Of course with part of the angst of part of the downturn we’ve seen an explosion of budget. The trading
down of premium brands to to sub-premium. From sub-premium to
‘light’ brands, from ‘light’ brands to low brands, and that will
continue. But at the same time, we have a double offend because the wealthy are
getting wealthier and the poor are getting poorer and in every single country of the world
we’re seeing a greater than ever contrast. And that will continue to grow dramatically.
So you’re seeing that in house prices in London. At the top end, the house prices have been
going up by two, three or four times the level of the mid-end and the bottom end. The reason? These are hyper-wealthy people from emerging markets who are buying into the London market as a refuge against the economic insanity that they see elsewhere in the world. So, super premium retail is a fantastic market. Anything and everything at the top end. And attached to it is privilege rarity, and the fact that it -quote- ‘Almost isn’t for sale’. If you’re asking price my friends, you’re in the wrong place. This is a price completely price-insensitive market. It’s all to do with access and opportunity, status, lifestyle, statement – public
statement – personal branding. So what’s next? Well, At the end of the day I guess it all comes down to customer service, we know that. And people’s expectations of customer service are continuing to strengthen. But the one particular group of customers I’d like us to look at more closely: that is customers over
the age of 65. Because there are very large numbers of them.