Trends in luxury in developed and emerging markets

Abstract

Emerging markets, as a term was first coined by economists at the International Finance Corporation (IFC). The definition of emerging markets differs widely right from a “market which is emerging” but has not yet “emerged”. An emerging market is one that has the characteristics of a developed market but cannot be completely characterised as a developed market. This could include countries that may be developed markets in the future or were developed markets in the past. The economies of China and India are the largest emerging markets. Emerging markets create both opportunities for businesses and pose challenges due to the conditions and nature of consumers prevalent in the system.