International Luxury Goods Retailing Market Report 2021

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Report Summary

“Attracting Gen Z and Young Millennial shoppers is the key to sustaining a luxury brand. Luxury retailers and brands must continue innovating and connecting to a digitally-minded younger audience. Offering items at entry-level price points can encourage brand loyalty that will last until these younger adults reach their full earning potential. A focus on sustainability will also help attract these more environmentally-conscious younger consumers.”
– Tamara Sender Ceron, Senior Fashion Analyst

This Report looks at the following areas:

The impact of COVID-19 on the luxury goods market
The total value of the luxury goods market, the value by products and by regions
Where consumers buy luxury goods from and what channels they use
Changes in luxury goods shopping behaviours and priorities as a result of the pandemic
Interest in future luxury shopping behaviours and innovations.

Overview
- Key issues covered in this Report
- COVID-19: market context
- France
- Germany
- Italy
- Spain
- UK
- US
- China
- Report scope
- Mintel market sizes
- Defining luxury goods
- Product breakdown
- Geographical breakdown
- Consumer research
- Company profiles
- Financial definitions
Executive Summary
- Impact of COVID-19 on luxury goods retail
  - Figure 1: Short, medium and long term impact of COVID-19 on luxury goods retailing, August 2021
- The market
- Luxury market rebounds in 2021
  - Figure 2: Global luxury market: market size, reported and total retail sales and forecasts (excluding VAT), 2016-26
- Fashion holds largest share of luxury market
  - Figure 3: Global luxury market: percentage analysis of sales by product, 2020
- APAC accounts for 46% of luxury sales
  - Figure 4: Global luxury market: percentage analysis of sales by region, 2020
- The consumer
- COVID-19 hampers purchasing levels across Europe
  - Figure 5: Consumers who have bought luxury goods in the last 18 months, 2017-21
- Beauty most purchased category
  - Figure 6: Types of luxury goods bought in the last 18 months, 2021
- Growing shift towards buying luxury online
  - Figure 7: Where luxury goods were bought in the last 18 months, 2021
- Focus on sustainability rises
  - Figure 8: Impact of COVID-19 on luxury shopping behaviours, which factors have become more important, 2021
- Role of social media increases
  - Figure 9: Consumers behaviours in the past 18 months, 2021
- Companies and brands
- LVMH is the world’s largest luxury company
  - Figure 10: Leading luxury companies, % CAGR in revenues, 2015-20
- Online and social media come to the forefront
Issues and Insights
- Plenty of positives for luxury goods despite the COVID hit
- What are the main opportunities for luxury growth?
- Targeting digitally-minded younger shoppers
- Tapping into growing importance of sustainability
- Growing role of social media
- Using technology to improve the online experience
COVID-19 and Luxury Goods Retailing
- The market
- Impact of COVID-related store closures partially offset by online growth
- All sectors affected to similar degrees
- COVID-19 impact has varied considerably by region
- HNWI numbers and wealth relatively unaffected
- Global tourism decline pushes luxury sales back into domestic markets
- The consumer
- Pandemic causes declines in purchasing of luxury goods
- Sustainability and ethics rise up consumer agendas
- Companies and brands
- Online innovation drives channel growth during COVID-19 pandemic
The Market – Key Takeaways
- Pandemic hits sales but Asia Pacific limits impact
- Demand in 2021 bounces back to higher than pre-pandemic levels
- Increasing preference for retail over wholesale is also driving market growth
- Fashion and leather goods account for approaching half of sales
- Asia-Pacific region grows in importance
- Japan retains spot as largest luxury goods market
Market Size and Forecast
- Impact of COVID-19 on luxury goods retail
  - Figure 11: Short, medium and long term impact of COVID-19 on luxury goods retailing, August 2021
- Mintel’s market size methodology
