Subido por melipubli

2 0 1 9 T r u e - L u x u r y

Anuncio
2019 True-Luxury
Global Consumer
Insight
6 th E d i t i o n
Milano,
April
17
th
2019
BCG-Altagamma True-Luxury Global Consumer Insight 2019 study: 6th Edition
12,000+
Respondents1
Sixth Ed. 2019
Fifth Ed. 2018
12,000+
•
•
+1,000 in China
+1,000 in US
Fourth Ed. 2017
12,000+
•
•
+1,000 in China
+1,000 in US
~€39K
Average
spend2
10
Largest worldwide luxury
Markets1 covering ~85% of
Total luxury sales value
~€37K
Average spend
~€36K
Average spend
1. Begun monitoring Indian consumers (1,000) 2. Includes personal and experiential luxury, excluding cars, yachts, smartphones and smartwatches
Source: BCG-Altagamma True-Luxury Global Consumer Insight Survey Dec 18/Jan 19 (12K+ respondents in 10 countries)
1
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
BCG expert partner network ready to discuss in every large market the
outcomes of True-Luxury Global Consumer Insight 2019
Christine
Barton
Jeffrey
Shaddix
Nicola
Pianon
Filippo
Bianchi
Olivier
Abtan
Joan
Sol
Sebastian
Boger
Jessica
Distler
Guillaume
Charlin
Javier
Seara
Olof
Darpö
Christina
Synnergren
Robbin
Mitchell
Drake
Watten
Sarah
Willersdorf
Europe
North
America
APAC
Bharat
Khandelwal
Miki
Tsusaka
Vincent
Lui
Hemant
Kalbag
Holger
Gottstein
Abheek
Singhi
2
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
Luxury market has reached ~920 B€ in 2018, with 4-5% annual expected
growth until 2025
Category
Personal luxury reached
330 B€ in 2018 expected to
grow in 2018-2025 at ~3%,
driven by accessories and
cosmetics
Experiential luxury
reached 590 B€ in 2018,
expected to grow faster
at ~5%
Generation
Nationality
True-Luxury Consumers
Millennials predicted to grow
from ~32% to ~50% of
personal luxury market by
2025. 130% of 2018-25 market
growth expected to come
from Millennials
China continues to be the
driving force, making up
~33% of the market and
expected to rise to ~40%
by 2025
True-Luxury consumers, the
focus of BCG-Altagamma study,
generate ~30% of global luxury
market, or 278 B€ and expected
to reach 395 B€ by 2025
75% of the 2018-25
market growth expected
to come from Chinese
True-Luxury consumers
Largest contribution to growth
coming from Status Seeker, Little
Prince and Fashionista segments,
seeking extravagance, fun and
new form of creativity in
products & brands
Gen Z represents today only
~4% of personal luxury, but
have a clearly different set
of behaviors & values that
brands should better monitor
and understand (i.e. Buy >
collaborations, > influenced
by sustainability, …)
Source: BCG Luxury Market Model
Megacitiers, expression of the
global millennial tribe, continue
to grow
3
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
Purchase
collaborations
Gen Z
have a unique set
of behaviors
and values, and
brands should start
understanding
them better
Growth lever
for 2nd-hand
Influenced by
sustainability
High social
media
interaction
Embrace
mix & match
Copyright © 2019 by Boston Consulting Group. All rights reserved.
67%
purchase items from collaborations
• vs. 60% Millennials
• vs. 50% overall True-Luxury consumers
57%
consider resale value when purchasing
luxury goods
• vs. 50% Millennials
• vs. 44% overall True-Luxury consumers
64%
influenced by sustainability when making
purchases
• vs. 64% Millennials
• vs. 59% overall True-Luxury consumers
95%
use social media to interact with luxury
brands, bloggers or social media peers
regarding luxury brands and products
• vs. 92 % Millennials
• vs. 81% overall True-Luxury consumers
56%
have partially shifted spending from
traditional luxury brands to premium, fast
fashion, niche or sports brands
• vs. 52% Millennials
• vs. 46% overall True-Luxury consumers
Source: BCG-Altagamma True-Luxury Global Consumer Insight Survey Dec 18/Jan 19
4
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Today's True-Luxury consumers characterized by 12 behavioral segments,
with greatest growth in #Littleprince, Status Seeker and Fashionista
Growth in
segment
value (%)
True-Luxury consumers
seeking extravagance, fun
and new creativity (newwave luxury values)
showing the highest
growth, driven by Chinese
+
Status
Seeker
#Littleprince
Fashionista
The Global, millennial tribe
continues to grow, sharing
their behaviors across
mega cities
Megacitier
Social
Wearer
Rich
Upstarter
Timeless
Proper
0
Luxe
Immune Experiencer
Omni-gifter
Absolute
Luxurer
In emerging markets, TrueLuxury consumers
becoming less unsure and
more sophisticated,
reflected by a shrinking
Classpirational segment
Classpirational
Segment value
Source: BCG-Altagamma True-Luxury Global Consumer Insight Survey Dec 18/Jan 19 (12K+ respondents in 10 countries)
Copyright © 2019 by Boston Consulting Group. All rights reserved.
