La industria del lujo global se ha visto fuertemente afectada por la crisis sanitaria. El mercado se contrajo entre un 20% y un 22% en 2020 y se estima que capitalizó en torno al billón de euros a cambio constante, retrocediendo a niveles de 2015.

Así se extrae de la 19ª edición del estudio Bain Luxury que publica anualmente Bain & Company para la Fondazione Altagamma.

Broadly speaking, luxury cars dominated the market, but sales dropped between 8% and 10%, up to 503.000 million euros in constant return.Experiences (cruises, restoration, etc..) They were the most punished (-56%) and should be the last to recover due to their tourism dependence.

Instead, goods based on experiences such as art, luxury cars, private airplanes, yachts, food, wines and spirits endured better and only lowered 10%.

The most affected were the luxury personal goods, as they first contracted since 2009 by lowering 23%, to 217.000 million.This luxury branch is the most relevant category (36% of total sales of the sector in 2020) because it includes goods such as accessories (shoes, jewelry, watchmaking, fashion ...) or beauty products (cosmetics and perfumery).

Global Trends of the Luxury Sector

Bain estimates that the market will grow between 10% and 19% in 2021 depending on the economic situation, the evolution of pandemic and the return of tourism, as well as the response of local consumers.

The sector could recover 50% of the losses of 2020, but will end below the 2019 levels.The recovery will take three years, which means that luxury will recover the levels of 2019 by the end of 2022 or 2023.In the longest, the luxury personal goods sector will grow to 10% between 2020 and 2025.

The big growth engines will be:

1. Los consumidores chinos serán la nacionalidad dominante con el 45% de las compras globales.
2. China será el mayor mercado de lujo.
3. El principal canal de venta en 2025 será el online, lo que va a provocar la transformación multicanal del sector a nivel mundial.
4. Las generaciones más jóvenes (la Y y la Z) serán los mayores compradores, al representar más de dos tercios de las compras globales.

China is already the region where more luxury products are sold

According to Bain data, China was the only region that ended the year 2020 in positive, growing 45%, up to 44.000 million de euros, gracias al consumo local.These data contrast with the 24% drop in Japan, up to 18.000 million, o en el resto de Asia, donde las ventas se contrajeron un 35% para quedarse en los 27.000 million.Much of blame was the fall of tourism in the countries of Southeast Asia.

In Europe the demand dropped 36%, until 57.000 million, con Rusia como el país más destacado.For its part, America saw its market fall by 27%, until 62.000 million, a pesar de la resistencia del mercado local estadounidense.In the south, Brazil was the best country.The rest of the world contracted 21%, until 9.000 million.

Forecasts and trends for the Asia-Pacific market

The luxury goods market in Asia-Pacífic.

Upon economies, consumption trends that are changing quickly, the growth of luxury brands and a change from physical channels to digital are the aspects that are creating a new and competitive market for the sector, according to the firm.

Asia is an online luxury growth engine.Although only a small portion of the market is already online, they are growing quickly, mainly in beauty products and accessories.An example of what is happening is Louis Vuitton's recent decision to open a jewelry store with online presence from its traditional clothing and bags.

The importance of China

But the key to luxury in Asia is the Chinese market.Luxury consumption is triggered by consumers' trust and their availability to buy this type of goods, especially among younger generations.These buyers are well informed about luxury and embrace innovative trends such as the convergence of high fashion and sportswear.

The drop in rates on imported goods and more strict controls on gray markets (distribution channels not authorized by the manufacturer), combined with the efforts of brands to strengthen the price difference between foreign markets and the local market, the local market,They have caused more Chinese consumers to make their luxury purchases in China.

In addition, tourism restrictions have caused the purchases of Chinese citizens to be more local.Market growth also increases sustainability and digitalization, they point out in Mordor.

However, studies on the luxury sector in Asia-Pacific reiterate that it is a very fragmented market.Players are diversifying their products and expanding their distribution through the online channel to take advantage in the market.

Finally, an example of the importance of the Chinese market for the firms of the sector, is that, at the moment, practically all the large world luxury brands are already present in the region such as LVMH Moët Hennessy, Chanel, Hermès, Kering, etc..And his actions benefit from it.

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