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Covid-19 ushers in a new digital & innovation age for luxury
The 2021 edition of Deloitte’s Global Powers of Luxury Goods report takes stock of the impact of Covid-19 on the world’s luxury market. While sales were hard hit across the board – the top 100 luxury players saw their revenue fall from $281bn in[…]
China luxury driven by post-90s & heavy-spending consumers
Mainland China’s luxury market is forecast to grow to RMB630bn ($94.1bn) in 2022, according to the 2021 Tencent x BCG China Digital Luxury Report. A better local shopping environment and changing spending habits are set to drive the 23%-25%[…]
French luxury study taps consumer perception
France’s hold on the luxury consumer’s mindset is assured for the foreseeable future, says a new report by Ifop-sociovision for French luxury association Comité Colbert. But there are also challenges to address, including changing consumption[…]
“Full recovery for the fragrance market will be a marathon, not a sprint”
Market analyst Fragrances of the World’s latest data shows global fragrance launches down by 21% in the first nine months of 2021 versus 2020. The prestige segment has seen the biggest downturn, while luxury scents are accelerating their launch[…]
More than $7bn wiped off luxury & premium brand value in 2021
The world’s top-50 most valuable luxury and premium brands saw their total value decline by 3% in 2021, according to a new report from Brand Finance. Some 10 Cosmetics and Personal Care brands made the ranking, which is largely dominated by[…]
China’s wealth crackdown: An opportunity for luxury cosmetics?
Could Chinese president Xi Jinping’s vow last month to crack down on super-rich consumers to address wealth disparity in the country spell opportunity for prestige cosmetics brands? Indeed, the emergence of a larger and increasingly affluent[…]
IWSR points to post-covid premiumization opportunities in wine and spirits
Consumer savings amassed during lockdowns could spell big business for premium wine and spirits brands, according to drinks market analyst IWSR. While scotch whisky and cognac continue to drive the premium-plus market, tequila, mescal and rum[…]
Luxury seizes on China’s booming market
With China the first economy to make a swift recovery from the health crisis, luxury brands are increasingly targeting this buoyant market. “Luxury companies have never placed such a focus on China's market as they did in 2020,” says Chinese[…]
Global fragrance launches plummet 35% in first quarter 2021
Global launches of new fragrances may be down 35% year-on-year for the first quarter of 2021 – to be expected as travel restrictions and lockdowns continue to weigh on retail – this is nonetheless an improvement on the more than 40% drop seen in[…]
France’s 2020 prestige beauty sales decline by 20%
Online sales of prestige beauty in France may have seen strong growth last year, but they failed to compensate for the decline in brick-and-mortar in 2020, according to new data from The NPD Group. Impacted by lockdowns, subsequent store[…]
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