5
TRUE LUXURY GLOBAL CONSUMER INSIGHT
True-Luxury Global Consumer Insight 2019 Edition: the 12 key trends
New and
Emerging
Keeps
Growing
Stabilizing
1
Collaborations
2
Second-hand
3
Sustainability
4
Luxury Casualwear
5
Influencers
6
Social Media
7
Online
8
Omnichannel
9
Mono-Brand Stores
10
Made-in
11
Mix & Match
12
Customization
6
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
True-Luxury Global Consumer Insight 2019 Edition: the 12 key trends
New and
Emerging
Keeps
Growing
Stabilizing
1
Collaborations
2
Second-hand
3
Sustainability
4
Luxury Casualwear
5
Influencers
6
Social Media
7
Online
8
Omnichannel
9
Mono-Brand Stores
10
Made-in
11
Mix & Match
12
Customization
Awareness reaches ~90%,
50% of True-Luxury consumers
purchasing collaborations and special
editions, driven by Chinese (62%) and
younger generations (67% Gen. Z, 60%
Millennials)
7
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
True-Luxury Global Consumer Insight 2019 Edition: the 12 key trends
New and
Emerging
Keeps
Growing
Stabilizing
1
Collaborations
2
Second-hand
3
Sustainability
4
Luxury Casualwear
5
Influencers
6
Social Media
7
Online
8
Omnichannel
9
Mono-Brand Stores
10
Made-in
11
Mix & Match
12
Customization
Reached 7% of personal luxury market
value and is growing 12% per year
Out of True-Luxury consumers, 34% sell
2nd-hand products, while 26% buy
80% of 2nd-hand market participants use
online channels to get informed and to
trade
8
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
True-Luxury Global Consumer Insight 2019 Edition: the 12 key trends
New and
Emerging
Keeps
Growing
Stabilizing
1
Collaborations
2
Second-hand
3
Sustainability
4
Luxury Casualwear
5
Influencers
6
Social Media
7
Online
8
Omnichannel
9
Mono-Brand Stores
10
Made-in
11
Mix & Match
12
Customization
Influences purchase behavior of ~60% of
True-Luxury consumers (+12pp vs 2013),
driven by environmental, animal and
ethical manufacturing concerns
9
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
True-Luxury Global Consumer Insight 2019 Edition: the 12 key trends
New and
Emerging
Keeps
Growing
Stabilizing
1
Collaborations
2
Second-hand
3
Sustainability
4
Luxury Casualwear
5
Influencers
6
Social Media
7
Online
8
Omnichannel
9
Mono-Brand Stores
10
Made-in
11
Mix & Match
12
Customization
Casual approach to social and
professional occasions continues to
grow, now affecting 74% of True-Luxury
consumers, with still further expected
growth in spending (driven by sneakers
and jeans)
10
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
True-Luxury Global Consumer Insight 2019 Edition: the 12 key trends
New and
Emerging
Keeps
Growing
Stabilizing
1
Collaborations
2
Second-hand
3
Sustainability
4
Luxury Casualwear
5
Influencers
6
Social Media
7
Online
8
Omnichannel
9
Mono-Brand Stores
10
Made-in
11
Mix & Match
12
Customization
Their relevance in shaping consumer
purchase decisions continues to
increase, affecting ~2x as many TrueLuxury consumers in China than in
Europe and US
11
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
True-Luxury Global Consumer Insight 2019 Edition: the 12 key trends
New and
Emerging
Keeps
Growing
Stabilizing
1
Collaborations
2
Second-hand
3
Sustainability
4
Luxury Casualwear
5
Influencers
6
Social Media
7
Online
8
Omnichannel
9
Mono-Brand Stores
10
Made-in
11
Mix & Match
12
Customization
Keep growing in all geographies, by far
greatest influence lever in China, soon to
overtake magazines in Europe and US
12
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
True-Luxury Global Consumer Insight 2019 Edition: the 12 key trends
New and
Emerging
Keeps
Growing
Stabilizing
1
Collaborations
2
Second-hand
3
Sustainability
4
Luxury Casualwear
5
Influencers
6
Social Media
7
Online
8
Omnichannel
9
Mono-Brand Stores
10
Made-in
11
Mix & Match
12
Customization
