2025年奢侈品客户指数_赢回志向型奢侈品客户_66页_5mb

> **来源：[研报客](https://pc.yanbaoke.cn)** # Winning back aspirational luxury clients EY 2025 Luxury Client Index For decades, the luxury sector has enjoyed double-digit growth, reaching a global value of €363 billion (Reuters 2025), in part due to wealth expansion in new markets. But in the face of an economic downturn, and more subdued spending from markets such as Mainland China, the sector as a whole has been seeing a significant slowdown, sparking profit warnings across the industry and a US$240 billion fall in European luxury shares over the course of just a few months (Bloomberg 2024). Sales reports indicate that wealthy clients are maintaining or even increasing their spend with luxury maisons (brands). Maisons' struggle to maintain sales often comes directly from a decrease in new client acquisition and a decrease in spend from the rest of their current clients. This could be a reflection of tougher economic conditions, with global growth forecasts revised downward (OECD 2025), along with the possibility that price elasticity has now reached a ceiling. The luxury paradox still stands: The more desirable a brand becomes, the more sales grow, the more people wear brands, the less desirable the brand becomes. In this complex context, what can brands do to retain client loyalty? With a wealth of experience supporting the transformation of industry-leading luxury companies, a new Luxury Client Index is being launched as an EY initiative. This year, we focus on the purchase drivers for aspirational luxury clients, to help Maisons navigate the current market slowdown by providing a clear understanding of the aspirations of aspiring luxury clients and identifying actionable levers to win them back. We wanted to comprehend the real state of the market today. What matters to, and influences, aspiring luxury clients when purchasing luxury? What meaning do they put behind overused terms such as "quality," "experience" and "sustainability"? How satisfied are they with the current price/value paradigm, and how do they behave when they feel maisons are no longer offering true value? What desire do they have for luxury, and what level of confidence do they hold in any future luxury spend? How satisfied are they with the in-store and online experiences? Going beyond current status, we explore the drivers of satisfaction and a new revenue generation path for luxury maisons, from improved purchase journeys to the development of new offers, including luxury experiences and the build-out of a certified pre-owned business model. We highlight generational, geographic and spend variations to create a complete overview that supports business leaders across roles. Luxury maisons are at a crossroads, and this difficult period may be just the right moment to challenge commonly accepted beliefs, strengthen luxury essentials and move toward business models that are not only revenue-generating but also truly sustainable. # Rachel Daydou Partner, Luxury AI & Sustainability Hub, EY Advisory France # David Naim EY Europe West Managing Partner Consumer & Health Industries # Executive summary What do luxury clients really want? It's a critical question at a time when Maisons are facing falling sales and clients in particular are struggling to justify premium purchases. Maisons have increased prices dramatically over the past few years, to the point where even those who can easily afford a luxury item are thinking twice about whether it truly represents value for money. Looking beyond pure spending power, we wanted to understand the deeper values and desires that influence luxury consumption and consider the ways in which maisons may be able to strengthen their offers and their relationships with clients. In spring 2025, we conducted original research to delve into these questions by connecting with clients across multiple geographies and generations, and creating five distinct aspirational luxury client segments that are highlighted in this report. # Quality above all What we found is that three-quarters of aspiring clients are prioritizing quality above all else. Owning something of quality is more important than exclusivity, celebrity endorsement, personalization and even price. This means that clients will be looking closely at related elements, such as craftsmanship and brand heritage. There is also evidence that clients would like to see sustainable principles embedded at a deeper level, including the use of more innovative materials and an assurance of the kind of product caliber and longevity that builds lasting brand relationships. In a time of economic uncertainty, clients are fiscally conscious enough to be put off by what they feel is an inflated price tag. More than just the inherent value of an item, aspiring clients want to feel embraced by the full luxury experience, whether that's through access to exclusive products or an invitation to a brand party. To validate their decision to spend a lot of money, clients need something that lower-end retailers are unable to provide. # Expanding the brand universe It's clear that aspirational clients need to be cultivated, with brand engagement and experiences that make them feel part of the brand journey and that inculcate the kind of loyalty that leads to repeat purchases. Right now, that is only happening selectively. Two-thirds of aspirational clients spending under €5,000 per year are not being offered a brand experience along with their purchase, even though 83% indicated that such experiences would make them purchase from a brand again. At the same time, there are client segments eager to pay for higher-level experiences, such as luxury travel, which Maisons could introduce as an extension of their brand offer. There is also a tremendous opportunity for maisons in the growth of new business models. Despite a booming market in pre-owned luxury items (Luxonomy 