- The impact of the switch to owned retail outlets
- Mintel’s market size and forecast
- - Figure 12: Global luxury market: market size, reported and total retail sales and forecasts (excluding VAT), 2016-26
Product Segmentation
- Mintel’s segmentation methodology
- Market size breakdown
  - Figure 13: Global luxury market: percentage analysis of sales by product, 2020
  - Figure 14: Global luxury market: sales by product, 2010-20
- - Figure 15: Global luxury market: percentage analysis of sales by product, 2010-20
- Fashion and leather goods
  - Figure 16: Global luxury market: fashion and leather goods sales, 2016-20
- Perfumes and cosmetics
  - Figure 17: Global luxury market: perfumes and cosmetics sales, 2016-20
- Watches and jewellery
  - Figure 18: Global luxury market: jewellery and watches sales, 2016-20
Regional Breakdown
- Mintel’s segmentation methodology
- Market size breakdown
  - Figure 19: Global luxury market: percentage analysis of sales by region, 2020
- - Figure 20: Global luxury market: sales by region, 2010-20
  - Figure 21: Global luxury market: percentage analysis of sales by region, 2010-20
Country Market Sizes
- Spend per capita
  - Figure 22: Global luxury market: wealth per HNWI by region, 2020
- Luxury spending by country
  - Figure 23: Global luxury market: top 10 luxury goods markets, 2016-20
  - Figure 24: Global luxury market: top 10 countries in the luxury goods market by share of luxury spending, 201
- Americas
  - Figure 25: Global luxury market: leading luxury goods markets in the Americas region, 2016-20
  - Figure 26: Global luxury market: luxury markets’ shares of all luxury spending in the Americas region, 2016-20
- Asia-Pacific
  - Figure 27: Global luxury market: leading luxury goods markets in the Asia-Pacific region, 2016-20
  - Figure 28: Global luxury market: luxury markets’ shares of all luxury spending in the Asia-Pacific region, 2016-20
- Europe
  - Figure 29: Global luxury market: leading luxury goods markets in the Europe region, 2016-20
  - Figure 30: Global luxury market: luxury markets’ shares of all luxury spending in the Europe region, 2016-20
Market Drivers
- Economic background
- Global uncertainty: COVID-19 knocks back the global economy
  - Figure 31: The global economy: forecast GDP percentage growth rates, constant prices US$, 2020-26
- Global uncertainty: the US-China trade war
- Global uncertainty: Brexit
- Currency
  - Figure 32: Leading international currency exchange rates, 2010-20
- The who, where and why of the luxury goods consumer
- Who?
- High Net Worth Individuals (HNWIs)
  - Figure 33: HNWIs by level of wealth, 2020
- - Figure 34: Share of wealth of HNWIs, 2020
- HNWIs: regional view
  - Figure 35: Number of HNWIs by region, 2013-20
  - Figure 36: Wealth of HNWIs by region, 2020
- - Figure 37: Top 10 largest HNWI populations, 2019 and 2020
- High Earners Not Rich Yet (HENRYs)
- Where they shop
- Shopping channels
  - Figure 38: Where luxury branded items have been bought in the past 18 months, 2020
- Buying outside of the home market
  - Figure 39: International inbound tourism, 2018-20
The Consumer – Key Takeaways
- Younger shoppers drive demand for luxury
- Women dominate luxury beauty purchasing
- Travel bans lead to a drop in global tourism
- Environmentally-friendly positioning more popular since pandemic
- The role of social media increases
Who Buys Luxury Goods
- COVID-19 hampers purchasing levels across Europe
  - Figure 40: Consumers who have bought luxury goods in the last 18 months, 2017-21
- Men remain the main luxury shoppers in Europe
  - Figure 41: Consumers who have bought luxury goods in the last 18 months, by gender, 2021
- Younger shoppers drive demand for luxury
  - Figure 42: Consumers who have bought luxury goods in the last 18 months, by age, 2021
- COVID-19 impacts lower income consumers
  - Figure 43: European consumers who have bought luxury goods in the last 18 months, by monthly household income, 2021
- High income UK consumers more likely to spend on luxury
  - Figure 44: UK consumers who have bought luxury goods in the last 18 months, by monthly household income, 2021
- US consumers earning more than $75,000 keen luxury shoppers
