for the luxury business but entry and successful business in each of these markets remains challenging as it ought to be approached through a sound set of strategies developed following an evaluation of the market’s specificities.”