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Global Powers of Luxury Goods 2017 The new luxury consumer2 Global Powers of Luxury Goods 2017 Contents Foreword 1 Top 100 quick statistics 3 The new luxury consumer 4 Global economic outlook 10 Top 100 highlights 14 Global Powers of Luxury Goods Top 100 15 Top 10 highlights 21 Fastest 20 24 Product sector analysis 26 Geographic analysis 33 Newcomers 41 Study methodology and data sources 43 Endnotes 46 Contacts 48 Luxury goods in this report focuses on luxury for personal use, and is the aggregation of designer apparel and footwear (ready-to-wear), luxury bags and accessories (including eyewear), luxury jewellery and watches and premium cosmetics and fragrances. In this publication, references to Deloitte are references to Deloitte Touche Tohmatsu Limited1 Global Powers of Luxury Goods 2017 Welcome to the fourth Global Powers of Luxury Goods. The report examines and lists the 100 largest luxury goods companies globally, based on the consolidated sales of luxury goods in FY2015 (which we define as financial years ending within the 12 months to 30 June 2016). It also discusses the key trends shaping the luxury market and provides a global economic outlook. The worlds 100 largest luxury goods companies generated sales of US$212 billion in FY2015, 4.5 per cent down year-on-year. The average luxury goods annual sales for a Top 100 company is now US$2.1 billion. Consumers in emerging markets continue to drive luxury market growth. In China, Russia and the United Arab Emirates, markets that we have categorised as emerging luxury markets, the percentage of consumers claiming to have increased their spending stood at 70 per cent, compared to 53 per cent in the more mature markets (EU, US and Japan). Travel/tourism is still the great growth opportunity. Almost half of luxury purchases are made by consumers who are travelling, either in a foreign market (31 per cent) or while at the airport (16 per cent). This proportion rises to 60 per cent among consumers from emerging markets, who typically do not have access to the same range of products and brands that can be found in more mature markets. Key findings from the report include: Luxury goods sales growth is accelerated by currency volatility sales for the worlds 100 largest luxury goods companies grew by more than 3 percentage points in FY2015. Most currencies weakened significantly against the US dollar, which benefited many multinational companies based in other regions who experienced favorable currency effects, driving up reported sales. Italy is once again the leading luxury goods country in terms of number of companies, while France has the highest share of sales. Multiple luxury goods companies double sales growth and lead profitability, while bags and accessories continues to be the fastest growth sector. We hope you find this report interesting and useful, and welcome your feedback. Patrizia Arienti EMEA Fashion this poses a challenge for both the luxury brands and luxury shoppers, particularly those who travel extensively. Prices, stock levels and ranges differ from market to market and between cities, making it difficult to optimise pricing strategies. Figure 4. Price Index (global average = 100%) Like-for-like products, US$ equivalent prices Source: BenchMarque - Deloittes luxury pricing analytics suite. Each week, BenchMarque captures online prices for over 100,000 items, across 30 of the leading brands, in seven key luxury markets. A series of interactive data visualisations draws out key market trends, enabling decision makers to deploy responsive, evidence-based pricing strategies. 0% 20% 40% 60% 80% 100% 120% 140% France Italy UK Russia USA Japan China Data from BenchMarque, Deloittes luxury pricing analytics suite, shows that luxury goods companies respond to currency movements in order to maintain their pricing structures between countries. In the weeks following the UKs EU membership referendum in June 2016, the pound fell by 18 per cent against the US dollar. Brands responded Scope: all full price products in the BenchMarque database which are listed in all seven countries Index values represent the median US$-equivalent price in that region relative to the global average FX rates as reported by the Bank of England, at 13 March 2017 China Japan USA Russia UK Italy France 0% 20% 40% 60% 80% 100% 120% by raising their prices; by March 2017 headline prices in the UK were 5 per cent higher for like-for-like items, and a further effective 5 per cent rise was achieved by replacing existing inventory with higher-priced products. Conversely, when the rouble appreciated during 2016, companies cut the prices of their luxury goods in Russia by over 11 per cent, to remain competitive. However, there remains significant regional price disparities within the luxury goods market. BenchMarque data reveals that despite increasing internationalisation, US dollar-adjusted prices for equivalent items are on average over 50 per cent higher in China than in Italy and France. This presents a clear arbitrage opportunity for travellers from Asia, and maintains the pre-eminence of European brands home markets as shopping destinations. Although a premium is charged in Asian markets for all brands, pricing strategies vary, and the price difference between China and France varies from just 20 per cent to over 70 per cent, depending on the brand. The highest premium is for watches and jewellery (55 per cent on average) and the lowest is for bags (40 per cent on average). 