2024), many clients are put off by suspicions around authenticity and condition, but $54\%$ would purchase a pre-owned product directly from a luxury maison. Similarly, $50\%$ would consider renting, instead of buying, both for convenience and event-specific suitability – providing scope for repeat business and brand loyalty. Offering clients access to limited-edition products through a subscription service is another way to build intrigue and adherence. What all of this demonstrates is that connecting with clients on the most personal level possible is essential to the ongoing buoyancy of maisons. Profound engagement across and beyond platforms is key to developing the kind of brand community that shores up allegiance. # Segment profiles In our exploration journey, we identified five aspirational luxury client segments. Each segment demonstrates distinct behaviors and attitudes toward luxury, offering a useful framework for refining targeting, messaging and experience design. SEGMENT NAMES DEFINITION % OF SURVEY POPULATION* Flexible aspirational luxury clients Occasional clients with lower current spend (spending an average of €5,500) but strong future potential (indicating that their appetite for spend on luxury will increase in the next 12 months); value-driven and open to pre-owned (two-thirds are willing to purchase certified pre-owned luxury products) 10% Prestige aspirational luxury clients High-spending (spending on an average of €8,500), very regular clients (majority buy more than three luxury items per year); motivated by exclusivity, experiences, and brand prestige 28% Discerning aspirational luxury clients Consistent high spenders (spending on an average of €9,500) who value innovation and exclusivity but apply a more rational lens when assessing worth 28% Drifting aspirational luxury clients Price-sensitive (more than half did not proceed with at least one additional luxury product purchase in the last year as a result of higher price), lower engagement (the majority purchase luxury items rarely, occasionally or sometimes (one or two times per year) and declining or stagnant future spend (indicating that their spend on luxury will either remain the same or decrease in the next 12 months) 22% Beyond aspirational luxury clients The wealthiest segment: household income €400,000+ and luxury spend of €10,000+ in the past year 5% Each segment demonstrates distinct behaviors and attitudes toward luxury, offering a useful framework for refining targeting, messaging and experience design. * The total across segments will not add up to 100%, as a portion of the survey population did not fall into any defined segment. # Eight key insights into aspiring luxury clients' luxury purchase drivers # 1 Exceptional quality is the essence of luxury, but status still holds sway Seventy-one percent of clients said they are primarily driven by a desire to own high-quality products, and $32\%$ stated that they buy luxury fashion as a mark of status. Prestige aspirational luxury clients $(42\%)$ and discerning aspirational luxury clients $(34\%)$ are significantly more driven by the desire for status than other segments. This trend is most pronounced among Mainland China-based clients $(44\%)$ . # 2 Sustainability is as important as price, but clients want innovation and validation Nearly a third (31%) of clients ranked sustainability among the top five factors influencing purchase; overall at number eight, above price at number nine. Clients in the UK (43%) and in Mainland China (37%) are the most focused on sustainability. We also found that environmental concerns rise with purchase frequency: 42% of beyond aspirational luxury clients ranked sustainability among their top five factors. Sixty-nine percent of them value sustainable packaging, and 63% look for innovative materials. # 3 The quality-price disconnect is driving clients away; flexible payments can help retain them Sixty-two percent of respondents say they have considered buying a luxury product in the past year and decided against it. Price has emerged as the No.1 reason to jettison a purchase. Gen X clients are most likely to drop a purchase, citing high cost as the reason (38%). More than half of clients in Japan and the UK would prefer to delay their purchase and buy later. In Mainland China, instead of waiting, clients seek flexible payment options (50%) and high-quality alternatives such as dupes – a product that copies the design of a luxury Maison product without the maison's logo (25%). # 4 In-store shopping remains most rewarding amid the rise of omnichannel When asked about their latest luxury purchases, $75\%$ of clients said they bought from a brand store. Offline stores remain the preferred shopping location for $53\%$ of clients, but $33\%$ are true omnichannel clients, 21 points above pure online clients. Beyond aspirational luxury clients visit brand websites only to access international brands $(20\%)$ or for the benefit of wider product selection $(20\%)$ , ranked as No.1. Younger generations prefer online channels: $17\%$ of Gen Z vs. $10\%$ of baby boomers; and $41\%$ of Gen Z prefer a combination of online and offline channels, compared with $24\%$ of baby boomers. # 5 But artificial intelligence (AI) powered features can improve online shopping experience Most rewarding online shopping experiences include AI-powered features such as personalized product suggestions and enhanced product visualization as as numbers one and four respectively. Thirteen percent of beyond aspirational luxury clients agree that personalized suggestions would be the feature that would most enhance their online shopping experience, while $11\%$ of prestige aspirational luxury clients agree with this statement. # 6 Maisons only offer experiences to selected clients We found that over two-thirds of clients spending less than €5,000 in a year have not been offered any kind of experience