GLOBAL FASHION & LUXURY MARKET
CONSUMERS IN EMERGING MARKETS CONTINUE TO DRIVE LUXURY MARKET GROWTH.
In February 2017 over 1,300 luxury consumers across 11 countries
explored their attitudes to luxury goods and their purchase
behaviour. The analysis found that over the last five years
consumer spending on luxury goods has remained relatively robust,
with only a small proportion (4 per cent) claiming to have cut back
on their spending.
Growth continues to be driven by consumers in emerging markets.
In China, Russia and the United Arab Emirates (UAE), markets that
we have categorised as emerging luxury markets, the percentage of
consumers claiming to have increased their spending stood at 70
per cent, compared to 53 per cent in the more mature markets (EU,
US and Japan).
When we look at spending in the last 12 months we can see a slight
slow-down. The percentage of consumers spending more than in
the previous year fell to just over half, while the percentage stating
that they spent the same amount rose to 43 per cent. However, the
proportion that stated they had been cutting back remained the
same.
The analysis of purchases by category shows there is:
A relatively even spread across the six product sectors considered in the survey (cosmetics and fragrances, watches, jewellery, bags and accessories, shoes and clothes) with one in five consumers making a purchase of luxury jewellery.
A relatively even spread across the six product sectors considered in the survey (cosmetics and fragrances, watches, jewellery, bags and accessories, shoes and clothes) with one in five consumers making a purchase of luxury jewellery or cosmetics and fragrances. However, there were big differences between consumers in emerging luxury markets and those in the more mature markets, with watches and jewellery favoured much more by those in emerging markets, particularly in Russia and the UAE.