2017年全球奢侈品行业研究报告（英文版）_45页_3mb

ALTAGAMMA 2017 WORLDWIDE LUXURY MARKET MONITOR SUMMARY

Core Content

The ALTAGAMMA 2017 Worldwide Luxury Market Monitor report provides an in-depth analysis of the global luxury market in 2017, highlighting key trends, growth drivers, and consumer behavior shifts. It emphasizes the evolving dynamics of the luxury industry, particularly the increasing influence of younger generations, the role of digital channels, and the transformation of traditional market segmentation.

Main Trends and Insights

1. Global Luxury Market Overview

• Total Market Value: Reached approximately €1.2 trillion in 2017, up 5% from 2016.
• Market Outlook: Positive growth is expected through 2020, with an estimated 4-5% annual growth.
• Drivers of Growth: Rising Chinese middle class, recovery of mature markets, and a shift towards volume growth over price increases.

2. Consumer Behavior Shifts

• Millennials and Gen Z: Millennials are the primary growth engine, already accounting for 30% of the market, with Gen Z approaching rapidly. Their spending and advocacy are highly responsive and engaged.
• Local Tourist Concept: Consumers are becoming "insiders abroad and strangers at home," seeking in-store experiences that reflect their identity and values across different markets.

3. Regional Performance

• China: Top performer with a significant increase in both local and international consumption, driven by renewed consumer confidence and a growing middle class.
• Asia: Hong Kong and Macau returned to growth, while South Korea showed strong local performance but decelerated in tourist spend due to the Chinese travel ban.
• Europe: Strong local consumption with rebounding tourist spend. UK and Spain were particularly attractive to tourists, while Germany showed strong local performance.
• Japan: Yen-driven soft growth in H1, with a boom in H2. Chinese spend increased, but millennials remained more detached.
• Americas: US consumers drove growth, while department stores struggled to reinvent themselves. Canada and Mexico showed strong performance.
• Rest of the World (ROW): Middle East showed flat growth due to economic uncertainty, while other regions showed positive trends.

4. Channel Evolution

• Online Growth: Online sales grew by 24%, becoming a key channel with strategic partnerships and tailored content.
• Retail and Wholesale: Retail continued to grow, with specialty stores and monobrand stores leading the way. Department stores downsized their presence.
• Integrated Ecosystem: Channels are becoming more interdependent, with a focus on seamless customer experiences across all touchpoints.

5. Product Categories and Performance

• Accessories: Shoes remained the top-performing category.
• Jewelry: Entry and mid-range segments drove growth.
• Bags: High volume and price growth.
• Beauty: Strong performance, with blogs and digital influencers playing a crucial role.
• Apparel: Women's wear outperformed men's wear.
• Watches: High- and mid-end brands led the market, with a boost from entry lines and precious materials.
• Streetwear and Lifestyle: Investment in luxury streetwear, such as sneakers, denim, and T-shirts, to attract Gen Y and Z.

6. Market Fundamentals and Strategy

• Local Consumption: Rebounded across all regions, with local consumers now a key driver.
• Tourist Spend: Provided a significant boost, especially in Europe.
• Brand Strategies: Winning brands are developing tailored strategies, upgrading value propositions, and focusing on customer engagement and personalization.
• Marketing-Centered Approach: Brands are investing in people and competencies, becoming more marketing-focused and customer-obsessed.

7. Future Outlook

• 2025 Projections: The number of luxury monobrand stores is expected to grow from ~3,500 in 2017 to over 20,000 in 2025.
• Digital Integration: E-commerce is accelerating, with different models coexisting and complementing each other.
• Brand Relevance: Brands must interpret current consumer aspirations while staying true to their identity, moving away from traditional segmentation.

Key Players and Methodology

• Claudia D'Arpizio and Federica Levato: Partners at Bain & Company specializing in luxury goods, co-authors of the Bain Luxury Study.
• Methodology: The report uses a bottom-up and top-down approach, incorporating industry expert interviews, sales data, and market consistency checks.

Conclusion

The luxury market in 2017 is characterized by a healthier, more dynamic, and increasingly digital landscape. The rise of millennials and Gen Z, the shift towards local consumption, and the integration of online and physical channels are key factors driving growth and transformation. Brands that adapt to these changes and focus on customer-centric strategies are more likely to succeed in the evolving luxury market.