波士頓咨詢：2024年全球奢侈品消費(fèi)者報告 True-Luxury Global Consumer Insights

True-Luxury

GlobalConsumer

Insights

10thEditionJuly2024

10thEdition

Thisyear'sedition

ofTrueLuxuryConsumerstudyfocuseson

BeyondMoneyCustomers

1.Maximumspendingrange500k-1M€,3%ofsample2.USA,UAE,France,UK,Italy,ChinaandJapanNote:Numbersrounded

12krespondentsquantitativesurveyacross12topluxurymarkets,with7%spending>100K€/year

1Krespondentsad-hocdeep-diveonBeyondMoneyspenders(min50K€/avg.350K€yearlyspend1)across7mainluxurymarkets2

Researchpartner

20indepth1:1interviewswithTrue-LuxuryVery

ImportantCustomersResearchpartner

15VICsinterviewedinfocusgroups(5/each)inthreeregions(Europe,USA,China)

20interviews&contentdiscussionsessionswithindustryCEOs&executives,andClientAdvisors

EngagementoflocalLuxuryexpertsandindustrypartnersfromdifferentregions

1

…thisyear,wedoubledownonthetopofthepyramid,introducing3newthresholds

BeyondMoney

>1m€

UberMoney

SpendThreshold

Minspend/year1

Cluster

~350K

average

spend/

year

Traditionally,we

speaktoa

300k-1m€

EliteMoney

>50k€

BeyondMoney

50-300k€

TopMoney

>20-50k€

TopAbsolute

representativesampleofTrueLuxury

Consumers…

spendingthreshold

TopAspirational

EntryAbsolute>5-20k€TrueLuxury

>2-5k€

>2k€

OtherAspirational

39K€

average

spend/year

2

Note:Numbersrounded.1.Includes:personalincludesapparel,footwear,accessories,leathergoods,beauty,jewelry(brandedandunbranded)andwatches;Experientialincludesfurniture,foodandwine,finedining&hotelandexclusivevacations

Source:BCGFashion&LuxuryMarketModelasofJuly2024;BCGAnalysis

LuxuryConsumerPyramid

~350K

average

spend/

year

BeyondMoneyare

?Lessthan1%ofclients

?Eachisworth~230xvsoneaspirational

consumer

?Twiceasrelevantinspendingvs10yearsago

50k€

20k€

5k€

2k€

~1.5K

average

spend/year

<2k€

PersonalandExperientialLuxury

Cluster

PopulationMn

SpendB€

BeyondMoney

2013

0,30,1%

2023

0,60,1%

2013

8812%

2023

21321%

Top

1,3

1,7

24

44

Absolute

0,3%

0,4%

3%

4%

Entry

14

16,4

77

109

Absolute

4%

4%

11%

11%

Top

19

24

69

66

Aspirational

5%

6%

9%

7%

Other

354

392

479

569

Aspirational

91%

90%

65%

57%

TotalTrue

389

434

737

1.000

Luxury

Note:Numbersrounded.1.Includes:personalincludesapparel,footwear,accessories,leathergoods,beauty,jewelry(brandedandunbranded)andwatches;Experientialincludesfurniture,foodandwine,finedining&hotelandexclusivevacations

Source:BCGFashion&LuxuryMarketModelasofJuly2024;BCGAnalysis

3

sotheby's

Events

Museums

Auctions

Arts&Events

TODS

CANALI

Food&Drink

Art]Basel

Realestate

Wealth

Leadersineachsectorcompetetowintheattention(andthelove)of

BeyondMoneyconsumers

NotExhaustive

FENDI

management

MARNI

Acnestudios

Conciergeservices

Privateclubs<

TOMFORD

LuxuryBeauty

INTERPARFUMSdxines

PRADA

MaxMara

CANYONRANCH.

Health

andwellness

EQUIN口X

ZEGNA

Jewelry&Watches

PersonalLuxury

ExperientialLuxury

Others

GUERLAIN

DOLCE:GABBANA

Maiso,reicla

ISAlA

Fashion

Beauty/Wellness

LuxuryclinicsJUNECO

FERRAGAMO

BEYONDMONEY

Retail&

Travel

retail

Cruises&trainsRestaurantsHotels

CONSUMER

Hospitality

YYTHERESA

kaDewe

Cars,Yachts

laRinascente

Wine&spirits

Design

LOTTE

Mllteni&(

FIOS

kartellpoliform

SELFRIDGES&

driade)(Dorchestercollection

4

1

Whyare

BeyondMoney

morerelevantthanever?

