The new protagonists of the high-end market are between 18 and 34 years old. They are global, digitized, optimistic, open to new things, to recommendation and the exchange of products, and sensitive to sustainability. This is the first description of the luxury consumers that comes out from the True Luxury Global Consumer Insight, carried out by Altagamma Foundation, that gathers most of the high-end Italian fashion companies, with Boston Consulting Group.
With over 40,000 people interviewed in over 20 countries (and a focus on 10,000 Top Luxury consumers with average spending levels of €20,000 a year), the study, that has been presented in Milan on February 10th, is the broadest and most detailed on luxury consumers.
Overall, the high-end consumers around the world in 2015 were 400 million and spent € 845 billions. The total number of consumers is expected to grow to 480 million in 2022, when they get to spend € 1,135 billions. For 2 out of 3 consumers, luxury is defined by intrinsic values (the brand and products): in particular the growing importance of brand exclusivity (about 73% are ready to stop buying a brand that lost exclusivity) and sustainability (determining factor for 17% of respondents, drawn from the younger generations).
When it comes to sustainability, the luxury consumers are not willing to compromise. The cosmetics initiatives are not enough, they need facts. Sustainability in luxury is first and foremost respect for the environment (48% of the panel), the use of safe materials (44%), the respect of animals (30%), the protection of workers (29%), and social activities for 26%. Italy, in the lead over its main competitors in terms of “Made in”, is not yet perceived as a leader in the production of sustainable products.
