The US economy surprised everyone in this 3rd quarter with positive unemployment and retail reports. But how long will it last, and how are brands reacting to the uptick based on the lessons they've learned between 2008-2010?
Luxury: Has been consistent, however, top luxury brands seem to be less concerned about the mass/new luxury, and returning to the discretion and consistency of the true HNW luxury consumer.
Art: Some of the mania has subsided including the 'local' trend that caused an increased interest in local artist from the midwest to China. Masters continue to sell well, and the New York market has seen increased interest in some of their more recent 'masters' including de Kooning and Matta (seen at both Gary Nader and Christie's). In spite of it being Art Basel Miami's 10-year anniversary, a surprising number of those from the NY art scene did not attend...all eyes on the upcoming New York shows.
Fashion: It was going to happen. With the influx of blogs and flash/membership online sales, the needle gauging what was the next trend and who were the trendsetters has bounced all over the place. What is most refreshing is that both designers and fashionistas are embracing their own sense of style and pace, meaning that designers are willing to wait longer for a spike in sales, if they can get the right customer base. Customers are more willing to go with their own fashion sense, rather than what editors or bloggers are saying. It makes the pursuit of brand ambassadors and early adaptors much more interesting and possibly even challenging, however, the upside is that they are more likely to be brand loyal.
Let's keep an eye out for economic reports in January 2012. If the news is good, we'll ride out the first 6-months of 2012 well. If the reports are more negative, we'll have the same humps and bumps that these past 6 months have given us, not to mention the onset of election uncertainty.
Take some much needed time off for rest and relaxation. Enjoy the holiday season, and be positive and prepared for 2012!