  - Figure 45: US consumers who have bought luxury goods in the last 18 months, by monthly household income, 2021
- China’s luxury purchasing driven by women
  - Figure 46: China: consumers who have bought luxury goods in the last 18 months, by gender, age and monthly household income, 2021
What They Buy
- Beauty most purchased category
  - Figure 47: Types of luxury goods bought in the last 18 months, 2021
- - Figure 48: Breakdown of the types of luxury goods bought in the last 18 months
- Women drive beauty purchasing
  - Figure 49: Consumers who have bought luxury beauty items in the past 18 months, by gender, 2021
- Men more likely to buy luxury clothing in Germany, France and Spain
  - Figure 50: Consumers who have bought luxury clothing items in the past 18 months, by gender, 2021
- Watches and jewellery popular with male US and Chinese shoppers
  - Figure 51: Consumers who have bought luxury watches and jewellery items in the past 18 months, by gender, 2021
- Luxury fashion accessories popular with UK male shoppers
  - Figure 52: Consumers who have bought luxury fashion accessory items in the past 18 months, by gender, 2021
Where They Shop
- - Figure 53: Where luxury goods were bought in the last 18 months, 2021
- COVID-19 impacts domestic luxury market
  - Figure 54: Consumers who bought luxury goods in-store in home country in the last 18 months, 2019-21
- Travel bans lead to a drop in global tourism
  - Figure 55: Consumers who bought luxury goods in-store abroad in the last 18 months, 2019-21
- Online luxury shopping takes off in China, Italy and US
  - Figure 56: Consumers who bought luxury good online in the last 18 months, 2019-21
- Reduction in travel means fewer Chinese tourists shopping in stores abroad
How COVID-19 Has Impacted Luxury Shopping Behaviours
- Environmentally-friendly positioning more popular since pandemic
- Authenticity matters
  - Figure 57: Impact of COVID-19 on luxury shopping behaviours, which factors have become more important, 2021
- Fashion trends have become less important since pandemic
- Chinese shoppers want low-key brands
  - Figure 58: Impact of COVID-19 on luxury shopping behaviours, which factors have become less important, 2021
Current and Future Luxury Shopping Behaviour
- The role of social media increases
- Resell luxury market expected to grow
  - Figure 59: Consumers behaviours in the past 18 months, 2021
- Shoppers interested in second-hand luxury
- Chinese shoppers interested in attending brand-led events
  - Figure 60: Behaviours consumers have not done but would be interested in doing, 2021
Impact of COVID-19 on Luxury Goods Behaviours
- Concerns over risk of infection remain
  - Figure 61: Extremely worried about exposure to COVID-19/coronavirus*, 2021
- Consumers’ spending on beauty products remain stable
  - Figure 62: Consumers spending on beauty products and toiletries since the pandemic*, 2021
- Clothing and accessories take a hit
  - Figure 63: Consumers spending on clothing and accessories since the pandemic*, 2021
- Consumers opt to online shop to avoid crowded stores
  - Figure 64: Changes in behaviour due to COVID-19*
Companies and Brands – What You Need to Know
- LVMH is the world’s largest luxury company
- Aggregate sales down year-on-year in all regions in 2020
- Leaders increase their grip on the market
- French companies dominate, while Ralph Lauren drops out of Top 10
- Online and social media come to the forefront
- Ecommerce capabilities grow amidst pandemic
Company Metrics
- Rankings
  - Figure 65: Leading luxury companies, by net revenues, 2018-20
- Revenue growth rates
  - Figure 66: Leading luxury companies, % CAGR in revenues, 2015-20
- Product revenue mix
- - Figure 67: Leading luxury companies, revenue by product group, 2020
  - Figure 68: Leading luxury companies, revenue by product group, 2020
- - Figure 69: Leading luxury companies, percentage point change in product mix by product group revenue, 2016-20
- Regional revenue growth
- - Figure 70: Leading luxury companies, total revenue by region, 2016-20
- Store numbers
- - Figure 71: Selected leading luxury retailers, estimated store numbers, 2020