in the last 12 months. # 7 Clients are willing to pay for the most valuable experiences A striking 70% of clients (and 47% of clients spending less than €5,000 per year) said that if a maison did not offer them a complimentary experience alongside their purchase, they would nonetheless be willing to pay to enjoy one. A notably higher percentage of Gen Z (79%) and clients in Mainland China (84%) agreed with this statement. # 8 Maisons can create a new market with certified pre-owned products Thirty-eight percent of clients also purchase secondhand. Many of those who do not are worried about the authenticity of pre-owned products found on third-party platforms. More than half of all clients indicated they are willing to purchase certified pre-owned products sold directly by maisons. # Motivations and values # Does status still drive luxury purchases for aspiring luxury clients? Luxury has long been considered a symbol of status, signaling wealth, social standing and exclusivity. But today, luxury is no longer just about status – it's about inherent and perceived value. Clients are more likely to seek emotional fulfilment from their purchases, gravitating toward brands that offer authenticity, strong ethics and a sense of personal connection. They want experiences that are not only unique and exclusive but also aligned with their values – especially around sustainability, which has become an important consideration in purchasing decisions. The belief that luxury exemplifies rarity, craftsmanship and timelessness has been strengthening the connection between luxury and quality. Clients expect luxury fashion to demonstrate excellence through the minutest details in design, production and experience. Whether in the form of a couture stitch or the integrity of the materials used, clients equate luxury with the pursuit of exceptional quality – the kind that cannot be replicated at scale or speed. # 66 This survey's insights into motivations and values are invaluable for understanding client decision-making, particularly the nuances across key markets. This understanding will enable us to develop more effective go-to-market strategies. # Jack Wu Managing Director of Regional Markets, Client and E-Commerce, Dunhill # Intrinsic value trumps extrinsic motivations as the main motivation to purchase luxury Luxury may hold different meanings for clients – from symbolizing status, rewarding achievements and chasing trends to finding gratification – but quality outranks all of these. Our findings demonstrate that nothing drives clients toward luxury as much as their requirement for exceptional quality. When probed on their primary motivation to buy luxury goods, close to three-quarters (71%) expressed a desire to own high-quality products, compared with the 56% who said that they buy luxury fashion as a reward for personal achievement. While quality is unquestionably expected, clients are still influenced by external factors such as status symbolism and social media trends. The desire to own and wear luxury as an emblem of wealth and social standing runs counter to the view that quiet luxury is a dominant trend. Overall, $32\%$ of clients said that they buy luxury fashion as a mark of status, and $10\%$ do so because of the influence of celebrities or social media trends. Among our segments, $42\%$ of prestige aspirational luxury clients and $34\%$ of discerning aspirational luxury clients are significantly more driven by the desire for status than clients on the lower end of the spend spectrum - with just $27\%$ of flexible aspirational luxury clients and $23\%$ of drifting aspirational luxury clients claiming this as a motivating factor. Beyond aspirational luxury clients are most strongly motivated by quality $(82\%)$ but, interestingly, a significant proportion of this segment - $40\%$ - are also driven by status. This suggests that wealthy clients are still concerned with societal perception, using luxury purchases to indicate high standing. This trend is also prominent among clients in Mainland China, where the highest proportion – $44\%$ – claim status as a primary motivation to buy luxury fashion. We have also observed some striking generational differences in purchase drivers. Baby boomers are driven more by tangible indicators, such as quality, than symbolic drivers (status and reward for personal achievement). In our survey, while $40\%$ of Gen Z clients are driven by status, less than half $-18\%$ - of baby boomers feel this way. For Gen Z, other drivers, such as rewarding personal achievement $(59\%)$ and social influence from celebrities and media $(12\%)$ , also play a much stronger role than they do for baby boomers, for whom these factors - personal reward $(42\%)$ and social influence $(2\%)$ - are significantly less relevant. # 66 The results of this survey confirm what Delvaux has always stood for: Luxury clients primarily expect quality, craftsmanship, emotion and exclusivity. Founded in 1829, Delvaux is the oldest leather goods company in the world. These expectations are not new to us — they have been our guiding principle for nearly two centuries. Today, our challenge is to bring them to life in the digital realm as well, with the same commitment to excellence, elegance and personal experience. # Vincent Guillet R&D and Innovation Director Delvaux (Richemont) # Figure 1 Which of the following options best describes your primary motivation to buy luxury fashion products? (N=1,672) Data segment: spending Status symbol Spending Desire to own high-quality items 20% €2,500-€4,999 68% 32% €5,000-€7,499 67% 35% €7,500-€9,999 75% 40% €10,000 or more 78% Data segment: generation Data segment: client segment Desire to own high-quality items Status symbol Reward for personal achievement Gen Z 63% 59% 40% Millennials 72% 58% 33% Gen X 72% 53% 29% Baby boomers 75% 42% 18% # Logos remain desirable as purchase decision-making