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As Countries around the world are starting to recover from the global financial crisis the luxury industry is recovering as well. The fastest growing luxury goods are electronic pieces such as mobile phones. (Euromonitor 2011) In the USA consumers are drawn to ‘One of a kind items’ especially clothes and accessories that may hold special emotional ties rather than expensive mass produced goods. (C.Binkley, 2011). With the launch of Goldgenie into the USA the exclusive lines may prove to be significantly popular, just as the Royal iPhone 4 proved to be. Not only is the piece a valuable investment but a rare collector’s item as only a Limited edition of 50 will ever be produced across the Gold Platinum and Rose gold releases. The bezel was set with quality sapphire and diamonds similar to the late Princes Diana’s wedding ring.
China is another country where luxury accessories feature high in their consumer market. China is in fact expected to become the second largest market for luxury goods by 2015 and the market size is estimated to reach 11.5 Billion USD making up 29% of the global market.( B.Lannes & X.Wang 2011) The major contributors being the automobile sector, fashion clothing and accessories, including electronic accessories. The trend has lead leading luxury brands to establish their presence in china. In fact, Goldgenie Asia is extremely successful and is the 1st in Asia to offer 24K/ 99.9% Gold Plating. There is a vast array of items that have received the ‘Goldgenie’ touch in Asia and the examples will only become more outrageous as Asia is, and will continue to be, one of the leaders in the consumer’s market for luxury goods. However, if a Gold plated Mercedes Benz, is not outrageous enough it will be exciting to see what comes next.
It is also interesting to note that the Polish luxury goods market is also growing at a significant rate, reports have shown that the Polish luxury goods market increased 50%, in real terms, making it the 4th fastest growing behind China which has now achieved growth rate of 59%. ( B.Lannes & X.Wang 2011) Luxury mobile phones have been the principal drive of this growth in Poland, pushing a stellar real growth rate of 36%. (Euromonitor Int 2011). Luxury market analysts may see products such as the Goldgenie Iphone as an alternative to the high end gem encrusted cell phones offered by Nokia’s British mobile subsidiary ‘Vertu’ which cost anywhere from around 4,000GBP (6000 USD) to an staggering 45,000 GBP (72,000USD). However, Goldgenie iphone’s are a much better option as you still receive the pleasure and satisfaction of owning a ‘luxury’ mobile phone with the added advantage of having the amazing technology that is ‘Apple’.
Some of the most popular luxury goods contain the use of gold. The security of buying gold and gold products has out weighed the benefits or risks of purchasing bonds and/or treasuries issued by, for example, the US Treasury, because “if you cant hold it you don’t own it”. (Fisher, J. 2011). Although there is no factual proof, people may be choosing to buy gold, or gold products as their alternative to a luxury item as it is not only a beautiful metal to wear or show off, it is a sound investment. So you don’t need to convince yourself just ‘Go for Gold’.
The luxury goods industry has had a roller coaster decade with exceptional highs of groundbreaking consumption with the emergence of new, expanding markets, and the lows of deep recession. Buyers are once again becoming enthusiastic about buying luxury brands and unique luxury products.
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