- Brand ownership
- - Figure 72: Brand ownership, by leading luxury companies, 2021
Market Shares
- Luxury leaders increase their grip on the market
- - Figure 73: Leading luxury goods groups’ shares of all luxury goods sales, 2020
  - Figure 74: Leading luxury goods groups, share of all luxury goods sales, 2018-20
- Product market shares
  - Figure 75: Leading luxury goods groups’ shares of all luxury fashion/leather goods sales, 2020
- - Figure 76: Leading luxury goods groups’ shares of all luxury perfumes/cosmetics goods sales, 2020
- - Figure 77: Leading luxury goods groups, share of all luxury watches/jewellery goods sales, 2020
Online and Social Media
- The market
- The outlook
- Retailers work on integrating offline and online shopping experiences
- Retailers experiment with augmented reality technology to enhance shopping experiences
  - Figure 78: Gucci virtual sneaker, 2021
- Brands launch virtual stores
  - Figure 79: Dior’s virtual boutique, 2020
- The brands online
- - Figure 80: Major luxury brands: Number of markets with transactional websites, 2017-21
- Pureplay luxury etailers
- Net-a-Porter, Mr Porter launch new ‘glanceable’ iOS widgets
- Yoox launches dedicated Generation Z hub
- Farfetch launches exclusive Burberry Olympia bags with 3D Experience
  - Figure 81: Farfetch, 2021
- The Restory and Farfetch team up to launch luxury aftercare service
- Amazon debuts ‘Luxury Stores’ with Oscar de la Renta
- Social media
- Brands leverage in-app shopping features
Launch Activity and Innovation
- Brands push forward with sustainability agendas
- Handbag Clinic launches partnership with Fenwick
- Hurr Collective launches footprint tracker feature
  - Figure 82: Hurr carbon footprint calculator
- Rebag expands to watches and fine jewellery categories
- Selfridges sells vertically-farmed produce from its own store
  - Figure 83: Project Earth food edit 2020
- Kering invests in rental handbag service Cocoon
- Ecommerce capabilities grow amidst pandemic
- Salvatore Ferragamo teams up with Microsoft
  - Figure 84: Salvatore Ferragamo personalisation tool 2020
- Farfetch launches style advisor with Karla Welch’s Wishi
- Burberry launches virtual replica of Tokyo flagship store
  - Figure 85: Burberry virtual store 2021
- Pandemic heightens role of virtual reality technology
- Chanel launches Lipscanner app
  - Figure 86: Chanel Lipscanner App 2021
- Gucci launches Gucci Sneaker Garage
- Burberry launches AR Pocket bag experience
  - Figure 87: Burberry AR pocket bag feature 2021
- In-store experiences
- Burberry blends physical and digital with first social retail store in China
  - Figure 88: Burberry’s ‘social store’ in China, 2020
- Swarovski opens first Crystal Studio in the UK
- Selfridges teams up with SoulCycle to open first Outside Studio
  - Figure 89: SoulCycle Studio with Selfridges 2021
- Anya Hindmarch reveals plans for new physical retail concept The Village
- Selfridges reveals permanent bike shop at Oxford Street flagship
  - Figure 90: Selfridges bike shop 2021
- Pop ups
- Selfridges reveals first kitchen pop-up
- Stella McCartney celebrating reopening with a series of pop-ups
- Burberry launching ‘Animal Kingdom’ pop-ups
- Rent the Runway launches Swap Stop traveling pop-up experience
Burberry
- What we think
- Livestreamed Spring/Summer 2021 fashion show
- Burberry launches virtual replica of Tokyo flagship store
- Burberry blends physical and digital with first social retail store in China
- Burberry launches digital and in-store ‘Animal Kingdom’ pop-ups
- Burberry launches AR Pocket bag experience
- Burberry launches World of Olympia pop-up at Harrods
- Burberry launches fabric recycling scheme with British Fashion Council
- Burberry teams up with students from IBM to create prototype system for product traceability
- Company background
- Company performance
  - Figure 91: Burberry Group Plc: Group financial performance, 2016/17-2020/21
- - Figure 92: Burberry Group Plc: revenue by product division, 2016/17-2020/21
  - Figure 93: Burberry Group Plc: Outlet data, 2016/17-2020/21
- E-commerce
Estée Lauder
- What we think
