As the end-of-the-year holiday shopping season approaches, the level of optimism in the global luxury industry is on the rise, according to the latest Wealth-X Luxury Sentiment Survey Report released today.
 
The Luxury Industry Sentiment Index (LISI), which gauges the level of optimism among luxury industry professionals – has registered an 8 per cent increase since the start of the year, recovering from a slump over the past two quarters.
 
The quarterly Wealth-X Luxury Sentiment Survey polls senior-level executives from various sectors in the luxury industry, including watches and jewellery, art and collectibles, hospitality and services, planes and helicopters, and yachting and boating.
 
Below are some highlights from the latest edition of the Wealth-X Luxury Sentiment Survey Report:
•    Almost 60 per cent of luxury industry executives expect to see their revenue increase by more than 10 per cent in Q4 2014.
•    Although few respondents plan to open new stores in Q4 2014, they expect to see new product launches.
•    45 per cent of respondents said that 75-100 per cent of their revenue is derived from UHNW clients.
•    82 per cent of respondents said that “data is instrumental in engaging and retaining UHNW clients”.
•    Only 50 per cent of respondents said they use the data they collect to rate their customers.
•    Only 40 per cent of respondents use CRM integration to optimise the use of their data. However, even within the 60 per cent that do not use CRM integration, its value is recognised, particularly with regards to its use in assessing the value of individual clients. - TradeArabia News Service