1、1Global Powers of Luxury Goods 2016 Global Powers of Luxury Goods 2016 Disciplined innovation 2Global Powers of Luxury Goods 2016 Contents Foreword 1 Top 100 quick stats 2 Global economic outlook 4 Discipline by design: luxurys new normal 7 Top 10 14 Top 100 highlights 16 Global Powers of Luxury Goo
2、ds Top 100 18 Geographic analysis 24 Product sector analysis 32 Newcomers 38 Fastest 20 40 M an analysis of merger and acquisition activity in the industry and discusses the key forces shaping the luxury market. The worlds 100 largest luxury goods companies generated sales of $222 billion in financi
3、al year 2014, 3.6 percent higher year-on-year. The average luxury goods annual sales for a Top 100 company is now $2.2 billion. The global luxury goods sector is expected to grow more slowly in 2016, at a rate many retailers may find disappointing. The growth rate is slowing in important markets suc
4、h as China and Russia, although some markets continue to perform well and there are pockets of opportunity across the globe. India and Mexico for example are growing quickly, and the Middle East offers further growth potential. There is a shift in the luxury path-to-purchase. Empowered by social net
5、works and digital devices, luxury goods consumers are dictating increasingly when, where and how they engage with luxury brands. They have become both critics and creators, demanding a more personalised luxury experience, and expect to be given the opportunity to shape the products and services they
6、 consume. Key findings from the report include: Discipline by design: luxurys new normal We are now entering the second half of the decade of change, which is expected to be characterised by discipline. Demand for luxury goods is still growing profitably despite economic challenges. Italy is once ag
7、ain the leading luxury goods country in terms of number of companies. We hope you find this report interesting and useful, and welcome your feedback. Patrizia Arienti EMEA Fashion the emergence of wearable technology; and specific supply-side innovations. The UK corporate sector, wider economy, and
8、political establishment have also been navigating the countrys upcoming referendum vote on the UK membership of the EU, which has put much of the UK corporate investments into a holding pattern pending the vote outcome on 23 June. 5Global Powers of Luxury Goods 2016 China/Hong Kong Both mainland Chi
9、na and Hong Kong continue to experience a slowdown in luxury goods spending, with economic uncertainty dampening consumer confidence. The Hong Kong market has also been affected by the strained relations between China and Hong Kong, with many wealthy Chinese tourists staying away. The middle class c
10、onsumers who used to visit Hong Kong mainly for shopping are now turning to overseas markets or cross-border e-retailers for better prices. In mainland China, the slowing economy has resulted in lower spending, and government measures against luxury gifts in the corporate sector have also had an imp
11、act. The countrys performance depends on how quickly the government can shift the focus of Chinas economy from construction and industry to consumer spending. Rest of Asia Over the next year growth in India will remain strong, although the country still has challenges to overcome before it becomes a
12、 major market for luxury brands. Japan is also set to perform well, particularly as it boosts tourist numbers ahead of the 2020 Tokyo Olympic Games. South Korea, meanwhile, will see further steady growth as the market matures further. Middle East The Middle East represents a big opportunity for luxu
13、ry brands. Luxury malls in Abu Dhabi and Dubai have helped put these cities on the map for the industry, and the United Arab Emirates as a whole continue to enjoy strong growth. Well-established big-name brands perform well in the region, and tourism is a major driver of sales in Dubai. Although the
14、 region is likely to feel the impact of political unrest as well as global economic uncertainty, but further growth is expected overall. United States Growth in the worlds largest luxury goods market slowed in 2015, hampered by a strong US dollar and a slowdown in trade from Chinese tourism. However
15、 domestic shoppers increased their consumption as US consumer spending rose. Both big name brands and newer affordable names such as Kate Spade performed well, and online sales are also growing quickly. In the coming year growth in the market is likely to continue, although the rate of growth could
16、be affected if the dollar continues to appreciate. Latin America Mexico is the largest luxury goods market in Latin America followed by Brazil. With the US dollar appreciating against the Mexican peso in 2015, the price of luxury goods in the domestic market became more attractive than purchasing th
17、em overseas. Also, the cost of travelling overseas increased due to high US dollar prices and the overall cost of products were similar after taking into account the exchange rate. The outlook for luxury goods is very optimistic, driven by Mexicos fast growing middle-class and upper-middle-class who