2 This suggests that luxury goods companies still have an opportunity to optimise their range and prices for local markets, to meet demand and ensure balanced growth globally. Customer data and analytics can play a key role in allowing brands to maximise sales at the optimum range and price points for each market.7 Global Powers of Luxury Goods 2017 and m-commerce will become more widespread, while over a third (37 per cent) feel that luxury products and technology will become more closely linked. A significant challenge for luxury goods companies is to find ways of incorporating digital technology into their products without losing their heritage or their focus on traditional Luxury market trends Deloitte has identified two key interconnected trends that we believe will characterise the luxury goods markets in 2017: 1. From physical products to digital experiential the essence of luxury is changing from an emphasis on the physical to a focus on the experiential and how luxury makes you feel. However premium quality remains a must have and consumers retain a keen eye for craftsmanship and hand-made products. 2. From standardisation to personalisation expansion through globalisation necessitated a one-size-fits-all approach. However, changing luxury shopper behaviour demands a different, more personalised response. From physical products to digital experiential Quality continues to be the key driver of luxury purchases across all the markets we surveyed. Wealthy Chinese are the top spenders when it comes to quality: 93 per cent buy luxury products because of their premium quality, and 90 per cent like to buy luxury products which are hand-made. 89 per cent avoid buying luxury products that do not respect ecological sustainability. Another important issue is how luxury products make consumers feel. This relates to the intangible quality that luxury goods possess. More than half of the consumers in our survey admit to conspicuous consumption or buying luxury products purely for the status that comes with possession of certain objects. Status has now become less about what I have and much more about who I am: more ethical, tasteful and discerning. Consumers are also clear that they see the future of luxury as digital. When asked how they see the luxury sector developing in their respective countries, almost half (48 per cent) said that e-commerce Figure 5. Here is a list of statements about the relation you might or might not have with luxury products, please let us know to what extent you agree with each of them. materials and methods of manufacturing. We have seen some attempts at the premiumisation of technology, such as the Pierre Hardy-designed Herms strap option on the Apple Watch 3and attempts at fusion such as the Samsung collaboration with Grisogono. 4 Percentages may not add up to 100% due to rounding Source: Deloitte Luxury Multicountry Survey for Global Powers of Luxury Goods 2017 I buy luxury products because they are premium quality products When I buy a luxury product I feel happy/confident I like to buy luxury products which are hand-made For me its important to buy the latest trend I buy luxury products because I like to have things that other people havent heard of yet I tend to buy luxury products impulsively I tend to wear only luxury products and accessories (not common products) I buy luxury products because I like to show them off 88% 10% 3% 82% 13% 4% 75% 20% 5% 68% 63% 60% 57% 56% 24% 21% 21% 24% 22% 8% 16% 19% 20% 22% Agree Neither agree nor disagree Disagree8 Global Powers of Luxury Goods 2017 Disruption in the luxury sector is set to continue as the next wave of digital technologies are adopted, such as iterative manufacturing (3D printing), artificial intelligence, robotics and augmented reality/virtual reality. Our survey found that the majority of luxury goods buyers expect the market to be further disrupted. However, there was a difference of opinion about how quickly the disruption would happen, with 22 per cent believing that it would take more than six years. Another significant challenge for luxury goods companies is how to transition to a more digitally-led distribution model while retaining the all-important element of quality. Omnichannel distribution will emerge as the dominant model in luxury retail, as it has done already in the mainstream retail market. While e-commerce continues its relentless rise, our research shows that 63 per cent of luxury goods purchases still take place in a physical store, with luxury consumers in mature markets more likely than average to shop in store, although consumers in emerging market are more likely to shop on a mobile device. Millennials are the most digitally-influenced luxury consumers, with 42 per cent of their purchases made either by computer or via mobile devices, which are becoming more popular with all generations. This figure for Millennials compares with 35 per cent for Generation X and 28 per cent for Baby boomers. From standardisation to personalisation Multi-brand stores for luxury goods now account for 78 per cent of online purchases, whereas mono-brand stores dominate in the physical environment. This partly reflects the dominance of online specialists (such as Yoox Net-A-Porter) compared to the relative lack of investment online channels by many of the major brands. It also reflects the fact that for much of the past ten years, luxury brands have focused on expanding their physical store networks into new markets and territories. Figure 6. Do you think the luxury world will be disrupted by emerging technologies such as robotics, artificial intelligence and 3D printing? Figure 7. How many of your luxury products purchases take place in a physical store, online from a computer/laptop or online on a mobile device? Source: Deloitte Luxury Multicountry Survey for Global Powers of Luxury Goods 2017 Percentages may not add up to 100% due to rounding Source: Deloitte Luxury Multicountry Survey for Global Powers of Luxury Goods 2017 Online from a computer/laptop Online on a mobile device In a physical store Total Millennials Mature markets Generation X Emerging markets Baby boomers 22% 23% 21% 21% 23% 22% 63% 58% 65% 66% 60% 72% 15% 19% 14% 14% 17% 6% Yes 61% No 31% Dont know 8% Yes, in less than 2 years Yes, in 3-5 years Yes, in 6-10 years Yes, in more than 10 years 16% 23% 14% 8%
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