Overview of luxury market in 2020 From BCG
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The following is the Overview of luxury market in 2020 From BCGrecommended by recordtrend.com. And this article belongs to the classification: research report, Online shopping.
The luxury market will reach about 920 billion euro in 2018 and is expected to grow at an annual rate of 4.6% before 2025.
The personal luxury market reached 405 billion euros in 2025. With the promotion of perfume, cosmetics and accessories, it began to grow at an annual rate of 3% from 2018.
By 2025, millennials will account for about 50% of the luxury market.
By 2025, China will account for about 40% of the global luxury market.
The 18.5 million true luxury consumers account for about 30% of the global share and will continue to polarize in the next few years.
The importance of collaboration has been confirmed, and about 90% of true luxury consumers are aware of it. Half of true luxury consumers have bought the special edition, which is also driven by the younger generation and Chinese consumers.
The second-hand luxury market is valued at 22 billion euros, growing faster than the overall personal luxury market. Most true luxury consumers are interested in buying luxury second-hand products.
One third of true luxury consumers have sold luxury goods, mainly to empty their closets and fund new luxury items.
Young true luxury consumers are the largest players in the second-hand market. Supply is driven by the younger generation and demand is dominated by the elderly.
The main impact of social media and opinion leaders on true luxury consumers increased by 3 percentage points compared with 2016 and 30 percentage points compared with 2013.
The influence of social media and opinion leaders continues to grow, close to magazines in Europe and the United States.
The proportion of in store / online purchase is 80:20, and 50% is from all channels.
However, the stable global channel portfolio conceals the reality of significant changes across regions.
Due to experience (touch and feel, environment) and product range, single brand stores are still the preferred channel for consumers to buy luxury goods.
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