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Global luxury consumer insight in 2020 From Boston Consulting

The following is the Global luxury consumer insight in 2020 From Boston Consulting recommended by And this article belongs to the classification: Boston Consulting, research report, network marketing.

Boston Consulting released a new report “global luxury consumer insight”, focusing on the emerging luxury trends, which have been accelerated by recent developments. The report distinguishes between two types of trends: ยท temporary trends and accelerated trends. The duration of the temporary trend is unpredictable and may only affect the industry in the short term. The trend of accelerating development will continue. All in all, these trends are shaping the status quo of the luxury industry structurally.

The study identified eight key consumption trends:

1. Temporary trend

A. Experiential luxury and Tourism: more hidden and shorter distance. As novel coronavirus pneumonia affects luxury bars, luxury hotels and resorts and luxury cruise ships, the demand for 50%-60% is expected to be very negative. Consumers at 50%-60% say that these categories of expenditure will be reduced or substantially reduced for at least the next 6 months.

B. Chinese: from global consumers to local consumers. 73% of Chinese consumers will return at least half of their overseas luxury spending to China in the next 12 months. In addition to Japan, France and Italy, 50% of Chinese consumers said they would wait at least six months to travel abroad.

C. Millennials have been hit, but they have the most hope for the future. The novel coronavirus pneumonia is the most influential factor in the millennial generation and the Z generation compared with the older generation. 50% of young respondents novel coronavirus pneumonia, and their income has decreased. In contrast, the proportion of baby boomers and X generation is 35% and 25% respectively. But they are most hopeful about the future: 53% of young people think the recovery will be quick, compared with an average of about 20% for the older generation.

2. Accelerate the trend of sustainable development

D. Luxury values in the West and China are polarized.

E. The goal is the core of sustainable development.

F. Next generation relationships driven by clienteling2.0.

G. A new shopping equation: online browsing and in store experience.

H. A new business model to reshape ownership: second hand housing and rising rents.

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