2018年全球奢侈品行业研究报告（英文）-贝恩-2018.11-51页-4mb

Summary of the 2018 Bain & Company Luxury Goods Market Study

Core Content

The 2018 Bain & Company Luxury Goods Market Study provides a comprehensive analysis of the global luxury market, focusing on personal luxury goods, which include Apparel, Accessories, Hard Luxury, and Beauty. The report highlights key trends, market growth, and the evolving role of digital and physical channels in the luxury sector.

Main Points

Global Luxury Market Overview

• The global luxury market reached €1.2T in 2018, with 5% real-term growth.
• Personal luxury goods accounted for €254B in 2018, up from €260B in 2017, showing a slight decline in some regions.
• The market is transitioning from a "new normal" to a more mature and dynamic phase, with online channels becoming a significant force.

Market Segments and Growth

• China is the fastest-growing region, with +18% growth in 2018, driven by local consumption and a booming second-hand market.
• Asia (excluding China) showed strong growth with +9% in 2018, while Europe and Americas grew at +3% and +5%, respectively.
• Rest of the World (RoW) experienced a -6% decline in 2018, primarily due to socio-political issues and government spending restrictions.

Consumer Behavior

• Chinese consumers are the main drivers of growth, with 45%+ of the market and half of their purchases happening in China.
• Gen Z is expected to be a key contributor to market growth, showing original traits compared to Gen Y.
• Online shopping is becoming more influential, with 25% of the market value expected to be driven by e-commerce by 2025.

Digital Transformation

• Online channels are gaining market share and are expected to influence 100% of luxury purchases by 2025.
• Digital technologies are reshaping the luxury industry, with the integration of mobile, VR, IoT, and smart inventory systems.
• Physical stores are evolving from points of sale to points of touch, emphasizing customer experience and emotional connection.

Channel and Geography Insights

• Asia is the dominant region for growth, particularly in hard luxury and key partnerships.
• Europe faces challenges due to strong currency and weak tourist spending, but luxury hotels and cruises are performing well.
• Americas showed a mixed performance with US leading local consumption and strong dollar impacting Asian and Latin American tourists.

Product Trends

• Shoes, Jewelry, and Bags were the top-performing categories in 2018.
• Beauty saw strong growth, especially in cosmetics and skincare, with indie brands rising due to new business models.
• Apparel faced challenges, particularly with men'swear underperforming in the US and Europe.

Market Dynamics and Challenges

• Second-hand market is growing, with cannibalization affecting the private jet segment.
• Price harmonization and reduced import taxes are boosting local consumption in China.
• Network consolidation is reshaping the physical retail landscape, reducing brick-and-mortar investments and shifting to omnichannel strategies.

Future Outlook

• Luxury in 2025 will be shaped by digital integration, cultural shifts, and new consumption patterns.
• Brands will need to be dynamic and responsive, adapting to new customer expectations and cultural trends.
• The "test and learn" approach and nimble operations will be crucial for sustaining profitability and margins.

Key Insights

• China is the main growth engine, with €23B of growth in 2018.
• Online channels are expected to represent 25% of the market value by 2025.
• Cultural and sub-cultural influences are becoming mainstream, leading to blended categories and inclusive models.
• Brand transformation is necessary to become excellence/idea platforms, enhancing customer relevance through digital and emotional engagement.

Conclusion

The luxury market is undergoing significant changes, driven by digital transformation, cultural shifts, and increased local consumption, particularly in China. Brands must adapt to new consumer behaviors, embrace technology, and focus on nimble operations and omnichannel strategies to remain competitive in the evolving landscape.