贝恩：2023年奢侈品报告（英文）

BAIN - ALTAGAMMALUXURY GOODS WORLDWIDE MARKET STUDY FALL 2023 – 22ND EDITIONLong Live LuxuryConverge to Expand through turbulenceCLAUDIA D’ARPIZIO | FEDERICA LEVATONOVEMBER 14, 2023• This document contains an update on the luxury goods market, in particular:– Insight into the performance of the market for the first three quarters of 2023, with expectations for the last quarter– Estimates for how the luxury market will evolve beyond 2023, with related emerging macro trends– Bain’s recommendations for how luxury players can steer the next phase of growth• The insights are based on Bain’s triangulation of information and sources, available as of November 10, 2023, and include:– Macroeconomic data (e.g., GDP, consumer confidence index) and the latest forecasts– Current trading performance from relevant luxury industry players– Annual reports, quarterly results, and analyst reports– Consensus of 100+ expert interviews• Outlooks do not consider disruptive changes in the global sociopolitical situation vs. the status quoForeword on content and sourcesContent of this documentSources of this documentYear-over-year(’22–23E) growthA new record year for luxury markets, with consumption expanding beyond products to re-engage with experiencesGlobal luxury markets (€B | 2023E)R E C A P@Current FX@Constant FXvs. 2019+14/16%+3/5%+31/33%+28/30%+15/17%+25/27%+21/23%+50/70%+28/30%~8%~11%~3%~2%~13%~116%~15%~17%~8%+8/10%vs. 2022in line with 2021–22 growth+18/20%vs. 2019Global luxury markets evolution (€B | 2019–2023E | @constant rates)+12%G R O W T H @ K2019202120222023E1,508~150~160+11/13%G R O W T H @ KLuxury consumption is still there: aggregate spending across markets growing at same pace vs. last yearLuxury cars strong growth thanks to past year robust order books and easing of supply chain constraints. Brands keeping investing in creating a direct relationship with clients to enhance sales and after-sales experiencesFine art Winemild growth, hampered by downtrading of aspirational consumer partially counterbalancing the complete resurgence of social interactions, with sparkling and rosé showing most vibrancyLuxury hotelsnew high, above prepandemic levels, propelled by increase of occupancy and sustained ADR pushing upward the customer expectations; intense surge for consumer zeal for unique andtransformative experiencesPrivate jets positive growth, supported by heightened enthusiasm for custom-made interiordesigns and for shared-ownership models(increasing owners’ flexibility)Gourmet food and fine diningstrong growth, driven by increasing interest in entertainment as key dining factor, favoring experimentation of (new) collaborative models among different industry playersvivid interest from HWNI in line with recent past, with growing fascination for “biophilic” designs and “holistic” yachting experiences, favored by Gen Y due to increasing the relevance among buyersgrowth normalization after postpandemic hypergrowth, as broad real estate market cools down, alt