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Strategy Briefing

Luxury Goods: Half Year Update 2019

Aug 2019

US$1,325

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About This Report

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If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE!

In this half-year (H1-19) update briefing, we investigate the latest developments in the global luxury goods industry, with a focus on the macro-economic and demographic changes and what these mean for our view of a likely outlook for luxury goods in the short to medium term. Whilst the luxury goods industry is not immune to global headwinds, our research for H1-19 shows that the industry overall is bucking the slowing global macroeconomic trend, albeit with some categories being impacted.

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Overview

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Key Findings

Outlook for luxury remains stable

Despite looming threats of a trade war and increased global economic uncertainty, the forecasts for luxury goods spending in 2019 remain unchanged. However, dark clouds are gathering over the global economy, impacting consumer confidence, particularly in advanced economies.

Trade wars

The US-China trade dispute continues to escalate, with further tariffs imposed in May 2019. The effect of the US-China dispute has already had a significant negative impact on economic growth and sent shockwaves through the luxury industry, with investors remaining cautious.

Global wealth expansion

Global wealth expansion will continue to play a major role in the outlook for the luxury market. Indeed, thanks to their rising numbers and wealth accumulation, the world’s wealthiest 1% are expected to continue with, if not increase, their consumption of luxury goods, regardless of the global macroeconomic conditions.

Luxury travel to witnesses greater opportunities

Thanks to a combination of growing prosperity, coupled with changing consumer habits, the luxury travel industry is witnessing greater opportunities across a wider range of geographies. Many key luxury players, hotels and retailers will continue to benefit from wealthy tourists’ desire to travel and shop for luxury products.

Disappointing reporting for luxury cars in H1

The performance of sales of global luxury cars, which account for the lion’s share of the market, was disappointing in 2018, with the worst year-on-year performance since 2008. On the flip side, the personal luxury goods market is set to continue to perform well, with stable growth. In turn, this will hold up the overall industry.

Experience as a driver of luxury spending

High income earners are clearly driven by a desire to spend on experiences. With this, luxury is becoming more than just a price point, but a state of mind that luxury brands embody as consumers continue to seek truly authentic experiences.

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Introduction

Scope

Key findings

Key Global Drivers Shaping Luxury Outlook

Global luxury market expands to almost USD1.1 billion

Health of global luxury and world economy are joined at the hip

Luxury industry faces challenges as global economy slows down

US-China trade war escalation unlikely to derail luxury growth …

… but raises the risks of an overall global downturn

Luxury consumption aided with over 10 million to join ranks of wealthy

The wealthiest 1% will remain the mainstay of global luxury consumption

Key luxury markets are where the wealthy concentrate

Chinese wealthy boast a high average wealth amongst key markets

Positive expectations for growth in tourist spending, driven by Chinese

Luxury travel s trengthened further as tourist flows set to rise

Category Overview

A tale of continuity and disruption for luxury goods landscape

Top 10 luxury companies continue to dominate the competitive landscape

Consolidation varies across luxury categories

Focus on Luxury Cars

Turbulent times ahead for luxury cars leads to downgrade in forecast

Luxury car market falters amidst a hostile trading environment

US luxury car market highly exposed to economic changes

Environmental regulations set to further impact the outlook for cars

Focus on Personal Luxury

Impressive results from leading players lead to upgrade in personal luxury

Personal luxury stable as key brands show unprecedented growth

China’s robust economy set to further increase personal luxury sales

Health of personal luxury highly reliant on the global Chinese shopper

Focus on Experiential Luxury

Experiential luxury set to outpace all other categories

Luxury hotel group Marriott competes in global luxury top 10

Transformational experiences drive the affluent consumer

Travel and global health prognosis paramount for luxury hospitality

Conclusion

Outlook for luxury goods overall remains unchanged

Mixed performances as we head towards half-year earnings

Slower growth in cars but experience and personal luxury holding up

Conclusion

Appendix

Definitions

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Megatrends

Strategy Briefing

Luxury Goods: Half Year Update 2019

New Report Guarantee

About This Report

New Report Guarantee

Overview

Why buy this report?

Key Findings

Outlook for luxury remains stable

Trade wars

Global wealth expansion

Luxury travel to witnesses greater opportunities

Disappointing reporting for luxury cars in H1

Experience as a driver of luxury spending

Want to find out more about this report?

Table of Contents

Introduction

Scope

Key findings

Key Global Drivers Shaping Luxury Outlook

Global luxury market expands to almost USD1.1 billion

Health of global luxury and world economy are joined at the hip

Luxury industry faces challenges as global economy slows down

US-China trade war escalation unlikely to derail luxury growth …

… but raises the risks of an overall global downturn

Luxury consumption aided with over 10 million to join ranks of wealthy

The wealthiest 1% will remain the mainstay of global luxury consumption

Key luxury markets are where the wealthy concentrate

Chinese wealthy boast a high average wealth amongst key markets

Positive expectations for growth in tourist spending, driven by Chinese

Luxury travel s trengthened further as tourist flows set to rise

Category Overview

A tale of continuity and disruption for luxury goods landscape

Top 10 luxury companies continue to dominate the competitive landscape

Consolidation varies across luxury categories

Focus on Luxury Cars

Turbulent times ahead for luxury cars leads to downgrade in forecast

Luxury car market falters amidst a hostile trading environment

US luxury car market highly exposed to economic changes

Environmental regulations set to further impact the outlook for cars

Focus on Personal Luxury

Impressive results from leading players lead to upgrade in personal luxury

Personal luxury stable as key brands show unprecedented growth

China’s robust economy set to further increase personal luxury sales

Health of personal luxury highly reliant on the global Chinese shopper

Focus on Experiential Luxury

Experiential luxury set to outpace all other categories

Luxury hotel group Marriott competes in global luxury top 10

Transformational experiences drive the affluent consumer

Travel and global health prognosis paramount for luxury hospitality

Conclusion

Outlook for luxury goods overall remains unchanged

Mixed performances as we head towards half-year earnings

Slower growth in cars but experience and personal luxury holding up

Conclusion

Appendix

Definitions

Why buy this report?

Want to find out more about this report?

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