Continues to grow, with over 20% of last
purchase occasions online, and
contributes to overall market growth
more than cannibalizing (~60% in addition
to physical, vs 40% ~cannibalization)
13
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
True-Luxury Global Consumer Insight 2019 Edition: the 12 key trends
New and
Emerging
Keeps
Growing
Stabilizing
1
Collaborations
2
Second-hand
3
Sustainability
4
Luxury Casualwear
5
Influencers
6
Social Media
7
Online
8
Omnichannel
9
Mono-Brand Stores
10
Made-in
11
Mix & Match
12
Customization
Omnichannel – Accounts for 50% overall, with
substantial variation by geography (64% China, 42% EU)
Mono-Brand Stores – Appear to have stabilized in TrueLuxury consumers' minds, no longer decreasing in a
significant way, except for China
Made-in – Made-in Italy continues to strengthen its
global lead among True-Luxury consumers and among
Millennials, and reconquered leadership among Chinese
vs Made-in France. Made-in China growing among
Chinese (+11pp vs 2014)
Mix & Match – Luxury niche and sports brands driving
greater shift. Exclusivity and perception of better value
are driving consumers to niche brands, whereas
comfort and active lifestyle to sportswear brands
Customization – Demand stabilized (at high level).
Product configuration, made to measure and bespoke
products most desired
14
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
Collaborations
Collaborations
Collaborations' importance confirmed, with awareness reaching ~90% of
True-Luxury consumers
Thinking about special editions realized in collaboration with different brands / artists,
which of the following statements best apply to you? If you don't know about them select "I am not aware"
Overall True-Luxury
consumers
Driven by younger generations…
Gen. Z
Not aware
11%
12%
5%
Millennials
5%
Gen. X
88%
4%
30%
89%
95%
94%
95%
13%
18%
87%
82%
43%
96%
87%
70%
2017
Silvers
13%
+1pp
Aware
Baby
Boomers
…and Chinese
57%
2018
Note: Limited responses available for Silvers
Source: BCG-Altagamma True-Luxury Global Consumer Insight Survey Dec 18/Jan 19 (12K+ respondents in 10 countries)
16
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
Collaborations
Half of True-Luxury consumers have purchased special editions, again
driven by younger generations and Chinese
Have you ever purchased special editions created by brands in collaboration with different artists/brands?
Overall True-Luxury
consumers
By generation
Gen. Z
33%
No
50%
Millennials
By nationality
Gen. X
Baby
Boomers
38%
40%
60%
80%
67%
Yes
50%
Silvers
55%
47%
45%
86%
62%
60%
40%
20%
53%
14%
2018
Note: Limited responses available for Silvers
Source: BCG-Altagamma True-Luxury Global Consumer Insight Survey Dec 18/Jan 19 (12K+ respondents in 10 countries)
17
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
Collaborations
Chinese consumers strongly attracted to collaborations, as they seek cool
and different styles
Thinking about special editions realized in collaboration with different brands / artists,
which of the following statements best apply to you?
Overall True-Luxury consumers
89%
% of respondents
aware of collaboration
Cool, new different styles
46%
22%
23%
Something new
without changing identity
Negative impact
96%
34%
Special and unique collections
Indifferent
By nationality
9%
4%
2%
2%
82%
28%
31%
24%
14%
15%
87%
22%
16%
15%
11%
5%
15%
3%
Note: First-ranked responses shown
Source: BCG-Altagamma True-Luxury Global Consumer Insight Survey Dec 18/Jan 19 (12K+ respondents in 10 countries)
18
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
Collaborations
Handbags and sneakers dominate collaborations and special edition
purchases
Thinking about special editions created by brands in collaboration with different artists/brands,
which category have you ever purchased?
