01 - Intro to Luxury

Question 1

size & evolution

Answer 1

continuously growing
resistant to crisis (quick rebound period)

Question 2

main consumers

Answer 2

2025 forecast (Bain):
Chinese -> American -> EU -> other Asian -> Japanese

Question 3

impact of tourism

Answer 3

until 2025, more than 50% of luxury goods/experiences were purchased outside the consumer’s home country

Question 4

main players

Answer 4

LVMH
Richemont
Kering

-> account for 35% of the personal luxury goods market
-> main family owned businesses account for 45% (Hermes, Rolex + Chanel)

Question 5

current dynamics

Answer 5

gen X + boomers: evolving from accumulating material goods to experiential luxury

gen Y + Z + alpha: are driving the luxury goods market growth
- 2025: gen Y + Z 50% of market
- 2030: gen Z + alpha: 1/3 of market

Question 6

gen Z + gen Y

Answer 6

depends on geographies:
- EU + US: entry-level creative/sustainable luxury
- China: logo-driven luxury

-> fueled by collaborations + second hand market