Walpole promotes, develops and represents the British luxury industry. The Walpole seminar, headlined Tricks of the Luxury Trade, was held recently in London's RAC Club. Chaired by Lionel Barber, editor of The Financial Times, it focused on marketing trends among luxury brands.

Tamar Kareiel, head of knowledge venturing at the Henley Centre, first dealt with health and wealth, looking at the rise in cosmetic surgery, the development of a health marketplace, the rise in health tourism and the prospect that wealth will buy wellness and longevity.

Kareiel considered the media evolution and the rise of the Blackberry, media fragmentation and the decline of TV audiences. With the rise of consumer advocacy, a personal recommendation is now the main driver.

The market has gone from a situation of blind faith and collectivism and trust in institutions, through a shift to individualism in the Thatcher years, to the current situation of the importance of personal networks demonstrated through the web.

The Tremor website by Procter and Gamble was cited. Tremor is purely a word-of-mouth teen site which is generating great results. In covering trends in ethical consumption, Kareiel referred to a recent issue of Vanity Fair had a green cover showing that the tipping point had come as demonstrated by Edun, Ali Hewson's ethical clothing label.

Coffee and chocolate brands seem to have benefited from this trend with brands such as Fair Trade and Green & Black's. Sales for the latter were up 70 per cent last year compared to a two per cent rise in the total chocolate market- and that before the Cadbury's recall scandal.

Marc Cohen of Ledbury Research focused on how to target high net worth individuals (HNWI). In the UK, only 23 per cent of millionaires actually inherited their wealth, a statistic probably lower in Ireland. There is a marked increase in female millionaires. Cohen divided the group into elegant epicureans, prudent provincials, luxury leaders and active aspirants, the common denominator being customer service.

Two areas where HNWIs were willing to spend are food and cosmetics, but air travel was where they sought out value. Like every market though, it is not homogenous and market segmentation is key.

Cohen outlined the changes from the traditional divisions of luxury and mass market to new categories of ultra luxury, prestige, masstige (mass market products trading as prestige), mass and discount.

It is the luxury and mass markets that are now suffering, with masstige and discounting thriving. He identified drivers for the luxury market as the desire to trade up, the availability of a premium offering, the increase in disposable income and a rise in self treating.

As for what is driving the market down, Cohen addressed demand for value for money and how the internet was allowing better price comparisons. HNWIs are online for over 13 hours per week.

A panel discussion, including journalist Nick Foulkes and GQ editor Dylan Jones debated the rise of the high street and mix and match culture, the vintage trend, the importance of design and the evaporation of the middle market.

Bill Amberg, who owns a luxury leather goods company in Notting Hill, cited the return of intimacy with the growth in boutique hotels and smaller restaurants dotted around Britain's cities and towns.

For Amberg, brand collaboration has been a key marketing tool and he gave examples with Japanese tailors, design commissions for Dunhill and in the interiors realm for the likes of Brownes Hotel in Mayfair.

Christian Cull, marketing director of Waitrose, the UK's most up-market supermarket chain, instanced the issue of quality in their offering and the championing of local producers in their marketing.

Cull said the rise of ethical consumption was important for food and they launched the Waitrose Foundation in response. There is a move to local and regional food labeling with the consumer looking for clarity of definition. They publish nine recipe cards a month and sponsor Waitrose Food Illustrated magazine.

A panel discussion with Beverley Aspinall of Fortnum & Mason, Lars von Bennigsen of Temperley London, Laudomia Pucci of Pucci and Joseph Wan of Harvey Nichols discussed the role of market research for retailers.

Pucci talked about the importance of limited editions. All agreed that PR was their most valued marketing tool. It was an inspiring morning – let alone that the UK has a trade association for luxury brands.

How many Irish contenders would there be in the luxury arena? The line-up would include Waterford and Tipperary Crystal, Newbridge Silverware, some upscale hotels, fashion designers John Rocha and Louise Kennedy, Brown Thomas, jewellers Paul Sheeran, Appleybys and Weirs.

Ireland is newly affluent economy, several decades behind the US which managed to create in one or two generations such luxury brands as Ralph Lauren, Donna Karen, Coach and Tiffany.

There are lessons to be learnt for all marketers. The green agenda and ethical consumption cannot be ignored. So too the evaporation of the middle market, the rise of the female HNWI and self treating and designer and celebrity collaboration and endorsements.

Emma Kelly is founder and managing director of Elevate PR