Top-purchased product categories among collaborations and special editions
1. Handbags
28%
47%
19%
2. Sneakers
16%
33%
17%
3. Formal shoes
10%
21%
11%
4. Backpacks
9%
20%
11%
5. T-shirts
9%
18%
9%
% of special edtion's
buyers
Source: BCG-Altagamma True-Luxury Global Consumer Insight Survey Dec 18/Jan 19 (12K+ respondents in 10 countries)
Female
Male
19
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
Collaborations
Top-purchased collaborations relatively consistent across geographies
Thinking about special editions created by brands in collaboration with different artistis/brands, which
collection did you ever purchased?
Top-purchased collaborations
Overall
By nationality
#1
Louis Vuitton & Supreme
#1
Louis Vuitton & Supreme
#1
Louis Vuitton & Supreme
#1
Louis Vuitton & Supreme
#2
Adidas & Yeezy
#2
Chanel & Pharrell
#2
Chanel & Pharrell
#2
Adidas & Yeezy
#3
Chanel & Pharrell
#3
Adidas & Yeezy
#3
Gucci & Dapper Dan
#3
Fendi & Fila
#4 Nike & Off-white
#4 Nike & Off-white
#4 Adidas & Yeezy
#4 Gucci & Gucci Ghost
#5
Fendi & Fila
#5 LV & Jeff Koons
#5 Fendi & Fila
#5 Moschino & H&M
#6
Louis Vuitton & J. Koons
#6
#6
#6
Burberry & G. Rubchinskiy
Gucci & Gucci Ghost
Chanel & Pharrell
Not in global top 6
Source: BCG-Altagamma True-Luxury Global Consumer Insight Survey Dec 18/Jan 19 (12K+ respondents in 10 countries)
20
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
Fendi & Fila
LV & Supreme
Burberrry & Rubchinskiy
Adidas & Yeezy
LV & Jeff Koons
Nike & Off-white
Gucci & Gucci Ghost
Collaborations
Chanel & Pharrel
Gucci & Dapper Dan
Some examples of
the most purchased
collaborations
among True-Luxury
consumers
21
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
Second-hand
luxury
Second-hand luxury
Luxury 2nd-hand market estimated at 22 B€ and growing faster than
overall personal luxury...
Total personal luxury market size (B€)
2nd-hand luxury market size (B€)
+3%
+12%
330
361
22
2018E
2021F
Share of total personal
luxury market1
1. Second-hand personal luxury sales as share of total personal luxury market size
Source: BCG True-Luxury Market Model; Analyst reports; Expert interviews; BCG analysis
31
2018E
2021F
7%
9%
Note: On the most penetrated
categories, and most successful
brands, this can rise to 15-20%
23
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
Second-hand luxury
…fueled by four drivers
Professionalization
of the trade channels
Consumer preferences
for shorter ownership
and sustainability
Broader access to
iconic, scarce
products
Access to luxury
products at better
price/quality ratio
Digital platforms replacing
consignment shops, and
now providing seamless
end-to-end experience
that guarantees
authenticity and quality
Luxury consumers exposed
to constant flux of styles
through social media,
not willing to own products
forever, and more
concerned about
sustainability than ever
before
Scarce luxury products,
both iconic products or
special capsules, can be
readily located on 2ndhand digital marketplaces,
which benefit from a far
wider reach of suppliers
than bricks-and-mortar
consignment shops
Participation in the
2nd-hand market provides
lower purchase prices
along with an income
opportunity.
Younger consumers
spending less on products
and more on experiences.
Source: BCG-Altagamma True-Luxury Global Consumer Insight 2019; Analyst reports; Expert interviews; BCG analysis
24
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
Second-hand luxury
Buying
Selling
Second-hand luxury
Buying
Selling
Second-hand luxury
Most True-Luxury consumers interested in purchasing luxury 2nd-hand
products
Have you ever purchased second hand / pre-owned luxury items?
