Current Economic Climate: What Are the Biggest Challenges and Biggest Opportunities Facing New Managers Entering Industry?

Topics: Luxury good, LVMH, Luxury vehicle Pages: 3 (918 words) Published: November 17, 2012
There is a simple saying” the challenges and opportunities are co-existed”. As a new manager, he shall find out what the major challenges and the most valuable opportunities in the chaos, to lead the company into an industry from the right road towards the right direction.

Since 2008, the finance crisis has made the whole world economy completely different. The rate of unemployment keeps quite high in most of developed countries, the price of real estate dropped to the historical low in America. Then the following Euro debt crisis again pushes the weak world economy into an unprecedented difficult situation. The fallout from the Greek debt crisis will definitely impact the still weak recovery in Europe, Said Hong Pingfan, the head of the global economic monitoring center of the UN Department of Economic and Social Affaire (DESA) And the a massive aid package and unclear American economy will keep leading to a weaker euro and weaker US dollar in the medium to longer term.

So the entire economic environment is not so optimistic, all different industries are being influenced more or less. Comparatively speaking, in fashion marketing, the power of purchasing is relatively reduced since Finance Crisis all over the world. According to the statistics, the Consumer Confidence Index (CCI) has been kept relatively stable in the low level since finance crisis, especially in European countries and America, mainly in the developed countries (Isabella 2010). At same time, it shows the consumers expect less for the future; they spend most of their money on the necessities, reducing the budget on the luxury products and expenditure on the entertainment.

As the above mentioned, as the income of whole family reduced rapidly in lots of developed countries, which influenced the behavior of purchasing luxury goods, or even stop buying it. But in China, it is completely different, the luxury market is booming and huge, and still fast expanding in the recently years. And...
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