Millennials in pole position in future luxury
Last year, according to the True-Luxury Global Consumer Insight, produced by Boston Consulting and Altagamma, 425 million high-end consumers worldwide spent around 920 billion euros.
A research that highlights how, in the future, consumption will be driven by the Millennials and Chinese market, reaching 1.3 billion in 2025, with an annual growth rate of 4-5%.
Furthermore, total consumers will rise to almost 500 million people.
Luxury "defined" experiential "and which was worth 590 billion, grew more than personal luxury, fixed at 330 billion. This type of segment, which includes hotels, restaurants, wines and spirits, has increased the pace of growth compared to the growth of personal luxury items (clothing, accessories, jewelry, watches, perfumes and cosmetics): according to experts, this is a clear signal of the hegemony of the new generations of consumers, more tied to the experience than the previous ones.
The forecasts of the Boston Consulting Group see, by 2025, that Millennials will get to represent 50% of the personal luxury market, and 40% of the high-end market will be manned by the Chinese.
Generation Z quotations are also on the rise, which today is only worth 4% in the luxury sector, but by 2025 it will grow by up to five percentage points per year.
In this sense, companies must concretely begin to understand the tastes and languages of the younger generations, which represent the consumer group that rewards collaborations between luxury brands and streetwear reality: a trend that has led analysts to identify these partnerships at the top of the list current consumption trends, followed by the second hand phenomenon.
Finally, the study analyzed the habits of 18.5 million high-end consumers: only 4% of the total but with an expenditure of 278 billion, about a third of the total.