18、 are seeking ever-more luxurious lifestyles and looking to differentiate themselves. The luxury goods market in Brazil slowed in 2015 due to economic uncertainty. This particularly impacted the gift sales market which is a key part of luxury sales in the country. Many Brazilians are staying away fro
19、m the more expensive brands, while affordable luxury brands such as Michael Kors continue to gain market share. Other than increased price-sensitivity, consumers are purchasing more discreet luxury items to avoid appearing ostentatious in light of the current economic climate and wider social issues
20、. 6Global Powers of Luxury Goods 2016 7Global Powers of Luxury Goods 2016 Discipline by design: luxurys new normal Key forces shaping the luxury market The luxury goods sector has now passed the mid-point of what we have previously termed the decade of change during which there will be a remarkable
21、difference between 2010 and 2020. The first half of this period was characterised by the Chinese consumer and the explosion in the use of digital technology. This period has offered strong growth, new markets and exciting channels. It brought with it an avalanche of exciting new technologies and pla
22、tforms for brands to play on, and experiment with. We are now entering the second half of the decade, which we believe should be characterised by discipline. The external environment will change in a number of crucial areas: an evolution in consumer buying behaviours; the merging of channels and bus
23、iness model complexity; an increase in international travel; the growing importance of the millennial consumer; and the continued impact of the global economy. All of these factors create opportunities for the luxury goods sector. There are four key elements of growth for luxury goods companies, and
24、 if brands bring disciplined, long-term investment to these areas and focus on them, they will be well-placed to succeed. In addition, brands will also emerge as winners, in the eyes of the consumers, investors and stakeholder communities, if they manage carefully four other factors in the market: r
25、eputational risk, regulation and stakeholders, inertia and external events. Source: Deloitte Figure 1. The key forces shaping the global luxury market Millennials Reputational risk Regulation and Dior developed a web documentary series The quest for essence describing the raw materials used in their
26、 fragrances through an engaging journey of discovering traditions and paying tribute to the environment. A combination of two factors in consumer markets, travel and millennials, offers a vast opportunity for luxury brand companies to develop how a brand is seen, distributed and marketed, in order t
27、o capture more value. “Spend by people travelling accounts for 40% of the personal luxury market.”3 In many luxury goods markets (such as France, Italy, the UK and Hong Kong), the majority of consumer spending is generated by foreign tourists. Although there were a number of factors restricting tour
28、ist spending in 2015, such as domestic economic problems, exchange rate fluctuations and political conflicts, the outlook remains positive. Globally, the transit retail channel not only accounts for 40 per cent of total luxury goods spending, but it is growing at a faster rate than the industry over
29、all. It has grown by an average of eight per cent a year for the past ten years, compared to around six per cent for the wider luxury market. Air traffic is expected to double over the next 15 years which is a big opportunity.4 This growth will be driven largely by an increase in travellers from eme
30、rging markets. Crucially, these travellers are much younger than travellers from developed market countries. For example, the age dependency ratio (the ratio of travellers aged over 65 compared to those aged between15-64) is around 42 per cent for Japan and 33 per cent for Germany, but 10- 12 per ce
31、nt for Turkey, China and Brazil, and less than ten per cent for India and Indonesia. When the combination of travel and millennials is considered in relation to the luxury market, it is particularly important for companies to consider the Chinese consumer. Overall Chinese consumers are the travel se
32、ctors biggest spenders and they remain strategically important for luxury brands. China is still driving much of the volume growth in travel retail, and this will continue as the next generation of luxury shoppers come into the work force and start to acquire wealth. There are currently over 400 mil
33、lion millennials in China, which is more than the working populations of the US and Europe combined.5 These consumers are different from their parents, who were willing to be told what to purchase by the big Western brand companies. They were keen to make large show-off purchases from the big name l
