Overview
Now in its 8th edition, the True-Luxury Global Consumer Insights research, carried out by Boston Consulting Group (BCG) in collaboration with Fondazione Altagamma and Phronesis Partners, is the most complete and innovative research on True-Luxury consumers.
After the disruption caused by the pandemic, the Global Luxury Market is now recovering and is expected to get back to pre-Covid levels by 2022. The renewed optimism of US consumers for both domestic and abroad spending, given their incidence on the overall market, is a very good omen for the future. Such a positive outlook is further reinforced by Chinese consumers, but their consumptions patterns are steering towards domestic spending and this repatriation could pose strong implications for luxury brands in the future, that could be called to strengthen their presence in China not to miss out on important market opportunities.
In addition, new emerging models for accessing and owning luxury must be considered. Second-hand is becoming increasingly popular, particularly among younger generations, who see in these new models a way to overcome budget constraints and scarcity issues, whilst also engaging in more sustainable consumption behaviours. The sustainability topic is now relevant given its influence on purchasing behaviours, especially among young consumers, who are ready to punish luxury brands that engage in unsustainable practices, including animal welfare violations, lack of transparency on material usage and unfair labour practices.
Research methodology
- All luxury categories captured: from personal (clothing, accessories, jewellery, watches, perfumes, and cosmetics) to experiential luxury (hotels, restaurants, wine and spirits)
- Size and relevance of the sample: more than 12,000 respondents with an average spend on luxury goods of about 33,000 euros per year, whose decrease is in line with 2020 market loss due to Covid
- Wide geographical coverage: top 10 luxury spending countries included — US, UK, Italy, France, Germany, Brazil, China, Japan, South Korea and Russia – plus United Arab Emirates and Saudi Arabia
- Ad hoc Advisory Board: composed of 20+ luxury companies, the Board gives recommendations on the main trends.
