2018年全球奢侈品行业研究报告（英文版）-4mb

Summary of the 2018 Bain & Company Luxury Goods Market Study

Core Content

The 2018 Bain & Company study provides an in-depth analysis of the global luxury goods market, highlighting the evolving dynamics driven by digital transformation, cultural shifts, and the rising influence of Chinese consumers. It outlines the market's growth, segmentation, and future trends across various categories and regions.

Main Views and Key Information

Global Luxury Market Overview

• The global luxury goods market was valued at approximately €1.2T in 2018, with a 5% real-term growth.
• The personal luxury goods market was estimated at €254B in 2018, with a +1% CAGR from 2017 to 2018.
• The market is segmented into personal luxury goods (Apparel, Accessories, Hard Luxury, Beauty), fine art & design furniture, luxury toys, and out-of-home experiences.

Regional Market Trends

• China was the fastest-growing region, with a +18% growth in 2018, driven by local consumption and Chinese consumers.
• Rest of Asia showed a +7% growth, with HK and Macau benefiting from Chinese purchases.
• Japan had a +3% growth, with brands adapting to both local and tourist demand.
• Americas experienced +32% growth, with US as a key driver, though affected by the strong dollar.
• Europe had a +33% growth, but faced challenges from the strong Euro and political uncertainties.
• RoW (Rest of the World) saw negative growth in the Middle East due to government spending restrictions.

Consumer Behavior and Market Shifts

• Chinese consumers are expected to account for over 45% of the market and half of their purchases to occur in China.
• Online channels are becoming increasingly influential, expected to represent 25% of the market value by 2018, with 100% of luxury purchases influenced by online interactions.
• Gen Z is emerging as a key demographic, expected to drive ~130% of market growth, with unique traits compared to Gen Y.
• Intimate experiences are gaining value, especially among younger consumers, with luxury toys and out-of-home experiences showing maturation trends.

Market Segmentation

• Personal luxury goods include Apparel, Accessories, Hard Luxury, and Beauty.
• Luxury toys include luxury cars, private jets, and yachts, with luxury cars showing positive growth, while yachts and private jets faced slowdowns.
• Fine art and design furniture saw recovery in public auctions, with online penetration into higher price ranges.
• Food and beverage experiences are influenced by "ethical eating" and transparency trends, with spirits showing strong growth.

Digital Transformation

• E-commerce is reshaping the market, with online sales growing rapidly and brands investing in digital platforms.
• Digital technologies (VR, IoT, mobile payments, smart inventory) are enhancing customer experience and operational efficiency.
• Physical stores are evolving from point of sales to point of touch, focusing on core value and customer engagement.

Future Outlook

• The market is expected to see network consolidation, store footprint reduction, and reshaped retail models.
• "Nimble" approaches are necessary to sustain margins and adapt to changing consumer preferences.
• New technologies will play a crucial role in shaping luxury strategies and customer experiences.
• Cultural and sub-cultural trends are influencing consumption patterns, with inclusive models and body diversity becoming more prevalent.

Market Drivers

• Online influence is a key factor in consumer behavior.
• Price harmonization and improved customer experience are boosting local consumption in China.
• Government policies (e.g., import tax reduction, Daigou crackdown) are supporting domestic demand.

Market Challenges

• Short-term soft recessions and currency fluctuations may create bumps in growth.
• Apparel and watches faced mixed performance, with women's wear showing positive growth while men's wear had negative trends.
• Second-hand market is growing, impacting new sales and brand strategies.

Strategic Implications

• Brands must become excellence/idea platforms to remain relevant.
• Digital disruption is changing opex and capex structures, requiring agility and efficiency.
• Personalization and customer-centric strategies are essential for engagement and loyalty.

Conclusion

The luxury market in 2018 was characterized by strong growth, increased digital influence, and emerging cultural trends. Chinese consumers were a key growth driver, and the online channel is reshaping the market landscape. Brands must adapt to these changes by focusing on digital integration, customer experience, and cultural responsiveness to thrive in the evolving luxury market.