factors, even amid the quiet luxury trend There are several factors connected to the overarching desire to own a quality product. In our survey, $62 \%$ of clients ranked the quality of fabric as one of the top five drivers that influenced their most recent luxury purchase, followed by another ideal linked to quality – brand heritage $(48 \%$ . Both of these sit a long way above personalization $(30 \%)$ and price $(30 \%$ . Exclusivity also ranks above price, with $42 \%$ of clients ranking it among the top five influencing factors. In a further contradiction of the quiet luxury trend, we found that the presence of a logo still holds appeal for aspirational clients, with $26 \%$ ranking it among their top five purchase factors, compared with just $12 \%$ who prefer the absence of a logo. Interestingly, the majority of those who favor logo visibility cited a desire to own high- quality items as a key motivation, further suggesting that logos may be perceived as a strong signal of quality assurance in luxury purchases. We noted some distinct variations in preferences based on geographic location. Quality was the biggest motivator for most UK-based clients, with the highest proportion – $82\%$ – indicating that quality of fabric was one of the primary factors driving their most recent luxury fashion purchase. In Mainland China, fabric quality is a lower priority than brand heritage and craftsmanship, while exclusivity is of noticeably higher importance to clients in France and Japan. We also found that older generations are more likely to value quality and craftsmanship, while the inclination to seek personalization decreases for this group. Among the top five factors, $57 \%$ of Gen X and $53 \%$ of baby boomers are influenced by craftsmanship, much more than Gen Z $(34\%)$ and millennials $(45\%)$ . Brand heritage is important to $58 \%$ of Gen X and $56 \%$ of baby boomers, compared with $42 \%$ of Gen Z and $45 \%$ of millennials. But younger generations place a greater emphasis on expressing their personal style. While $33 \%$ of Gen Z see personalization as a top- five factor, only $26 \%$ of Gen X and baby boomers feel the same. Additionally, younger generations, especially millennials $(28\%)$ , exhibit a stronger intent to display their status through logos, compared with just $19 \%$ of baby boomers. # Figure 2 Please rank the following factors in the order of importance based on how they influenced your decision to buy the luxury fashion product you last purchased. (N=1,672) Key factors for clients' purchase decision – Sum of top five ranks Key factors for clients' purchase decision Data segment: spending Data segment: generation + - Gen Z Millennials Gen X Baby boomers Quality of fabric €2,500-€4,999: 72% €5,000-€7,499: 59% 62% 59% 66% 69% Sustainability €10,000 or more: 35% €2,500-€4,999: 22% 36% 34% 22% 23% Personalization €5,000-€7,499: 37% €2,500-€4,999: 22% 33% 32% 26% 26% Absence of logo €5,000-€7,499: 14% €10,000 or more: 9% 15% 13% 10% 11% Presence of Logo €7,500-€9,999: 28% €10,000 or more: 21% 26% 28% 23% 19% Represents the highest value within the respective segment Represents the lowest value within the respective segment Data segment: client segment # Sustainability is a significant factor influencing purchase Among luxury purchase drivers, sustainability $(31\%)$ sits almost at the same level as price $(30\%)$ . However, there are segmental differences. While price sensitivity decreases with increasing spend, the focus on sustainability also increases. Discerning aspirational luxury clients (25%) and prestige aspirational luxury clients (28%) show greater indifference to price, compared with the average of 30%. Even less – only 15% – of beyond aspirational luxury clients ranked it among the top five factors, yet a significant proportion of them – 42% – highlighted sustainability as a prominent factor, well above the average for flexible aspirational luxury clients (28%) and drifting aspirational luxury clients (24%). Clients from the UK regard sustainability as a significant consideration when making purchase decisions, with $43\%$ ranking it among the top five factors, compared with $31\%$ overall. In comparison, only $18\%$ of France-based clients prioritize sustainability when making luxury purchases. Meanwhile, France-based clients place greater emphasis on traditional aspects such as craftsmanship or exclusivity over sustainability concerns when choosing luxury products. Unsurprisingly, younger clients are more focused on sustainability as a luxury purchase consideration. Thirty-six percent of Gen Z and $34\%$ of millennials ranked sustainability among their top five factors, reflecting their high levels of environmental awareness and concern for social responsibility. In contrast, older generations are less likely to prioritize sustainability, with only $22\%$ of Gen X and $23\%$ of baby boomers indicating it as a key factor influencing purchase decisions. This difference may be attributed to the increased exposure of younger generations to climate concerns through education, social media and activism, boosting their focus on sustainable consumption, whereas older clients continue to prioritize traditional luxury values such as exclusivity and brand prestige. # Figure 3 Please rank the following factors in order of importance based on how they influenced your decision to buy the luxury fashion product you last purchased. (N=1,672) Sustainability as a factor influencing purchase # Clients expect clear evidence of sustainability Clients expect brands to actively demonstrate sustainable practices. Amid widespread skepticism around greenwashing, sustainability is becoming more closely tied to tangible elements: Our findings show that the key initiatives that draw clients toward sustainability include sustainable packaging (53%) and innovative materials (45%), suggesting that clients are increasingly