60% are interested in purchasing
pre-owned luxury items
Interested
Not interested
Driven by
32%
Perceived price-quality ratio
19%
Look for sold out/ limited edition/ vintage items
17%
Thanks to online platforms, there is more transparency
on price and authenticity of 2nd-hand market
35%
Not interested / would never buy pre-owned
34%
Do not trust resellers and afraid of counterfeit goods
13%
Afraid of buying products in bad condition
60%
40%
2018
Note: Selected most important answers
Source: BCG-Altagamma True-Luxury Global Consumer Insight Survey Dec 18/Jan 19 (12K+ respondents in 10 countries)
27
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
Second-hand luxury
Online the king of 2nd-hand purchase channels
Where do you purchase second-hand luxury goods? Which online platforms do you use?
80% purchase pre-owned luxury
items online
Purchased
Have not,
but would
26%
Online only
37%
34%
43%
40%
Offline only
2018
20%
Leading platforms
by geography
16%
Vestiaire Collective
Both online
and offline
Never
purchased
Most commonly used specialist online
platforms
14%
Vinted
Instant Lux
11%
Le Bon Coin
11%
Vide Dressing
11%
Depop
8%
Hardly ever worn it
8%
TheRealReal
8%
Vite en Vogue
8%
2018
Note: Selected highest-ranked platforms, percentage is number of responses per platform as fraction of total online platform users
Source: BCG-Altagamma True-Luxury Global Consumer Insight Survey Dec 18/Jan 19 (12K+ respondents in 10 countries)
28
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
Second-hand luxury
Handbags the queen among True-Luxury second-hand purchases,
APAC countries developing an appetite also for SLG and watches
You told us that you buy second-hand luxury goods, which category do you mostly purchase?
40% of all pre-owned
purchases were handbags…
…followed by clothing, with the exception of China and Japan
4%
7%
3%
7%
3%
8%
2%
9%
Shoes
9%
7%
8%
7%
Watches
10%
8%
6%
9%
Jewelry
Accessories
Small leather goods
Clothing
11%
13%
21%
13%
11%
9%
9%
15%
12%
9%
16%
3%
20%
3%
13%
8%
9%
4%
7%
9%
4%
8%
4%
13%
10%
21%
13%
12%
14%
8%
1%
5%
7%
8%
6%
9%
12%
14%
8%
7%
14%
12%
18%
16%
16%
10%
17%
18%
20%
11%
53%
Handbags
40%
2018
Brazil
45%
China
39%
32%
41%
France Germany Italy
Note: Category purchased most often is shown (ranked #1 by respondent)
Source: BCG-Altagamma True-Luxury Global Consumer Insight Survey Dec 18/Jan 19 (12K+ respondents in 10 countries)
43%
44%
Russia
South
Korea
34%
31%
Japan
UK
40%
US
29
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
Second-hand luxury
Popularity of brands in 2nd-hand market disproportionate to share of
1st-hand sales
You told us that you buy second-hand luxury goods, which brand(s) do you usually purchase in second-hand
1
Alexander McQueen
greatest score in
2nd-hand index
2
Number of
second-hand
purchases
3
4
5
Bulgari
Chloé
Givenchy
Bally
Omega
Mulberry
Miu Miu
Marc Jacobs
Fendi
Bottega Veneta
Celine
Ralph Lauren
Tiffany
Giorgio Armani
Saint Laurent
Valentino
Cartier
Dolce & Gabbana
Versace
Rolex
Hermes
Prada
Alexander McQueen
Balenciaga
Dior
Burberry
Gucci
Louis Vuitton
Chanel
Second-hand
index1
1. Share of 2nd-hand purchases divided by brand's share of estimated revenues, for brands with most 2 nd-hand purchases
Source: BCG-Altagamma True-Luxury Global Consumer Insight Survey Dec 18/Jan 19 (12K+ respondents in 10 countries)
30
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
Second-hand luxury
Buying
Selling
Second-hand luxury
One-third of True-Luxury respondents sell luxury items, to primarily empty
wardrobe and finance new luxury purchases
Have you ever sold on / through second-hand platforms?
