This is followed by clothing, with the exception of China and Japan that display strong appetite for small leather goods and watches, respectively. Clear differences are observed across regions, with different brands scoring highest across Europe, China and US. Over half of younger consumers consider resale value when purchasing luxury items, providing an optimistic outlook for the future of second-hand luxury. Younger True-Luxury consumers and Chinese are more likely to sell, while older True-Luxury consumers and North Americans are more likely to purchase second-hand luxury.
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Choose your location to get a site experience tailored for you. Altagamma which gathers high-end Italian cultural and creative companies and BCG are releasing today their latest survey on luxury goods, which covered more than 12, consumers of luxury goods across ten countries. This survey notably focuses on millennials and Chinese consumers.
Younger generations, for their part, feel that casual style better represents their personal branding. The rise of affordable luxury and numerous collaborations between classic brands and streetwear brands are also stimulating this trend. Social Media, Online, and Mobile Are Gaining Prominence The omnichannel approach has stabilized for the first time; online-only and store-only growth have reached equilibrium.
Digital must remain a priority to define an omnichannel strategy compatible with target expectations. The percentage of online sales perceived as being additional, and not a cannibalization of, physical sales is decreasing each year, with China the least cannibalized country to date.
Social media and influencers are gaining power. For the first time, social media is the first source of information and the channel of primary impact used by true-luxury consumers, followed by magazines and brand websites. Focus on Millennials: Consumer Aspirations Are Disrupting Luxury Collaborations with streetwear brands and artists are becoming the norm for generation Zers and millennials. It gives brands a cool edge and strengthens brand awareness as well as increases willingness to buy the brand.
It will be crucial for brands to find a way to work within the whole ecosystem in order to drive traffic to their websites and provide Chinese consumers with a seamless and integrated shopping experience.
About Boston Consulting Group Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in Today, we help clients with total transformation—inspiring complex change, enabling organizations to grow, building competitive advantage, and driving bottom-line impact. To succeed, organizations must blend digital and human capabilities. Our diverse, global teams bring deep industry and functional expertise and a range of perspectives to spark change.
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The Key Trends for the Luxury Goods Industry in 2018
Is luxury e-commerce nearing its tipping point?