valuing sustainable innovation and long-term value (one client noted they had had a pair of luxury shoes for 34 years). Our findings show that the key initiatives that draw clients toward sustainability include sustainable packaging (53%) and innovative materials (45%). Well above the overall average, we see that $42 \%$ of beyond aspirational luxury clients seek sustainability, ranking it among the top five factors, with $69 \%$ valuing sustainable packaging and $63 \%$ looking out for innovative materials. The same is true for clients with high spending capacity, who are particularly drawn toward sustainable material innovation, whether in the form of eco- conscious packaging or cutting-edge materials. Thirty- nine percent of prestige aspirational luxury clients ranked sustainability among the top five factors influencing purchase, and $61 \%$ value sustainable packaging, a much higher percentage than their lower- spending counterparts. Additionally, $48 \%$ of them show a stronger preference for innovative materials, further underscoring their commitment to conscious luxury choices. Clients in the UK (43%) and in Mainland China (37%) are most likely to view sustainability as a key factor impacting their purchase decisions. Gen Z (36%) has shown a greater commitment to sustainability than Gen X (22%) and baby boomers (23%). When older generations do consider sustainability, they focus on supply chain-related aspects, such as traceability of materials, ethical sourcing and fair labor practices. Younger generations, on the other hand, prioritize more tangible elements, such as eco-friendly packaging and the use of recycled, upcycled and innovative materials. Gen X (55%) and baby boomers (48%) show a markedly higher concern for ethical sourcing and fair labor practices than Gen Z (29%). This generational shift is further reflected in their focus on traceability of material and production – over half of Gen X and baby boomers prioritize understanding the full journey of a product, compared with just 36% of Gen Z. We found that interest in environmental concerns rises with purchase frequency. Around $39\%$ of those who purchased luxury products at least six times a year consider sustainability a key criterion, compared with only $20\%$ of rare (once every two years) and $24\%$ of occasional (once every one to two years) clients. One in four luxury clients dismisses sustainability as a purchase driver, primarily due to skepticism about brands' sustainability claims, and this distrust is strikingly higher among younger clients, with $30\%$ of Gen Z expressing doubts about the authenticity of brands' sustainability claims, compared with $20\%$ of baby boomers. # Figure 4 What sustainability initiatives matter most to you when choosing a luxury brand or product? (N=513) Why is sustainability not a priority in your choice of a luxury brand or product? (N=1,159) Sustainability initiatives that matter to clients Data segment: leading generation Data segment: leading country Data segment: leading client segment Reasons behind sustainability not being top priority Sustainable packaging 53% Millennials: 54% UK: 74% Beyond: 69% My purchasing decisions are based on design, exclusivity and craftsmanship rather than sustainability efforts 37% Innovative materials (vegan leather, etc.) 45% Gen X: 46% UK: 69% Beyond: 63% As long as luxury brands comply with regulations, I do not see sustainability as a concern 32% Traceability of materials and production 43% Baby boomers: 55% Mainland China: 66% Beyond: 47% Sustainability is not a priority for me when buying luxury products 28% Transparency in supply chain 42% Gen X: 49% Germany: 52% Flexible: 50% Diversity, equity and inclusion (DE&I) initiatives do not influence my choice of luxury brands 24% Ethical sourcing and fair labor practices 41% Gen X: 55% Japan: 55% Discerning: 47% Sustainability claims from luxury brands are not credible and often feel like greenwashing 24% Use of recycled or upcycled materials 35% Gen X: 48% Mainland China: 57% Beyond: 56% I have not observed significant sustainability concerns within the luxury industry 23% Carbon-neutrality efforts 33% Baby boomers: 42% UAE: 47% Beyond: 41% Alternative materials (e.g., vegan leather) do not meet luxury quality standards 16% Diversity, equity and inclusion (DE&I) 31% Baby boomers: 42% Spain/UK: 40% Beyond: 41% Recycled or upcycled materials do not match the aesthetics I prefer 15% Local communities support 27% Gen X: 44% France: 37% Flexible: 43% Circular offers (e.g., trade-in, resale, subscription and rental) 26% Baby boomers: 39% Mainland China: 40% Beyond: 34% I do not see why luxury brands should focus on sustainability when other industries pollute more 14% # Managing barriers and purchase intentions # Why are maisons struggling to win new aspirational clients? Although the luxury fashion industry has long benefited from positive price elasticity, with affluent clients associating a higher price tag with high-end luxury, this perspective seems to be changing. Despite the allure of exclusivity and prestige, clients are considering whether prices truly reflect superior quality or are simply a result of brand inflation. This view has become more pronounced as most luxury goods have undergone notable post-COVID-19 pandemic price increases. The power of expensiveness to attract aspirational clients in particular seems to be fading. The rise of accessible luxury, resale platforms and conscious consumption is reshaping clients' expectations around price as they carefully weigh cost against value. Our research reveals how price may be a deterrent to luxury purchases, forcing aspirational clients to either delay or abandon a purchase. MANAGING BARRIERS AND PURCHASE INTENTIONS # Price sensitivity can drive clients away Although price is not a key driver influencing luxury fashion purchases, it has emerged as a key reason for many to