- The Estée Lauder Companies increases share in DECIEM
- QVC expands Estée Lauder partnership with livestream video launch
- Estée Lauder terminates Rodin Olio Lusso brand
- Estée Lauder launches Uber delivery partnership
- Estée Lauder launches Snapchat AR makeup try-on
- Company background
- Company performance
  - Figure 94: Estée Lauder Companies: group financial performance, 2014/15-2020/21
- - Figure 95: Estée Lauder Companies: group financial performance, by region, 2015/16-2020/21
- - Figure 96: Estée Lauder Companies: group financial performance, by product category, 2015/16-2020/21
- Q1 2022
- E-commerce
Hermès
- What we think
- Sustainable flagship
- Fungus handbag
- Hermès adds to lipstick collection
- Company background
- Company performance
  - Figure 97: Hermès: financial performance, 2016-20
- - Figure 98: Hermès: group sales, by region, 2016-20
- - Figure 99: Hermès: group sales by product category, 2016-20
- Q1 2021
- E-commerce
Kering
- What we think
- Rental and resale
- A wave of pop-up stores to capture the imagination as lockdown restrictions ease
- Ultra-personalised beauty experience
- Maximising on the lifestyle potential of its brands
- Alternative sourcing and eco-friendly fabric innovation
- Company background
- Company performance
- - Figure 100: Kering: financial performance, 2016-20
  - Figure 101: Kering Luxury: breakdown of revenue by region, 2016-20
- - Figure 102: Kering Luxury: directly-operated stores, 2019 and 2020
- E-commerce
L’Oréal Luxe
- What we think
- L’Oréal Group brands launch sustainable and ethical innovations
- Diesel launches Antimicrobial Unisex Capsule Collection
- Urban Decay’s first vegan Naked palette 
- Lancôme launches First Global Sustainability Programme
- L’Oréal launches make-up recycling across UK shops
- Giorgio Armani reveals new sustainable fragrance pillar
- Ralph Lauren launches Custom Polo Program…
- …while Giorgio Armani launches made-to-order service for womenswear
- Valentino launches virtual open house
- Valentino’s first makeup collection
- Company background
- Company performance
  - Figure 103: L’Oréal Luxe: financial performance,2016-20
- E-commerce
LVMH
- What we think
- A broad geographical spread
- Tiffany deal increases presence in watches & jewellery category
- Off-White purchase brings new, more diverse audience
- Sustainability growing in importance
- What next?
- Company background
- Company performance
  - Figure 104: LVMH: group financial performance, 2016-20
- - Figure 105: LVMH: distribution of luxury revenues by region, 2016-20
  - Figure 106: LVMH Group: distribution of luxury revenues by product category, 2016-20
- - Figure 107: LVMH: outlet data, 2019 and 2020
  - Figure 108: LVMH: store numbers by Luxury division, 2018-20
- - Figure 109: LVMH: luxury goods ‘maisons’ by division, 2021
- E-commerce
- Tiffany
  - Figure 110: Tiffany: group financial performance, 2018-20
- - Figure 111: Tiffany: distribution of revenues by region, 2018-20
  - Figure 112: Tiffany: outlet data, 2020
Prada
- What we think
- First campaign for Galleria handbag
- Art in Prada Mode
- Prada launches organic denim for pre-autumn 2021
- Prada expands Re-Nylon range
- Prada brings customers behind the scenes
- Company background
- Company performance
  - Figure 113: Prada Group: financial performance, 2016-20
  - Figure 114: Prada Group: net revenues breakdown, by channel, 2016-20
- - Figure 115: Prada Group: net retail revenues breakdown, by brand, 2016-20
- - Figure 116: Prada Group: net retail revenues breakdown, by region, 2016-20
  - Figure 117: Prada Group: net retail revenues breakdown, by product line, 2016-20
- - Figure 118: Prada Group: directly-operated stores, 2016-20
- E-commerce
Ralph Lauren
- What we think
- Working hard in the physical space to woo back shoppers
- Augmented reality experiences to keep brand ahead in the digital space
- Made-to-order service
- Targeting aspiring luxury sportswear shoppers
- New eco-friendlier fabric dyeing processing
- A new affordable and sustainable method to owning luxury fashion
- Company background
- Company performance
  - Figure 119: Ralph Lauren Corporation: group financial performance, 2016/17-2020/21