34% have previously sold luxury items
through 2nd-hand platforms
Reasons why
44%
To empty my wardrobe
21%
To finance new Luxury purchases
No
66%
I find it amusing
Yes
34%
17%
This is truly sustainable behavior
9%
Unhappy with a gift I received
5%
Don’t find the item trendy anymore
5%
2018
Source: BCG-Altagamma True-Luxury Global Consumer Insight Survey Dec 18/Jan 19 (12K+ respondents in 10 countries)
32
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
Second-hand luxury
True-Luxury younger generations very interested in potential resale value
when purchasing new luxury items
During your luxury purchases, do you ever think about / take into consideration
in your purchasing behavior the resell value of the goods you are about to buy
44% consider resale value when
purchasing luxury
Do not consider
Consider resale value
Gen. Z
43%
56%
44%
Attention to resale value decreases with age
Millennial
Gen. X
57%
Silver
76%
78%
24%
22%
50%
65%
vs. 34% that
actually sell,
suggesting
potential for
segment growth
Baby
Boomer
50%
35%
2018
Note: Limited responses available for Silvers
Source: BCG-Altagamma True-Luxury Global Consumer Insight Survey Dec 18/Jan 19 (12K+ respondents in 10 countries)
33
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
Second-hand luxury
Buying
&
Selling
Second-hand luxury
Younger True-Luxury consumers largest participants in 2nd-hand,
with supply driven by younger generations and demand driven by older
45% of True-Luxury consumers
participate in 2nd-hand market
Younger generations bigger sellers, older
generations bigger buyers
Gen. Z
Does not
participate
Millennial
Gen. X
52%
19%
65%
45% participation
in 2nd-hand
market
15%
Purchase
only
11%
59%
24%
21%
Sell and
purchase
Silver
46%
55%
62%
Sell only
Baby
Boomer
10%
15%
11%
13%
21%
9%
18%
9%
11%
12%
8%
17%
18%
2018
Source: BCG-Altagamma True-Luxury Global Consumer Insight Survey Dec 18/Jan 19 (12K+ respondents in 10 countries)
35
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
Second-hand luxury
Chinese True-Luxury consumers biased to selling 2nd-hand luxury,
while US biased to purchasing
50%
Does not participate
57%
57%
11%
15%
Sell only
26%
21%
15%
Sell and purchase
Purchase only
12%
12%
18%
5%
Source: BCG-Altagamma True-Luxury Global Consumer Insight Survey Dec 18/Jan 19 (12K+ respondents in 10 countries)
36
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
Second-hand luxury
A marketing & consumer
understanding tool
A new recruiting channel for
consumers and advocates
Mainly for
brands:
Why could
certified
2nd-hand be
relevant for
luxury players?
A way to monitor and mitigate
brand reputational risk
Mainly for
retailers:
A new profitable source of
business
37
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
Sustainability in
luxury
Sustainability
continues to
be a hot topic
in luxury
39
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
Sustainability
Influences
purchasing
behavior
Several
aspects of
True-Luxury
consumer
behaviors
impacted by
Sustainability
Increases
2nd-hand
buying
Drives shift
toward niche
brands
Re-defining
luxury values
Copyright © 2019 by Boston Consulting Group. All rights reserved.
59%
of True-Luxury consumers' purchasing
behaviors are influenced by sustainability
17%
of True-Luxury consumers in the 2ndhand market purchase pre-owned
because it is 'truly sustainable behavior'
13%
of True-Luxury consumers that shifted
spending from traditional to niche luxury
brands attributed their shift to
sustainability
10%
of True-Luxury consumers consider
Sustainability a top 3 value when asked
to define luxury (+ 1 pp vs 2017)
Source: BCG-Altagamma True-Luxury Global Consumer Insight Survey Dec 18/Jan 19
40
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Sustainability
Consumers increasingly informed about Sustainability, resulting in greater
influence over purchase decisions…
56% of consumers investigate
a brand's social responsibility
For the same product I would choose a
brand that supports sustainability rather
than a brand that does not
I try to get informed whether the brand I
buy is socially responsible
Completely
disagree
Disagree
7%
6%
15%
11%
4%
7%
6%
10%
33%
Completely
agree
12%
2013
36%
56%
20%
2018
12%
26%
32%
+12pp
Agree
5%
8%
6%
35%
33%
+11pp
Knowing that a brand cares about
sustainability can make a difference
to me in choosing it
26%
28%
Indifferent
For a given item, over 60% would purchase
from the more sustainable brand
62%
38%
12%
2013
+10pp
39%
23%
2018
38%
37%
14%
2013
61%
23%
2018
Source: BCG-Altagamma True-Luxury Global Consumer Insight Survey Dec 18/Jan 19 (12K+ respondents in 10 countries)
41
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
Sustainability
…greatest influence on younger generations, and substantial variation
across nationalities
Does the Sustainability topic influence your purchasing behavior?