jettison their purchase. Almost a third of those who did not complete a planned purchase in the past 12 months highlighted high price as the No. 1 reason for doing so. When we dug into the reasons that prompted clients to abandon a purchase, we found, as expected, that those with a higher spending capacity are more constrained by product availability than affordability, while those with a lower spending capacity view price itself as the primary barrier to purchase. As anticipated, price sensitivity remains a top barrier to purchase for flexible aspirational luxury clients (28%) and drifting aspirational luxury clients (39%). In contrast, this concern significantly diminishes among prestige aspirational luxury clients (15%) and discerning aspirational luxury clients (22%). Availability is a more relevant concern for prestige aspirational luxury clients and beyond aspirational luxury clients, with $26\%$ and $31\%$ respectively citing this as their top purchase deterrent – well above the overall average of $14\%$ . Japan appears to be the most price-sensitive market globally, with $41 \%$ of clients ranking cost first among the reasons for abandoning a purchase. In contrast, only 11% highlighted quality concerns as the top deterrent. This highlights the emergence of a particular mindset where pricing takes clear precedence over quality considerations, which may be partially attributed to the recent devaluation of the Japanese yen. Surprisingly, price sensitivity increases with age, with older generations citing cost over quality as the primary reason for abandoning a purchase. Gen X (38%) and baby boomers (34%) are significantly above the global average of 28% in rating price as the top deterrent to purchase. Conversely, quality concerns seem to diminish with age, as only 13% of baby boomers flagged it as a top deterrent, compared with 20% of Gen Z. Price sensitivity is the only area where we saw a significant gender difference, with female clients demonstrating higher price sensitivity than males. Compared with just $25\%$ of male clients, $33\%$ of women gave cost as their main reason not to purchase a luxury item, indicating a clear gender-based divergence in how value is perceived and purchase decisions are made. # Figure 5 In the last 12 months, have you ever considered buying a luxury product but decided against it? (N=1,211) What are the reasons that you did not purchase the luxury product that you last considered buying? (N=597) 49% Percentage of respondents who planned to buy, but did not complete a luxury purchase in the last 12 months* 54% 38% 44% 64% Flexible Prestige Discerning Drifting * Beyond hasn't been included owing to low number of respondents Reasons for not purchasing – overall Data segment: country, generation, client segment and spending (too expensive) Japan 41% Spain 36% UK 33% Gen X 38% Baby boomers 34% Drifting 39% Flexible 28% US 19% UAE 22% Italy 23% Millennials 24% Gen Z 26% Beyond 8% Prestige 15% # Flexible payment plans could bring aspirational clients back Our research shows that when the cost of a coveted product exceeds their budget, a majority of clients seek alternative means of purchase, immediately or at a later stage. Three-quarters of clients indicated that they would delay their purchase until they saved enough to buy a desired product (46%) or until aaison offered a discount or outlet sale (29%). While this delay or compromise could be one explanation for the industry's diminishing client base, what we also noted is that nearly a third are willing to purchase immediately through a flexible payment plan or financing option (32%). This indicates that maisons may wish to consider adopting flexible payment or financing options to attract aspirational clients, instead of viewing them as a practice that may erode their perceived value. While these clients still exhibit an intention to purchase when offered an alternative route, what maisons must not ignore are those who are turning to high-quality dupes or secondhand items, or walking away from the purchase entirely. Dissuaded by high cost, these clients are highly likely to avoid purchasing their desired product directly from maisons. We can see distinctions in behavior when it comes to clients' willingness to wait, to look for flexible payment or financing plans, or even to purchase a high-quality dupe. Prestige aspirational luxury clients (43%) and discerning aspirational luxury clients (36%) show a stronger preference for flexible payment or financing options compared with drifting aspirational luxury clients (19%) and flexible aspirational luxury clients (31%). Conversely, drifting aspirational luxury clients (36%) and flexible aspirational luxury clients (32%) are more likely to delay purchases until discounts become available – a pattern followed by fewer prestige aspirational luxury clients (23%) and discerning aspirational luxury clients (28%). Consistent with the trend we witnessed among aspirational clients, the openness to flexible payment plans was the highest among beyond aspirational luxury clients (43%). There appear to be cultural differences in how luxury items are acquired if price and budget are not aligned. More than half of clients in Japan and the UK would prefer to delay their purchase. In contrast, instead of waiting to purchase the product, Mainland China-based clients seek flexible payment options (50%) and high-quality alternatives such as dupes (25%), significantly exceeding the overall average of 32% and 15% respectively. This aligns with our findings on the way that clients in Mainland China are more heavily driven by status. Younger generations also prefer alternatives enabling the immediate ownership of luxury items. Gen Z (36%) and millennials (37%) are significantly more inclined to use financing or flexible payment options compared with Gen X (23%) and baby boomers (21%). Their openness to alternative paths