34、abels in order to display their new-found wealth. Todays young Chinese luxury consumers have more confidence, prefer more subtle and sophisticated styles, and like to buy cool brands. Millennials Travel 9Global Powers of Luxury Goods 2016 It may seem that almost every blog, column, social media feed
35、 and analyst note today revolves around the topic of digital. These items will often explain to the reader: how to create a digital luxury experience, how to engage the emerging luxury consumer online, and what omnichannel means for luxury. This avalanche of opinions has created not only a vast amou
36、nt of ideas for luxury brand executives, but also a significant risk of being overwhelmed by them, and not having a focused and measurable digital agenda that is consistent across the organisation. In order to create value over the next decade, luxury brands will have some important choices to make,
37、 and probably the most significant of these is the strategic choice around investment in digital. In our C-suite Table of imperatives (on page 11) we highlight some aspects of these choices, but first we shall explore a couple of key consumer trends. One of these is the growth and proliferation of c
38、onnected devices. This does not mean just smartphones although mobile ownership and m-commerce continue to grow but also other connected devices. For example, connected homeware, smart watches and wearable fitness trackers have already made a significant mark on the consumer mind-set, but in the lux
39、ury goods market, there are still just a few wearables. Swarovski, the crystal jewellery company is producing (in partnership with Misfit) a collection of activity-tracking jewellery, including a solar powered tracking device.7 Other partnerships include Apple and Herms to develop an up-scale versio
40、n of the Apple watch and its accessories;8 Google and Tag Heuer for a connected high-end watch,9 and Fitbit and Tory Burch for a luxury and fashionable activity tracker.10 Connected fashion products (notably handbags and some ready-to-wear items) are starting to enter the market: these offer added u
41、tility without sacrificing elegance or form and in addition can add security benefits and help combat counterfeiting. “Falling footfall and prospects of dual physical/digital running costs will drag on profitability for many consumer brands. The luxury industry may see this most acutely.”6 Critical
42、combination #2: Digital and inertia As the shift towards omnichannel retail continues, rethinking the role of the store can be influenced by the use of in-store connectivity to drive richer experiences. Bang and Olufsens concept store in New York, for example, has a speaker wall that can be used to
43、play a customers own playlist through a smartphone. Fashion brands such as Gap, Kenzo and Eastpak have all opened digital pop-up stores, showing how some brands are rethinking the store concept by leveraging connectivity to drive brand awareness, footfall, and revenue. A second important area of cha
44、nge is the growth of connectivity itself, both in 4G networks and in the expansion of gigabit broadband and access to Wi-Fi. As commented in Deloittes Digital Leadership: “Were at an inflection point in retail where digital device adoption rates are accelerating toward 100 per cent. Once this happen
45、s, there will be no such thing as offline since consumers will be constantly connected”. Consumers will expect high-quality product images, video and engaging content, and brands will be able to produce digital marketing campaigns that use greater bandwidth. Marketing content will become more focuse
46、d. Recent examples are Le MANifeste campaign from Herms, which included picture and word games, and an elegant pair of interactive dancing shoes, and Nicholas Kirkwoods video game-themed microsite complete with a playable game of Pac Man. These two factors, the proliferation of connected devices and
47、 growth in connectivity, are combining to produce changes in customer behaviour affecting luxury brands. Consumers are now constantly connected. They interact with friends, influencers, social communities, and with brands, in different ways, and through a variety of touchpoints changing the way they
48、 research and buy products. The digital world continues to expand and its effects continue to proliferate. Luxury brands will need to think carefully about their response. Digital Inertia (innovation and change) When planning their strategies for travel and millennials, there are two major implicati
49、ons that luxury and high-end fashion brands need to consider. First, they need to target more actively the increasingly cosmopolitan value pools in their domestic luxury markets. This may require a major re-think of how the brand is using its CRM, marketing and data analytics capabilities, so that they work together effectively for instance, using technology options such as Medallia, which analyses feedback from Facebook, Twitter and other major review sites alongside solicited data from surveys and contact centres. The second implication is that luxury goods com
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