Stronggrowthof

underlyingbaseof

UHNWI,at10%CAGR

3

In10years,theydoubled

theirrelevanceonLuxury

Market

2

Inatwin-enginedluxury

market,theyaredriver

forstablegrowth

4

Theyareimmunetotheeconomiccycle

5

1Globalwealthhasneverbeenasconcentratedasitistoday,withUHNWIsweightgrowingat10%CAGR

UHNWIrepresent~3%of

thepopulation1...

…yethold~40%ofthefinancialwealth2

750K

individuals

CAGR'17-'23

57T€

Investablewealth2

9%

CAGR'23-'27

10%

…roughlytwothirdsoftheseindividualsarethecoreofourBeyondMoney

segment

6

1.Ofadultpopulation2.Amongindividualswithnetworth>1m€(Affluent,andUHWNIs):Affluent,adultindividualswithfinancialwealth1M-20M€;UHNWI,adultindividualswithfinancialwealth>20M€;Segmentgrowthincludestheshiftofindividualsbetweensegments;Growthratesexcl.currencyeffects2.Includingcashanddeposits:bond,equities&

investmentfundshares;lifeinsuranceandpensionsandotherassetsSource:BCGGlobalWealthReport2024;BCGanalysis

2Inatwin-enginedluxurymarket,BeyondMoneyareanengineforstable

growth,whileAspirationalsanengineforvolatility

ConsumerSegmentsspendinLuxuryvsGlobalGDPevolutions

YoYgrowth%

20172018201920202021202220232024e

GlobalGDP

60%

Luxuryspending

notimpactedby

Pandemic

RevengeBuyingand

Post-Pandemic

Momentum

Increaseinspend

duetoStock

marketsrebound

40%

20%

0%

-20%

PerformanceinlinewithGDP

-40%

Strongdrop

dueto

Pandemic

Challengingglobal

macroeconomiccontext?Raisinginflation

?Highinterestrate

?Lowerconsumerconfidence

Source:BCGWealthReport2024,BCGFashion&LuxuryMarketModelasofJuly2024,OxfordEconomics,BCGAnalysis

BeyondMoneysegment

SpendinginLuxuryisnotcorrelatedtoGDPtrendandmacroeconomiccycles,andis5timeslessvolatilethanthatofaspirationals'

Aspirationalsegment

spendingiscorrelatedto

macroeconomicfluctuationsand

highlydependedoninflation,interestratesandothereconomicaland

geopoliticaltrends

7

3

In10years,BeyondMoneydoubledtheirrelevanceontotalLuxury

Market

PersonalandExperientialLuxuryMarket(B€)

Splitbycustomersegment(%ontotal)

7376071,0001,240

88

(12%)

101(14%)

548(74%)

173(29%)

127(21%)

307(51%)

213(21%)

153(15%)

634(63%)

296(24%)

195(16%)

751(61%)

2013202020232027e

CAGR

‘16-‘23

CAGR

‘23-‘27E

10%9%

BeyondMoney>50K€

5%6%

Absolute5k-50K€

2%4%

Aspirational<5k€

Total4%6%

Covidyear

8

Note:Personalincludesapparel,footwear,accessories,leathergoods,beauty,jewelry(brandedandunbranded)andwatches/Experientialincludesfurniture,foodandwine,finedining&hotelandexclusivevacations

Source:BCGFashion&LuxuryMarketModelasofJuly2024;BCGAnalysis

4

BeyondMoneyisaBalanceSheetgame,kindofimmunetotheeconomiccycle

ForBeyondMoney,Luxuryspendisaprimaryneed,uncorrelatedtomacroeconomictrendsorfluctuationsinfinancialwealth…

%evolutionvspreviousyear

+1pp

+10pp

13%14%

11%

9%

Covid-19pandemic

UkraineWar,raisinginterestratesand

lowstockmarketperformancesaffected

UHNWwealth,butnottheirspend

+2pp

GlobalGDPFinancialWealthEvolution1BeyondMoneyspendinLuxury

BeyondMoneycouldstill

accessluxuryevenwithstore

closuresviapreferredchannels

withClientAdvisors

5%

4%

3%

-5%-5%

…resultinginextremelylowpriceelasticity…

"IfIlikealotaproductorabrand,andqualityisjustified,Ikeepbuyingevenifpricesincrease"

-USAVIC,38y.o.

…asopposedtotheaspirational,occasionalbuyer

"Pricesofluxurybagshaveincreasedsomuch

recently,Idon'tthinkit'sworthyanymore…Iprefertospendinexperiencesratherthanpersonalgoods"

-EUaspirationalconsumer,31y.o.

