In an uncertain world where values continuously shift, luxury is becoming a sanctuary. Affluents from all over the world are reinforcing their expertise regarding goods and services. More than ever, they wish to have access to an exceptional level of quality and creativity, but also to sustainable products. This demand for sustainability underscores a quest for authenticity, but also for meaning and ethical / ecological commitments.
The World Luxury Tracking is Ipsos’ landmark study on the global Luxury market. Every year, this tracker highlights the different trends within a key geographic zone and allows clients to better understand consumer expectations and local cultures in a world of perpetual reinvention, while remaining rooted in traditional know-how. This latest wave covers pillar countries of luxury: China, US, Europe top 5 - France, Italy, Germany, Great-Britain and Spain.
This year, the current quest for exclusivity is getting stronger; quest for sustainable quality, digital fluidity, creative boldness, all of this while looking for more ethical means of production.
- For the surveyed affluents, the luxury goods are products that last, that have a long-term life: 84% of our affluents in the three zones (+6 points compared to previous waves).
- The buying journey is evolving: the second-hand market is developing in every zone, particularly in the US (+11 points vs 2017) and in Europe (+9 points). This year, and for the first time, the reluctance to online purchasing are fading away in Europe, where the share of luxury goods bought online is now similar to the US.
- Responders awaits a significant creative value, with bold, new and unseen products: 81% of them (+7 points), and it is particularly important in Europe (+9 points vs wave).
- The demand for ethical and ecological commitment is particularly strong - especially in China (90% of surveyed affluents) and among millennials in every area.
- In their definition of luxury, with their words and images – affluents display a will to reconnect with what is essential, and to reconnect to what they consider to be true values: time, meaning, the others, nature…