~60% influenced by sustainability, reaching
64% of younger generations…
All
Gen. Z Millennial Gen. X
Baby
Boomer
…and from 81% of South Koreans to less than
50% of UK and US
Silver
19%
No
41%
36%
36%
44%
54%
59%
64%
64%
56%
46%
34%
34%
38%
46%
63%
81%
Yes
30%
70%
66%
37%
66%
62%
54%
55%
55%
57%
45%
45%
43%
2018
Note: Limited responses available for Silver generation
Source: BCG-Altagamma True-Luxury Global Consumer Insight Survey Dec 18/Jan 19 (12K+ respondents in 10 countries)
42
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
Sustainability
Sustainable approach to life responsible for 42% of sustainable purchase
behaviors…
Why is sustainability important to you when it comes to luxury goods?
42%
14%
10%
5%
Care about
sustainability
in my life
generally
Care about
the planet
and next
generations
5%
4%
Trust a
Demand more Value highCare about
company in transparency
quality
where /how
favor of
products that luxury goods
sustainability
last years)
are made
2%
Take
corporate
responsibility
seriously
Note: Selected responses shown
Source: BCG-Altagamma True-Luxury Global Consumer Insight Survey Dec 18/Jan 19 (12K+ respondents in 10 countries)
43
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
Sustainability
…with Environmental and Animal criteria most valued when purchasing
luxury goods, driven by younger generations
Which sustainability criteria do you value when it comes to purchasing luxury goods?
Environment and Animal concerns
dominate sustainability criteria…
15%
21%
27%
…driven by younger generations, while ethics and
materials more important to older consumers
100%
Transparency
of materials
12%
14%
Ethical
manufacturing
18%
18%
22%
23%
32%
Animal care
36%
25%
23%
Environmental
care
Ethical Transparency
manufact. of materials
35%
Gen. Z
19%
27%
26%
37%
Environmental Animal
care
care
18%
42%
Millennial
34%
Gen. X
27%
23%
26%
Baby
Boomer
Silver
Note: 12 personal sustainability criteria grouped into above four categories. Limited responses available for Silver which may affect generational trend
Source: BCG-Altagamma True-Luxury Global Consumer Insight Survey Dec 18/Jan 19 (12K+ respondents in 10 countries)
44
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
Made-in
Made-In
Made-in Italy strengthens its overall lead driven by apparel, handbags
and shoes
Which country of manufacturing do you consider the best for luxury brands?
Overall preferences for
made-in1 (%)
29%
21%
12%
2
9%
Δ 2014–2018
(pp)
+11
+3
+4
-1
7%
-4
6%
0
5%
0
Apparel
+15 pp
19%
2014
34%
2018
+2 pp
Handbags
& shoes
+18 pp
20%
2014
38%
2018
+2 pp
14%
16%
16%
18%
2014
2018
2014
2018
+3 pp
+3 pp
Cosmetics &
perfumes
Jewelry
+2 pp
-1 pp
15%
17%
21%
20%
2014
2018
2014
2018
+5 pp
35%
40%
2014
2018
=
16%
16%
2014
2018
+3 pp
+5 pp
10%
13%
8%
11%
8%
11%
11%
16%
2014
2018
2014
2018
2014
2018
2014
2018
1. Focus on personal luxury (excluding cars, luxury yachts, design and lighting) 2. 57% of True-Luxury consumers show preference for watches made-in Switzerland
Source: BCG-Altagamma True-Luxury Global Consumer Insight Survey Dec 18/Jan 19 (12K+ respondents in 10 countries)
46
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
Made-In
Made-in Italy increasingly valued by True-Luxury consumers, improving
appreciation among Millennial and Chinese consumers
Increasing the gap vs. Made-in France
among Millennials
30%
Made-in
Italy
Made-in
France
20%
Made-in
US
10%
Striking back to leadership
on Chinese
30%
Made-in
Italy
20%
Made-in
France
10%
Made-in
US
2014
2017
2018
2014
2017
2018
Note: Focus on personal luxury (excluding cars, luxury yachts, design and lighting)
Source: BCG-Altagamma True-Luxury Global Consumer Insight Survey Dec 18/Jan 19 (12K+ respondents in 10 countries)
47
TRUE LUXURY GLOBAL CONSUMER INSIGHT
Copyright © 2019 by Boston Consulting Group. All rights reserved.
THANK
YOU
Descargar