The 10th edition of LUXURY & PREMIERE depicts enthusiasm amongst the US retailers

The 10th edition of LUXURY & PREMIERE opened recently with an unexpected number of buyers and exhibitors. Although the current economic situation presented a bleak picture, the overall atmosphere was optimistic at the show. Fourteen companies created a record for participating at every LUXURY & PREMIERE event since its inception.

"We have recognised the economic times and its impact on our customers' businesses," said John Tierney, Event Director, LUXURY & PREMIERE. "In light of this, we have made enhancements to the events keeping our customers' needs top of mind and offering programming and amenities to stimulate the buying and networking dynamic that is so unique to the LUXURY & PREMIERE event." The event was a good platform for knowledge sharing between buyers, manufacturers and retailers, to discuss the present consumer attitudes towards purchasing luxury products in the market slowdown and ways to increase sales. John Clarkin, national sales director, W Magazine, delivered a presentation on the consumer attitude towards the luxury market and the opportunities for retailers. "Luxury has been on a starvation diet," Clarkin said. "Luxury has been through a tough run, but there seems to be Luxury consumer 'constants' that should provide some bright spots for the remainder of the year. " He presented W's latest consumer insight research on the Luxury market in which he listed the luxury constants as: the primary luxury customer is the woman of an average age of 43 years with a household income of $225K; the market is still price-sensitive and women are looking for value in a luxury jewellery purchase; women continue to desire for unique and special pieces driven by style, design, generational and one-of-a-kind designs; women consumers are not 'trading down' - they are still purchasing the higher- end stones, platinum, diamonds, gold, etc. and they are purchasing with confidence; even though the economy is down, the luxury segment has not been 'tarnished' there will still be the desire for those consumers who can afford luxury to purchase luxury.

Retailers also benefited with insights on how to maintaining consumer loyalty by demonstrating intrinsic value and recognising price sensitivity; offering discounts, bonus points and affinity programmes; and in-store events that have a charitable tie-in or provide special access or a unique experience such as a trunk show, meeting a designer or a sneak-peek, "First Look" or the opportunity to pre-order a special piece.

A panel discussion moderated by Robert Bridel of Robert Bridel Associates, was another platform for retailers to share opinions and advice on topics of importance - the economic situation affecting changes in business, consumer trends, gaining market share and the new ways of marketing their businesses; consumer loyalty, branded jewellery and keeping in-store sales staff motivated and productive. Sharing their comments were Aida Alvarez, Mayors; Jeff Badler, Maurice Badler; Bill Bennion, Bennion's Fine Jewelry; Randy Cooper, Randy Cooper's Fine Jewelry and Jennifer McCullough, Smyth.

The LUXURY & PREMIERE also hosted an afternoon snack provided by Modern Bride and cocktails featuring the American Gem Society's (AGS) signature drink in the afternoon. The TAO Beach Party, sponsored by the Robb Report, presented another opportunity to celebrate with some 400 retailers and manufacturers. The LUXURY & PREMIERE event will conclude today, on May 29.