- - Figure 120: Ralph Lauren Corporation: global directly-operated stores and concessions, 2016/17-2020/21
- E-commerce
Richemont
- What we think
- New fashion-forward strategy as competition intensifies in ‘hard’ luxury
- Virtual boutiques and enhanced mobile shopping experiences
- New Chinese marketplace venture with Alibaba and Farfetch
- ‘Digital passports’ to boost traceability of garments
- Company background
- Company performance
  - Figure 121: Richemont: group financial performance, 2016/17-2020/21
- - Figure 122: Richemont: revenues by region, 2016/17-2020/21
  - Figure 123: Richemont: revenues by product, 2016/17-2020/21
- - Figure 124: Richemont: revenues by maison, 2016/17-2020/21
- E-commerce
Shiseido
- What we think
- Shiseido sells mass-market personal care brands in $1.5 billion deal
- Shiseido opens virtual-technology led store in Ginza
- Shiseido to focus on holistic beauty
- Shiseido launches sustainable options
- Company background
- Company performance
  - Figure 125: Shiseido: group financial performance, 2016-20
- - Figure 126: Shiseido: group sales performance, by region, 2016-20
- Q1 2020
- E-commerce
Swatch Group
- What we think
- Premium priced timepieces leading the recovery in Swiss watch exports
- New immersive travel retail shopping experience
- Stepping up direct-to-consumer sales with one-click social commerce
- Boosting brand awareness through celebrity partnerships
- Company background
- Company performance
  - Figure 127: Swatch Group: financial performance by brand, 2016-20
- - Figure 128: Swatch Group: net sales by region, 2016-20
  - Figure 129: Swatch Group: watches and jewellery segment financial performance, 2016-20
- Ecommerce
Tapestry
- What we think
- Expanded digital capabilities and services drive ecommerce sales
- Coach makes a big splash with affordable Jennifer Lopez collaboration
- Kate Spade strengthening commitment to responsible sourcing
- Company background
- Company performance
  - Figure 130: Tapestry Inc.: group financial performance, 2015/16-2019/20
- - Figure 131: Tapestry Inc.: net sales, by region, 2015/16-2019/20
  - Figure 132: Tapestry Inc.: product sales breakdown, 205/26-2019/20
- - Figure 133: Tapestry Inc.: directly-operated stores, 2015/16-2019/20
- E-commerce
Tod’s Group
- What we think
- A potential takeover target for a bigger group, possibly LVMH
- Reaching out to influencers to broaden appeal among younger generations
- A more enriched and user-friendly digital experience
- Expanded customisation options
- Seasonal pop-up concept to target the wealthy while on holiday
- Company background
- Company performance
  - Figure 134: Tod’s Group: group financial performance, 2016-20
  - Figure 135: Tod’s Group: sales, by region, 2019 and 2020
- - Figure 136: Tod’s Group: sales by product type, 2019 and 2020
  - Figure 137: Tod’s Group: sales, by brand, 2019-20
- - Figure 138: Tod’s Group: sales by distribution channel, 2019-20
- Ecommerce
Appendix – Data Sources, Abbreviations and Supporting Information
- Abbreviations
- Consumer research methodology
- Data sources

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

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Data

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Report Summary

Table of Contents

Overview

Executive Summary

Issues and Insights

COVID-19 and Luxury Goods Retailing

The Market – Key Takeaways

Market Size and Forecast

Product Segmentation

Regional Breakdown

Country Market Sizes

Market Drivers

The Consumer – Key Takeaways

Who Buys Luxury Goods

What They Buy

Where They Shop

How COVID-19 Has Impacted Luxury Shopping Behaviours

Current and Future Luxury Shopping Behaviour

Impact of COVID-19 on Luxury Goods Behaviours

Companies and Brands – What You Need to Know

Company Metrics

Market Shares

Online and Social Media

Launch Activity and Innovation

Burberry

Estée Lauder

Hermès

Kering

L’Oréal Luxe

LVMH

Prada

Ralph Lauren

Richemont

Shiseido

Swatch Group

Tapestry

Tod’s Group

Appendix – Data Sources, Abbreviations and Supporting Information

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