extends beyond this - nearly one in five Gen Z clients (19%) and 16% of millennials would consider buying dupes, vs. just 10% of Gen X and 7% of baby boomers. Similarly, 18% of Gen Z and 11% of millennials say they would ask friends or family to gift the item, compared with only 8% of Gen X and 4% of baby boomers. In contrast, older clients are more likely to forgo the purchase entirely, with overall 17% of baby boomers and 14% of Gen X dropping the purchase, vs. just 6% of millennials and 5% of Gen Z. # Figure 6 # How would you approach the purchase if the cost of your desired luxury product was beyond your current budget? (N=1,672) I would save up and buy it later I would seek a flexible payment plan or financing option I would wait for a discount or outlet sale I would buy a high-quality dupe I would ask my friends and family to gift it to me I would look for a secondhand or resale option I wouldn't buy it at all Data segment: client segment and spending Data segment: country Data segment: generation + Gen X: 50% Save and buy later Gen Z: 42% Millennials: 37% Flexible payment and financing Baby boomers: 21% Gen Z: 37% Dupe/ask family to gift it Baby boomers: 12% Baby boomers: 17% Wouldn’t buy it Gen Z: 5% # Purchase experience # Do clients find online luxury shopping experiences undermining? Even though luxury boutiques, which provide a multisensory experience, continue to hold a strong appeal for clients, maisons cannot ignore evolving digital expectations. Aspirational luxury clients – especially younger digital natives – are increasingly comfortable with, and even enthusiastic, about shopping online. They particularly appreciate the convenience, speed and easy access that digital platforms offer. From virtual try-ons to appointment booking and live chat with advisors, online experiences are evolving to become more personalized and immersive. Amid these expectations, digital platforms can no longer be viewed as just another mode of purchase, but instead as an increasingly important extension of the brand universe. Maisons must take note that clients expect the same level of attention, refinement and emotional connection whether they're exploring and trying out products in a flagship boutique or purchasing through a mobile app. The future of luxury retail isn't about choosing between digital or physical, but about creating a fluid, omnichannel journey that reflects the brand's essence and meets the evolving expectations of modern luxury clients. # Brand offline stores hold steady, but growth markets are moving online Our survey shows that in-store shopping continues to attract clients much more than online channels, but it also indicates the increasing popularity of digital. Given the enduring appeal of physical retail, $75\%$ of luxury clients in our survey stated they had made their most recent purchase at a store, and $96\%$ of them indicated the highest level of satisfaction with this compared with any other channel. But simultaneously, nearly half $(49\%)$ of clients had recently opted to shop for luxury products through a brand website. Among our client segments, a slightly higher proportion of prestige aspirational luxury clients (81%) and discerning aspirational luxury clients (77%) said that they had recently shopped in stores – perhaps driven by their preference for personalized experiences – compared with drifting aspirational luxury clients (64%). This trend intensifies among beyond aspirational luxury clients, 86% of whom made their most recent luxury purchases in bricks-and-mortar brand stores. We found clear regional differences in clients' choice of recent luxury purchase channels, with Asia more dominated by in-store purchases, while digital platforms were more prominent in the UAE, where $63\%$ reported buying via brand websites and $38\%$ via multi-brand websites, well above the global averages of $49\%$ and $21\%$ respectively. Most Asia-based clients – particularly in Mainland China and Japan – preferred to shop offline. Overall, $90\%$ of clients in Mainland China and $83\%$ in Japan made their recent luxury purchases at brand stores. We observed similar patterns for multi-brand department stores, with $45\%$ of Mainland China-based and $60\%$ of Japan-based clients having made their recent purchase at a department store – both figures surpassing the global average of $41\%$ . Digital natives have emerged as the torchbearers of online luxury shopping, as over half of Gen Z (53%) and millennials (56%) made their most recent purchases via brand websites, compared with 23% of baby boomers. Similarly, 24% of Gen Z bought through multi-brand websites, more than double the share of baby boomers (10%). # Figure 7 Please select the channel through which you made your recent luxury purchases (preferably the last two or three) (N=1,672); rate your level of satisfaction with the shopping experience (N= brand store: 1,260, department store: 692, brand website: 826, multi-brand retailer: 342) Channel for recent luxury purchases – overall Channel for recent luxury purchases – by gender Channel for recent luxury purchases – by spending Data segment: generation Data segment: client segment # Clients expect stronger personal connections and style recommendations when shopping in store Most of the reasons brand stores continue to be the main conversion channel in the purchase journey are related to human connection and engagement. In our survey, $18 \%$ of clients ranked human interaction (private shopping sessions, or a dedicated advisor or stylist to guide their purchase) as the No. 1 factor that would make their in- store shopping experience even more rewarding. They also equally value in- store pampering $(18 \%$ , which involves aspects such as a personalized welcome, VIP treatment, and luxury ambience, closely followed by access to exclusive events held within the store and customization services – both ranked