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Strategy Briefing
World Market for Luxury Goods
Jan 2020
US$1,325Added to Cart
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About This Report
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Despite on-going threats of a trade war and global economic uncertainty, the outlook for luxury overall remains optimistic. This report looks at key trends shaping the landscape with emphasis on sustainability, the impact of digital and technological developments and the growing need for experience. Indeed, thanks to rising incomes and expanding middle classes luxury consumers are more sophisticated than ever, seeking out new and sustainable luxury products and experiences both on and off-line.
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Overview
Why buy this report?
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.
Key Findings
Globalisation and disruption impacts luxury sales
The world is changing faster than ever and the luxury goods landscape is experiencing a period of rapid globalisation and disruption. The expectations of luxury business’ have changed exponentially over the last 10 years and continue to be driven by shifting market frontiers, middle class retreat, ethical living, wellness trends, connected consumers, and the experience more trend.
Frontier markets continue to drive sales
Asia Pacific continues to be the most important region overall for luxury goods. Its luxury goods growth story is expected to escalate further as the majority of the world’s new affluent and HNWI households that will join the ranks of the wealthy over the next 15 years will originate from this region thus opening the market up further to new wealth and new demographics.
Digital luxury
Technology continues to be a major factor in all global markets. The luxury industry is embracing the digital channel with mobile being of particular note. By collecting big data and building consumer profiles, brands aim to improve the overall user and customer experience. We have seen a clear increase in M&A activity with e-commerce and technology companies, as retailers continue their expansion in this area.
Experience of luxury as a new status symbol
Luxury is increasingly becoming less about material goods and more about acquiring meaningful experiences. Crucially, the concept of luxury as a status symbol is being replaced by that of a status experience.
Sustainable initiatives on the rise
Luxury businesses today are facing increasing pressure from consumers, governments, investors and NGOs to have a positive impact on people and the planet, forcing companies and retailers to rethink their approach to sustainability. Sustainable initiatives will be key for all luxury players over the next five years, with the bulk of the investment going into projects related to waste, recycling and sustainable product development.
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Request more informationTable of Contents
Introduction
Scope
Examining five trends shaping luxury goods
Four areas of opportunity
Global Outlook
Luxury goods in context
Total luxury sales in excess of USD1 trillion in 2019
Per capita spending: Singapore overtakes Hong Kong and Switzerland
Asia Pacific continues to generate lion’s share of luxury goods sales
Top high net worth markets drive luxury sales
Chinese wealthy boast high average wealth among key markets…
…and remains a key target for luxury players
But political disruption takes its toll on Hong Kong’s luxury market
Luxury cars underpin the industry but outlook less optimistic
Fine wines/champagne and spirits lead in sector growth
China and US biggest contributors to value over 2020-2024
Leading Companies and Brands
Luxury goods remains a highly concentrated industry
Luxury car manufacturers continue to dominate the landscape
Global luxury powerhouses continue to lead in personal luxury
A tale of two growth stories: Luxury cars vs personal luxury goods
Key Trends Shaping Luxury Goods
Key trends that continue to shape the luxury goods landscape
Digital remains the fastest growing channel in personal luxury goods
Luxury retailers redefine their mindset to improve on digital strategy
Omnichannel shopping will become the norm in luxury retailing
Affluent consumers drive the shift to m-commerce purchases
Luxury retailers shift further towards mobile…
…and introduce super apps to increase consumer engagement
Luxury travel remains key for luxury players in hospitality and retail
Destination movers and shakers will impact luxury retail landscape…
…largely dominated by China
Chinese tourists will remain key spenders for global luxury retailers
Experiential luxury players enjoy rapid growth
Transformational experiences drive the affluent consumer…
…with millennials and Gen Z remaining a core target
Sustainability remains a basic principle for the luxury goods market
Luxury brand reputation helping to drive sustainability
Category Snapshots
Category snapshot: premium and luxury cars
Category snapshot: designer apparel and footwear
Category snapshot: fine wines/champagne
Category snapshot: luxury spirits
Category snapshot: luxury eyewear
Category snapshot: luxury jewellery
Category snapshot: luxury leather goods
Category snapshot: luxury portable consumer electronics
Category snapshot: luxury timepieces
Category snapshot: luxury writing instruments and stationery
Category snapshot: super premium beauty and personal care
Category snapshot: luxury hotels
Category snapshot: luxury foodservice
Regional Industry Snapshots
Regional industry snapshot: Asia Pacific
Regional industry snapshot: Australasia
Regional industry snapshot: Eastern Europe
Regional industry snapshot: Latin America
Regional industry snapshot: Middle East and Africa
Regional industry snapshot: North America
Regional industry snapshot: Western Europe
Appendix
Definitions
Why buy this report?
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.
Want to find out more about this report?
Request more informationComplete Catalogue
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Complete Catalogue
Strategy Reports
Country Reports
- Luxury Goods in Argentina | Jan 2020
- Luxury Goods in Australia | Feb 2020
- Luxury Goods in Brazil | Feb 2020
- Luxury Goods in Canada | Jan 2020
- Luxury Goods in China | Jan 2020
- Luxury Goods in France | Jan 2020
- Luxury Goods in Germany | Feb 2020
- Luxury Goods in Hong Kong, China | Jan 2020
- Luxury Goods in India | Feb 2020
- Luxury Goods in Indonesia | Jan 2020
- Luxury Goods in Italy | Jan 2020
- Luxury Goods in Japan | Jan 2020
- Luxury Goods in Malaysia | Jan 2020
- Luxury Goods in Mexico | Feb 2020
- Luxury Goods in Poland | Jan 2020
- Luxury Goods in Romania | Jan 2020
- Luxury Goods in Russia | Jan 2020
- Luxury Goods in Singapore | Feb 2020
- Luxury Goods in South Africa | Feb 2020
- Luxury Goods in South Korea | Jan 2020
- Luxury Goods in Spain | Jan 2020
- Luxury Goods in Sweden | Jan 2020
- Luxury Goods in Switzerland | Jan 2020
- Luxury Goods in Taiwan | Feb 2020
- Luxury Goods in Thailand | Feb 2020
- Luxury Goods in the Netherlands | Jan 2020
- Luxury Goods in the Philippines | Jan 2020
- Luxury Goods in the United Arab Emirates | Mar 2020
- Luxury Goods in the United Kingdom | Jan 2020
- Luxury Goods in the US | Feb 2020
- Luxury Goods in Turkey | Jan 2020
- Luxury Goods in Ukraine | Jan 2020