The future scenarios of the global luxury market

Millennials and Chinese are the main buyers, with a sharp growth in digital consumption and casual luxury, preferred to the formal one

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On Tuesday 20 February, during the “Altagamma Consumer and Retail Insight” convention held in Milan, the fifth edition of the True-Luxury Global Consumer Insight and the sixth edition of the Altagamma Retail Evolution conducted with EXANE BNP Paribas took place. The data disclosed are particularly interesting. In fact, it emerges that 30% of the total consumption of luxury in the world (€ 900bn, + 6%), related to 2017, accounts for only 18 million elite consumers. Chinese and Millennials (it is estimated that the latter will represent 50% of the market in 2024) are the main factors of current and future growth; the spotlight is on the rich young people coming from the emerging countries, rich upstarter, or who live in the big metropolises of the world, the megacitiers. These data automatically reflect on the new types of luxury to be analyzed and on the new distribution channels. Thanks to the boom in purchases by the youth world, we are witnessing a more than positive trend of “casual” luxury (thanks to the “forever young” trend of the more mature generations who increasingly prefer a comfortable and practical clothing) while social media become the first source of information.

As online sales are taking the upper hand, for retail the most important challenge is to find the perfect synergy between online and offline and choose the right channels for sale on the web. Other interesting values are those related to the “experiential” luxury that between 2017 and 2024 should grow faster than personal luxury, while in the latter category perfumes, cosmetics and accessories will be the categories with the highest growth rate.

 

 

 

 

 

 

 

 

 

Article taken from https://www.gqitalia.it/moda/trend/new/2018/02/27/gli-scenari-futuri-del-mercato-globale-del-lusso/

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