2020

2022

2023

Vspreviousyear

Vspreviousyear

Vspreviousyear

1.FinancialWealthofUHNWISource:BCGWealthReport2024,BCGFashion&LuxuryMarketModelasofJuly2024,OxfordEconomics,BCGAnalysis9

Howgoodare

brandsat

cocooningBeyondMoneyVICs?

10

MonclerExclusiveFashionShow,SanktMoritzMiuMiuVICtakingpartatFashionShow,Milan

BrunelloCucinelli70BirthdayParty,Solomeo

Somebrandsexcelat

treatingtheir

identifiedVICs

withtheright

mixof

commercialand

experiential

services…

…butasubstantialamountofPotentialVICsfallthroughthenet,andaretreatedsub-parbythemajorityofbrandstheylove

Highpotentialconsumersareeverywhere…

?Theyshopacrosstheentireassortment,notjustultra-luxurycategories

?TheyareconsideredVICsonaverageby2brandsinthesamecategory…

?…buttypicallyshopat9brandsonaverage

…butmostbrandsfailtoidentifythemasVeryImportantCustomers

1

2

3

VICsareidentifiedusingspend-basedthresholds

VICstatusfocusedonalimitedspendtimeframe(12-18months)

VICsegmentationbasedonsinglevariableapproach

Brandsmightmiss

out70%ofpotential

VICs

12

Source:BCG-AltagammaTrue-LuxuryGlobalConsumerInsightSurveyJune'24(1Krespondentsin7countries),VICInterviews

Brandsthink

theyknow

theirVICs…

…butVIC'sdreamsareevolvingfasterthanbrands'abilitytofulfillthem

BrandsthinktheyknowtheirVeryImportantCustomers…

a

Theyarefew,but

arerevenue

powerhousesfor

brands

~2%ofcustomers

representupto~30%of

sales,withvariability

dependingonthecore

segment

b

Theyhavehigh

expectationsforhow

productsaremade,

includingquality

andcompliance

89%ofVICssaytheyvalueluxuryproductsfortheir

craftsmanshipandquality

c

Theyhaveastrong

desirefor

authenticityand

exclusivity

85%ofVICssaytheir

preferenceforluxuryis

shapedbyitsexclusivityand

recognitionamongpeers

(ifyouknow,youknow)

d

Theycravefor

exceptional

experiencesand

service

VICsareboredof

traditionalboutique

experiences,whilelook

forpersonalized

experiences

Source:BCG-AltagammaTrue-LuxuryGlobalConsumerInsightSurveyJuly'24(1Krespondentsin7countries),Qualitative1:1interviewswithVICsandFocusGroups,CEO/SeniorExecutive14

interviews

…buttheymightnotknowthatVIC'sdreamsare

evolvingfasterthanbrands'abilitytofulfillthem

Impactonbrands

BygeoBygen

OldGenVICs

NextGenVICs

Matureregions1

Emergingregions2

CRM!Perso!GenAI!

Engagement!

SupplyChain!

"Iwanthyper-localpersonalization,butglobalrecognition"

"Iwantuniqueproducts,withoutthewaitinggame"

Waroftalent!Education!

"IammoreloyaltomyClientAdvisorthantothebrand"

Retention!

Entertainment!Involvement!

"Iwanttobemorethanaclient,Icraveforsenseofcommunity"

1.NorthAmericaandEurope2.MiddleEastandAsia

Morerelevant

Less

relevant

15

Source:BCG-AltagammaTrue-LuxuryGlobalConsumerInsightSurveyJuly'24(1Krespondentsin7countries),Qualitative1:1interviewswithVICsandFocusGroups

"Iwanthyper-local

16

personalization,

Whatitmeansforbrands

butworldwiderecognition"

CRM!

...ATAGLOBALLEVEL,WITH

DIFFERENTFRICTIONSTOSOLVE

Inthe

West

Inthe

East

Best-in-classCRM

capabilitiesanduseofdata

Perso!

Intensifyeffortsto(well)personalizeevery

interaction

GenAI!

LeverageGenAIacrosstheorganization,equipClientAdvisors

VICsEXPECTPERSONALIZED

EXPERIENCESASTABLE-STAKE...

increasingexpectationsandsophisticationofVICs,beyondtheboutique

Dedicatedandpersonalizedexperiences,inandbeyondtraditionalboutique,areafundamentalexpectationacrosstheboardforVICs

lackofglobalrecognitionasVICcustomer,and

ofculturalunderstanding

ThemostpersonalizedactivitiesofferedbybrandsarethemostgratifyingforVICs,

anddriveconversiontoactualpurchase

Source:BCG-AltagammaTrue-LuxuryGlobalConsumerInsightSurveyJuly'24(1Krespondentsin7countries),Qualitative1:1interviewswithVICsandFocusGroups

"Iwantunique

17

products,without

Whatitmeansforbrands

thewaitinggame"

...BUTTHEWAITINGGAMEIS(ALMOST)OVER

CustomizedProducts

StandardProducts

Engagement!

