Deutsche Bank skriver i sin analyse af luksussektoren og sustainability, at Kina er blevet den helt store drivkraft. Det kinesiske luksusmarked udgør nu 30 pct. af forbruget, en anelse mere end det amerikanske. Og det er den unge generation, der køber luksusprodukterne. Der er nu næsten 400 millioner kinesere, der hører til de forbrugere, som køber luksusvarer – mere end en syv-dobling fra 2010 til 2018. Det får fundamental betydning for producenterne af luksusvarer og investorerne.
Luxury goods sector: from exclusive to
democratized….
In the last 30 years Luxury has moved from a E50bn industry to E280bn, growing at a 6.1% CAGR. In the same period, we estimate the number of
consumers grew at 3% CAGR.
The growth of the pie was driven, we believe, by a transformation that the luxury industry decided to execute: from a very concentrated market by positioning (very selective) and by geography (western countries) the industry went through a phase of “democratization”.
By lowering the entry threshold into the luxury world, the target consumer base has expanded. At the same time, interest from a more global consumer has expanded the geographical borders. This
process found its zest as the Chinese consumers started to take part in luxury demand in the late 2000’s.
But what about the number of units purchased? For the key nationalities active since the 1990s in luxury spending, units per capita have been either stable or have declined: probably as consumers mature, the number of first time buyers has peaked in past years, and the stock of luxury items in the wardrobe has been piling up reducing the opportunity or interest in repeat purchases.
Unsurprisingly, this is not true for the Chinese consumer: all the metrics are moving upwards, including units per capita as the luxury world continues to recruit first time buyers.
