When talking about emerging markets in luxury, the primary focus almost always goes to China. And rightfully so. Over the past decade, Chinese shoppers have spent billions of dollars across prestige verticals at breakneck pace, helping vault the country past the U.S. to become the world’s second largest consumer of luxury goods, behind only Japan. In recent weeks, however, financial analysts have been increasingly cautious about relying on the booming Chinese market to offset what is likely to be a mediocre year, revenue-wise, in the U.S. and an even more disappointing year in Europe.
Enter ‘the other guys’ in the emerging market game: Brazil, Russia, and India. These three countries collectively account for an increasingly significant share of the luxury sector’s revenue–and yet, brands’ investment in catering to these markets, particularly in digital, has been less than impressive. At present, less than 21 percent of prestige brands have a regionalized Facebook page for any of the BRI countries. And when it comes to mobile, the offerings are even more paltry: only five have a Russian-enabled site, and just four for Portuguese.
In L2’s newest report, Digital IQ Index: Brazil Russia India, released today, we benchmarked the digital competence of more than 100 iconic brands in these three emerging markets across more than 350 data points. To learn more about this research, please download the full report and watch the video below.