INVOLVEVICsINTHEPROCESS

Transformproductionjourneyintoengagement

VICsALWAYSLOOKFORSOMETHINGUNIQUE...

VICsperceivethevalueofrealbespokeandare

willingtowait(butwantentertainment)

Findowningbespoke

83%

ofVICs

itemsmorefulfilling

thanstandardproducts

Many

SupplyChain!

VICsaremoreandmorefrustratedwithartificial waitinglistsforstandardproducts

OPTIMIZESPEEDANDCAPACITY

Considerinternalizationorexpansionoftopproductioncapabilities

Stilldonotoffer

brands

bespoke,tailor-madeproducts

Source:BCG-AltagammaTrue-LuxuryGlobalConsumerInsightSurveyJuly'24(1Krespondentsin7countries),Qualitative1:1interviewswithVICsandFocusGroups

"Iammoreloyalto

myClientAdvisor

thantothebrand"

CLIENTADVISORSHAVEASTRONGIMPACTONVICs...

SaythattheirrelationshipwithCAsisakeyfactorin

decisiontoreturntothebrand

...WITHDIFFERENCESINWHATVICSLOOKFOR,BYGEOGRAPHY

East

West

64%

ofVICs

?Impeccableservice

?Abilitytoanticipateneeds

?Friend-likerelationship

?Perso.

recommendations

?Accesstoexclusiveproductsandevents

68%

ofVICs

TORETAINBESTTALENT

Elevatecategory,giveflexibility,offercompetitivepackage,enablewith

technology(thatworks!)

Wouldfollowtheir

ClientAdvisortoanewbrandiftheymoved

WithallVICslookingforimpeccableserviceandefficienthandlingofspecialrequests

18

Source:BCG-AltagammaTrue-LuxuryGlobalConsumerInsightSurveyJuly'24(1Krespondentsin7countries),Qualitative1:1interviewswithVICsandFocusGroups

Whatitmeansforbrands

Waroftalent!

COMPETITIONTOSTEALBESTTALENTS

Ascreatingrelationshipsandsellingisanartmasteredbytop-tierCAs

Retention!

IMPLEMENTSTRATEGY

"Iwanttobemorethan

19

aclient,Icravefor

Whatitmeansforbrands

senseofcommunity"

...ANDCRAVEFORASENSEOFCOMMUNITY

For"SoftCategories"

BUILDEXTROVERTEDCOMMUNITIES

Aspurchasingbehaviorisstrictly

correlatedtotheirsenseofbelongingtothebrand

NEXTGENVICsAREDIFFERENTTHANSENIORVICs...

Saytheyvaluebeingpartofanexclusivecommunityoflike-

mindedbuyers(vs.71%Seniors)

84%

ofNextGenVICs

More

informed

Lessbrandloyal

More

global&diverse

For"HardCategories"

ofwealthtobe

inheritedby

NextGenby2045

85%

ofNextGenVICs

RIDETHESUCESSOF

Saytheemotionalconnectiontheyhavewithabrandiscrucialtotheirpurchasing(vs74%Seniors)

~53%

INTROCOMMUNITIESAspurchasingbehaviorisstrictlycorrelatedtoproducttechnical

features,knowledgeandexpertise

Source:BCG-AltagammaTrue-LuxuryGlobalConsumerInsightSurveyJuly'24(1Krespondentsin7countries),Qualitative1:1interviewswithVICsandFocusGroups

Whatcanbrands

dotowinthe

heartofBeyondMoneyVICs?

20

KeyTakeawaysIFirst,identifythemall,secondexecutetablestakeat

perfectionandthird,masterthedifferentiatorstostandout&win

1

3

2

IdentifythemAll

Turnonyourradar

nottomissoutanyofthem

ExecutetheTableStakes

Necessarybutnotsufficient

MastertheDifferentiators

Necessarytostand-outfromcrowd

Exceptionalproductquality

Personalization

showthemyouknowthem

Bespokeproducts

whilemakingthewait

exciting

Outstandingexperiences

Exclusivity

Senseofcommunity

forNextGenVICs,tofeel

morethanclients

Wintheheart

oftheVIC

Impeccableservice

ClientAdvisors

togrow,motivateand

retain

Lovethebrandifwellexecuted

Rejectthebrandifnotwellexecuted

21

Source:BCGanalysis

Masterthedifferentiators|Winninginareasthatmakethedifference

forVICsisessentialforbrands

Differentiators

Personalization

Bespokeproducts

ClientAdvisors