Wealth-X-2020年全球奢侈品展望报告（英文）-2020.8-22页_706kb

Summary of Wealth-X Global Luxury Outlook 2020

Core Content

Wealth-X's Global Luxury Outlook 2020: A World of Changing Preferences explores the evolving relationship between wealth and luxury consumption. The report highlights how the luxury market is shaped by the behavior, preferences and demographics of the ultra high net worth (UHNW) and very high net worth (VHNW) populations. It also examines the impact of the coronavirus pandemic on luxury spending, as well as the characteristics of luxury city hubs and the distinct preferences of different UHNW archetypes.

Main Points

1. Wealth and Luxury Market Growth

• Over the past 15 years, the global wealthy population has grown almost continuously.
• The number of millionaires (those with $1m+ in net worth) doubled from 2005 to 2019, reaching over 25 million.
• Asia has been a major driver of this growth, with the luxury market expanding significantly in countries like China, Japan, and South Korea.
• North America (led by the US) remains the dominant region for global wealth, accounting for almost 40% of all UHNW and VHNW individuals.
• The global luxury market grew from €147bn in 2005 to €1.3trn in 2019.

2. Impact of the Pandemic

• The coronavirus pandemic has significantly disrupted the luxury industry.
• High-end travel, dining, and retail have been severely affected due to lockdowns and changing consumer behavior.
• However, many UHNW individuals have continued to spend on luxury, but in a different manner, such as through home-based services.
• The luxury sector is adapting to these changes, with a shift towards digital services, home delivery, and personalized experiences.

3. Global Luxury City Index

• The report introduces the Global Luxury City Index, which ranks the top 15 cities where wealth and luxury intersect.
• New York leads the index, with the highest number of wealthy individuals and strong luxury retail and lifestyle offerings.
• Tokyo and Hong Kong follow New York in second and third place, respectively.
• Asia dominates the top 15, with eight cities, while North America has five, all in the US.
• The US remains the country with the most cities in the top 15, reflecting its strong presence in the global luxury market.

4. Affinity for Luxury

• The affinity for luxury is measured based on the ownership of specific types of luxury assets.
• High affinity is defined by owning:
  • Two or more 'major' luxury assets (e.g., private jets, yachts, or art collections)
  • One 'major' and two 'other' luxury assets (e.g., real estate, antiques, horses, etc.)
  • Three or more 'other' luxury assets
• Medium affinity is defined by:
  • One 'major' and one 'other' luxury asset
  • Two 'other' luxury assets
• Cities like Moscow and Riyadh show the highest levels of luxury affinity among UHNW individuals.
• New York and London feature prominently in the top 10 cities for high luxury affinity.

5. UHNW Profiles

• Gender:
  • UHNW women show a slightly greater propensity for high luxury affinity than men.
  • This is attributed to their greater interest in art and jewelry.
  • Men show a slightly greater propensity for medium luxury affinity, likely due to their interest in classic cars and sports teams.
• Wealth Source:
  • Inherited wealth is more associated with high luxury affinity.
  • Self-made UHNW individuals show little difference in their distribution across high and medium luxury affinity levels.
• Age:
  • UHNW individuals aged 50–70 show the greatest propensity for high luxury affinity.
  • Those over 70 show a slight decline in high luxury affinity, possibly due to a focus on philanthropy and legacy.
  • Under 50 individuals show the largest decline in high luxury affinity, as they are still focused on wealth accumulation.

6. Archetypes by Luxury Good Ownership

• Private Jet Owners:
  • Tend to be male, younger, and less wealthy than other UHNW groups.
  • Often in the business-building phase of their lives.
• Private Yacht Owners:
  • Show the highest average net worth.
• Art Collectors:
  • Predominantly over 70 and include a higher proportion of women (22%).

Key Information

• The report defines UHNW individuals as those with a net worth of $30m+ and VHNW individuals as those with $5m–$30m.
• The Global Luxury City Index includes 50 cities, with only those scoring highly in all three categories (wealth, luxury retail, and luxury lifestyle) making it to the top 15.
• Asia has the most cities in the top 15, with eight, while North America has five, all located in the US.
• The pandemic has shifted luxury consumption towards home-based services, such as home delivery of luxury items and online auctions.
• Data and methodology are based on Wealth-X's research and analysis, with city definitions sourced from Oxford Economics.

Conclusion

The Global Luxury Outlook 2020 underscores the deep interconnection between wealth and luxury, emphasizing how the pandemic has reshaped consumer behavior and industry strategies. It also highlights the importance of understanding the nuanced preferences of the UHNW population, including their gender, age, and source of wealth, in order to better serve and engage with this market. The report serves as a valuable resource for luxury brands and providers seeking to navigate the evolving landscape of wealth and luxury.