2017年全球奢侈品行业研究报告_47页-3mb

ALTAGAMMA 2017: WORLDWIDE LUXURY MARKET MONITOR

Core Content

The ALTAGAMMA 2017 report, published by Bain & Company, provides an in-depth analysis of the global luxury market, highlighting the evolution of consumer behavior and the strategies required for brands to succeed in this dynamic sector. The report emphasizes the rise of millennialism and the new dynamics in luxury consumption, focusing on experiential, curated, and ecosystemic approaches.

Main Viewpoints

• Experiential Shift: Luxury brands are increasingly experimenting with experiences to connect with consumers, especially millennials. The "X" factor in luxury lies in creating immersive and memorable experiences that go beyond traditional product offerings.

• Healthier Market: Following a 2016 reboot, the luxury market entered a "new normal" in 2017, characterized by positive growth, younger customers, higher volumes, and local consumers returning across all regions.

• Universal Customer: The "local tourist" is emerging as a universal customer, with almost all nationalities and geographies showing growth, particularly in the Chinese market.

• Ecosystemic Retail: The luxury market is evolving towards a holistic ecosystem of channels around the customer, with online retail playing a leading role in driving growth and engagement.

• Post-Aspirational Trends: Traditional market segmentation is becoming less relevant. Brands must interpret current customer aspirations while staying true to their brand identity.

• Curated Experiences: Delivering personalized content, inspiration, and engagement through all touchpoints is crucial for success in the luxury sector.

• Polarized, Profitable, Evolving Market: The market is polarized, with winners and losers, but all segments remain profitable. The economics of the industry are evolving, requiring brands to adapt.

Key Information

Global Luxury Market Overview

• In 2017, the global luxury market reached ~€1.2 trillion, with 5% growth from 2016.
• Asia and Europe were the main growth engines, with China showing the strongest performance.
• Online retail grew by 24%, and airport retail and off-price stores also contributed significantly.

Personal Luxury Goods

• 2017 marked a healthier new normal after a stagnation in 2016.
• Millennials now account for 30% of the market, with Gen Z following closely.
• Local consumption increased by +4%, while tourist spending rose by +6%, indicating a recovery in both segments.

Channel Performance

• Online is the fastest-growing channel, with ~25% of the market share in 2017.
• Specialty stores and monobrand stores are also growing, while department stores are struggling.
• The ecosystemic approach is becoming essential, with channels working interdependently to enhance customer experience.

Category Growth

• Shoes remain the top-performing category.
• Jewelry and bags are showing strong growth in both volume and price.
• Beauty is performing well, with hard luxury gaining traction.
• Apparel is growing due to free returns and digital integration.
• Luxury streetwear is a key area for attracting Gen Y and Gen Z.

Market Trends

• Local tourists are becoming a significant segment, with a universal appeal.
• Experiential retail is gaining importance, as stores are evolving into epicenters of brand storytelling.
• Consumer self-expression is central, with a focus on personalization and brand alignment with customer values.

Brand Strategies

• Brands must invest in people and competencies to become marketing-centered.
• Curated experiences and personalized engagement are key to winning in the post-crisis era.
• Customer obsession is essential, with a focus on millennial and Gen Z preferences.

Authors and Contacts

• Claudia D'Arpizio and Federica Levato are the lead authors of the Bain Luxury Study, which is a highly cited source in the luxury industry.
• Claudia D'Arpizio (Partner, Milan):
  • Email: Claudia.Darpiizio@Bain.it
• Federica Levato (Partner, Milan):
  • Email: Federica.Levato@Bain.it
• International Press Contacts:
  • Aliza Medina (UK): aliza.medina@Bain.com or +44 207 969 6480
  • Dan Pinkney (US): dan.pinkney@Bain.com or +1 646-562-8102
• Italian Press Contact:
  • Cristina Brignola (Italy): cristina.brignola@Bain.it or +39 02 58288 553

Methodology

• The study uses bottom-up and top-down estimates to provide accurate market insights.
• It includes interviews with industry experts, market breakdowns, and turnover data.
• Consistency checks and fine-tuning are performed to ensure data accuracy.

Conclusion

The luxury market is transforming with the rise of millennials and the increasing importance of experiential and digital engagement. Brands that adapt to these changes, focus on personalization, and build a holistic ecosystem around the customer are likely to succeed in the evolving luxury landscape.