first by $17 \%$ of clients. Only $15 \%$ of clients believe that complimentary services alone would be enough to enhance their in- store shopping experience. This indicates that they value personalized engagement and unique in- store experiences more than freebies, emphasizing the importance of human connection and special events in enhancing the in- store buying experience. A high proportion of beyond aspirational luxury clients (26%) value human interaction the most, well above the overall average of 18%. This suggests a strong interest in personal engagement and personalized services. We found a notable difference in cultural or regional preferences, with clients from Europe valuing personal engagement in stores more than those from Asia. A quarter of UK-based clients believe a stronger human connection would enhance their in-store shopping experience, compared with $15 \%$ of Mainland China- based clients. And $24 \%$ of Japan- based clients believe that style recommendations from a client advisor would enhance their in- store shopping experience, marking the highest proportion for this factor among all countries. The study also reveals that while older generations value personalization and customization, younger clients prefer convenience and trend-driven assistance. While $19 \%$ of Gen X and $18 \%$ of baby boomers ranked customization and tailoring services as the number one factors that would enhance their in- store shopping experience, only $16 \%$ of Gen Z and millennials said the same. Similarly, $17 \%$ of Gen Z and $16 \%$ of millennials place equal importance on both complimentary services and style recommendations. # Figure 8 # What would make your in-store luxury buying experience more rewarding? (N=1,672) Reasons that make offline experience rewarding Reasons that make offline experience rewarding | Data segment: generation In-store pampering experience (e.g., personalized welcome, VIP treatment, luxury ambience) Human interaction (private shopping sessions, dedicated advisor or stylist to guide my purchase) Access to exclusive in-store events Customization and tailoring services Complimentary services (e.g., refreshments, valet parking, childcare) Style recommendations by client advisor based on personal preferences and past purchases Others Reasons that make offline experience rewarding | Data segment: client segment # Personalization and product visualization are key to a positive omnichannel experience Although brand stores continue to be the most preferred purchase channel, with $53 \%$ of clients preferring to shop at them exclusively, we found that a substantial proportion of clients combine offline and online channels. Our survey shows that $33 \%$ prefer to combine in- store visits with brand websites, highlighting the growing importance of seamless, omnichannel experiences that blend the tactile richness of physical retail with the convenience and depth of digital engagement. The top-ranked reasons clients cite for preferring offline channels are the ability to touch and feel the products (25%) and access personalized services (18%). All segments place the ability to touch and feel the product as the first reason, but prestige aspirational luxury clients value it as much as luxury ambience and experience. Aspirational clients favor online shopping for its convenience (23%) and broader product selection (20%), ranking these two factors first. While there aren't any remarkable differences in channel preference among our aspirational client segments, we found that, at $5\%$ , only a handful of the beyond aspirational luxury clients prefer to shop from brand websites. This may be because they are living and traveling in the vicinity of luxury brand stores, making it easy for them to frequently go shopping without any planning or travel time. These clients purchase from brand websites particularly to access international brands (20%, above the 12% average) or for the benefit of wider product selection (20%, in line with the average), which are the factors they ranked as most important. This suggests that they may rely on websites only for product discovery and exploration, before ultimately making a purchase in person. However, flexible aspirational luxury clients favor online channels for better prices and discounts, as well as wider product variety, which reflects their preference for cost-effective options. We see some generational differences in channel preferences, with younger generations having a greater preference for online channels: $17 \%$ of Gen Z prefer online, compared with just $10 \%$ of baby boomers, and $41 \%$ of Gen Z prefer a combination of online and offline channels compared with only $24 \%$ of baby boomers. Indicative of their quest for tailored and unique shopping experiences, Gen Z clients demonstrated a preference to use online channels for access to a wider product selection (19%), exclusive collections (15%) and personalized recommendations (19%), ranking these factors first. At the same time, only $13 \%$ of baby boomers rank wider product selection as the No. 1 reason they prefer online, followed by $9 \%$ who highlighted personalized recommendations and $7 \%$ who sought an exclusive online collection. # Figure 9 Where do you prefer shopping for luxury fashion products? (N=1,672) What are some of the reasons that you prefer buying luxury fashion products online? (N=752) Preference for sales channel Data segment: client segment Data segment: generation Reasons for preferring online sales channel Data segment: country Data segment: generation # AI-powered customer journey could boost engagement and purchases Our survey results indicate that AI can play a significant role in augmenting clients' shopping experience. We already know that most clients choose to shop online for the convenience, variety, virtual try-on features and personalized suggestions, and the responses we