Bain Consulting Released The Latest Forecast That The Luxury Market Will Be Worth Three Hundred Billion In 2050.

In the past month,

And so on.

There is a lot of excitement, though there are many such groups as Kering.

Recently, Bain consulting and Algamma have released a new Global Luxury Market Research Report on such issues.

According to the "women's Wear Daily", the report shows that by 2050, the annual growth of personal luxury goods sales will reach 3% to 5%, which means that the total revenue of the industry will reach between 320 billion and 365 billion euros in 2050.

According to Bain consulting, it is estimated that the 2018 annual personal luxury market will reach 260 billion euros, an increase of 2% over the same period last year.

In addition to the unstable Middle East market, all luxury goods markets all over the world have increased, especially in China.

There is no denying that Chinese consumers are promoting global economic growth. They contribute nearly 33% of the world's luxury consumption.

The new trend is more manifested in the growth of luxury goods in China's local luxury market and the surrounding countries. During the period from 2015 to 2018, the contribution of Chinese consumers to shopping in mainland China was two times higher than that of overseas luxury goods.

In other parts of Asia, the retail sales of luxury goods increased by 7% to 39 billion euros due to strong local consumption in Korea.

Singapore, Thailand, etc.

It has also achieved good results.

At the same time, Bain consultancy also said that the luxury industry will not exclude some "turbulence", such as the US soft recession and a slight slowdown in China's economy, but this will not weaken the huge potential of the future market.

According to its published trend forecast, 2050

There will be more new changes.

Chinese consumers will occupy at least 45% of the market share and will buy half of the luxury goods in China.

"Nowadays, the price difference of luxury goods around the world is decreasing, and the phenomenon of" bargaining "has been less likely in the future.

Claudia D'Arpizio, partner of Bain consulting and author of the luxury industry research report, said.

In addition, online sales will account for 25% of the total luxury market, far higher than the current 10%.

There will be more physical stores.

Integrate and reshape the store's goals and missions.

On the product, inclusiveness will also become a key topic in the next few decades.

In the 2018, special oriented fashion accounted for about 40% of luxury women's clothing, including Muslim clothing and clothing for different curvilinear customers. These two categories account for 20% of women's clothing consumers.

Another trend is reflected in the iteration of the major consumers of luxury goods.

It is estimated that in 2050, consumers of Z generation and millennial generation will occupy about 55%.

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In 2018, the contribution rate of Y generation and Z generation to the total growth of luxury goods market exceeded 95%, which was only 85% in 2017.

To cope with this situation, the luxury market will also adjust its product supply, communication and participation.

For example, the Z generation now occupies 2% of the market share, but it is expected to increase to 10% by 2025, and this part of the consumer may be more personal, willing to shop in the physical store, while still expecting the consumption habit and demand of digitalized enhancement experience.

"Luxury brands need to be more proactive in developing specialized ways to serve new customers, respond to new market trends, and always focus on the next generation of customers," D'Arpizio said. "The foundation of all strategies can be attributed to the emergence of new technologies. These new technologies will also play a key role in promoting brand development before 2050."