2018年全球奢侈品行业研究报告（英文）-贝恩-2018.11-51页_4mb

Summary of the 2018 Bain & Company Luxury Goods Market Study

Core Content

The 2018 Bain & Company Luxury Goods Market Study provides an in-depth analysis of the global luxury market, highlighting trends, growth drivers, and future projections for the period up to 2025. The report outlines how the market is evolving due to digital transformation, shifting consumer behavior, and the growing influence of Chinese consumers.

Main Points

Global Luxury Market Overview

• The global luxury market reached approximately €1.2 trillion in 2018, with 5% real-term growth.
• The market is expected to continue its growth trajectory, but with a shift in focus and consumption patterns.

Key Market Segments

• Personal Luxury Goods (PLG): Continued to be the main growth driver, with a "New Normal" established in 2017.
• Luxury Toys: Showing positive growth, but slowing down compared to previous years, nearing a maturation phase.
• Fine Art & Design Furniture: Experiencing recovery, with online penetration in higher price ranges.
• Food & Beverage Experiences: Spirits leading the growth, while wines showed low single-digit growth.
• Out-of-Home Experiences: Luxury hotels and cruises saw real-term growth, with cruises being the best performing segment in 2018.

Market Drivers

• Chinese Consumers: Expected to account for +45% of the market in 2025, with 50% of their purchases happening in China.
• Digital Influence: Online channels are expected to represent 25% of the market value, and 100% of luxury purchases will be influenced by online interactions.
• Youthful Market: New generations, especially Gen Z, are set to deliver ~130% of the market growth, with distinct preferences compared to Gen Y.
• Cultural Shifts: Cultures and subcultures are reshaping consumption trends, with brands needing to be dynamic and responsive to adapt.
• Footprint Consolidation: Physical stores are transforming into "points of touch," with a shift from traditional retail models to more efficient and digital-integrated ones.

Key Trends and Insights

Chinese Market

• Chinese consumers are driving growth, with local consumption expected to grow rapidly due to improved fundamentals.
• Lower price differentials, improved customer experience, and reduced import taxes are contributing to the growth.
• E-commerce is booming in China, supported by increased investments and new platforms.

Digital Transformation

• E-commerce is accelerating and gaining market share, influencing all luxury purchases.
• New technologies such as mobile, virtual reality, and artificial intelligence are reshaping the shopping experience and retail models.
• Online customization and fitting are becoming more prevalent, enabling unique product offerings.

Consumer Behavior

• Intimate and less showy experiences are gaining value, especially among younger consumers.
• Ethical eating and transparency are significant trends in the food and beverage sector.
• Personalized and inclusive models are becoming more important, with a focus on body diversity and cultural inclusivity.

Brand Strategies

• Brands are increasingly focusing on digital and omnichannel strategies, with a shift in Capex and Opex.
• Nimbleness is becoming a key factor in sustaining margins and adapting to market changes.
• Monographic and anthological brands are emerging, emphasizing excellence and idea platforms.

Future Outlook

2025 Market Projections

• Online channels will dominate, with a 25% market share.
• Chinese consumers will be a major force, with half of their purchases occurring in China.
• Gen Z will be a significant driver of growth, with distinct preferences that brands must address.
• Cultural and sub-cultural trends will shape the market, leading to blended categories and new consumption patterns.

Competitive Landscape

• Network consolidation is expected, leading to a more efficient and digital retail environment.
• Stores will evolve from points of sales to points of touch, integrating both physical and digital channels.
• Personalization technologies such as 3D printing and customization will enable unique products and co-creation with consumers.

Conclusion

The luxury market in 2025 will be more digital, more youthful, and more culturally diverse. Brands must adapt to these changes by embracing digital transformation, inclusive marketing, and personalized offerings to remain relevant and competitive. The Chinese market will continue to be a major growth engine, while the global retail footprint will consolidate and evolve to meet new consumer expectations.