2018奢侈品全球消费者洞察英文版_52页_3mb

BCG True-Luxury Global Consumer Insight Summary

Core Content

The BCG-Altagamma True-Luxury Global Consumer Insight Panel provides an in-depth analysis of the luxury market from 2017 to 2024, focusing on the behavior and preferences of True-Luxury Consumers. The report highlights five key lenses to understand the evolving luxury market and outlines major trends and consumer segments.

Main Trends

• Luxury Casualwear: Increasing in appeal, especially among the "Forever Young" generation, with 73% of True-Luxury Consumers preferring it over formal wear. This trend is driven by comfort and the perception of being "cool".
• Product & Branding: Traditional values such as quality and craftsmanship remain important, but new values like "extravagant & fun" are gaining traction, particularly among Chinese and Millennials.
• Social Media & Influencers: Social media is the top influence lever for True-Luxury Consumers, growing from 9th in 2013 to 1st in 2017. Influencers are valued for their authenticity and storytelling, with platforms like Instagram and WeChat leading in different regions.
• Omnichannel: The omnichannel approach is stabilizing, with online-solo purchases increasing among older consumers and store-solo showing signs of recovery, especially in the US and among younger generations.
• Online Ecosystem: The luxury online market is dominated by mono-brand websites (~33%), full-price multi-brand platforms (~32%), and generalist marketplaces (~23%), accounting for ~90% of online purchases. Preferences vary by region and consumer group.

Key Consumer Segments

• Megacitier: A growing segment, particularly in China, representing the "World is my city" mindset. They are key in the Chinese and Western markets.
• Rich Upstarter: Emerging affluent class, especially in Asia, characterized by "Luxury I am coming".
• Absolute Luxurer: Traditional high-spending luxury consumers, dominant in mature markets and among older generations.
• LITTLEPRINCE: Young and fun-loving, "Luxury is my fun".
• Fashionista: Trusting in fashion, especially among Chinese Millennials.
• Social Wearer: Focused on social status through luxury purchases.
• Classpirational: Seeking to enhance social status through luxury.
• Timeless Proper: Value timeless design and quality.
• Omni Gifter: Purchase luxury as a gift.
• Luxe Immune: Not influenced by luxury marketing.

Demographic Insights

• Millennials: Expected to grow from 29% to 50% of the luxury market by 2024. They are the most loyal generation in terms of brand loyalty, with ~36% loyal to luxury brands.
• Chinese Consumers: Projected to account for 40% of the luxury market by 2024, up from 32%. They are a key driver of growth, with ~70% of the market growth attributed to them. They prefer online shopping, particularly through platforms like WeChat, Weibo, and T-mall.
• Generation Z: Show strong interest in casual luxury and collaborations with streetwear and artists, with ~94% awareness of collaborations.

Growth Drivers

• Collaborations: Enhance brand awareness and willingness to buy, with ~55% of True-Luxury Consumers influenced by them. Particularly impactful on younger generations.
• Mix & Match: ~54% of Millennials are shifting from luxury brands to niche or fast fashion brands, preferring a mix of styles.
• Brand Loyalty: Millennials exhibit the highest brand loyalty across categories, with ~36% loyal to luxury brands.

Market Insights

• True-Luxury Consumers: Represent ~18 million people, generating ~30% of the global luxury market. Expected to grow to ~29 million, with an increase in market value.
• Channel Preferences: Mono-brand stores remain the most preferred, especially for trying products and experiencing the brand. Online channels are growing, with mobile usage surpassing PC, particularly in China and among youth.

Strategic Implications

• Understanding Segments: Brands must focus on understanding and engaging with key behavioral segments such as Megacitier and Rich Upstarter for Millennials, and Chinese consumers' online preferences.
• Adapting to Trends: Brands should leverage social media and influencer marketing, especially in China, and consider the mix & match trend and omnichannel strategies to meet consumer demands.

Key Statistics

• Millennials' Impact: Expected to account for 50% of the luxury market by 2024, with ~130% of market growth driven by them.
• Chinese Impact: Expected to account for 40% of the luxury market by 2024, with ~70% of growth attributed to them.
• Collaborations: 88% of True-Luxury Consumers are aware of collaborations, with ~94% of Millennials aware.
• Online Ecosystem: Dominated by mono-brand, multi-brand, and generalist marketplaces (~90% of online purchases). Mobile is the preferred device for online shopping.

Conclusion

The report emphasizes the need for luxury brands to adapt to changing consumer behaviors, particularly among Millennials and Chinese consumers. It outlines key strategies such as leveraging social media, understanding the mix & match trend, and optimizing omnichannel experiences to capture market growth and maintain relevance.