奢侈品状态：如何应对经济放缓（英）

Investment Rating - The report does not explicitly provide an investment rating for the luxury industry Core Insights - The luxury industry is experiencing a significant slowdown after a period of exceptional growth, with a projected annual growth rate of 1 to 3 percent from 2024 to 2027, compared to a 5 percent compound annual growth rate from 2019 to 2023 [31][35] - Price increases accounted for over 80 percent of the luxury industry's growth during the previous five years, while volume gains were more moderate [30][72] - The luxury client base is becoming more diverse, with younger clients seeking unique experiences rather than just luxury goods, creating new challenges for brands [33][34] Market Backdrop - The personal luxury goods industry grew at a rate of 5 percent per year from 2019 to 2023, with price increases driving much of this growth [53][54] - The luxury sector's economic profit nearly tripled from 2019 to 2024, indicating strong financial performance despite the current slowdown [60][62] - The Chinese market, which grew at 18 percent annually from 2019 to 2023, has been a significant driver of luxury growth, but is now facing macroeconomic challenges [32][53] Strategic Imperatives - Luxury executives are advised to conduct a strategic reset, restore product excellence, rethink customer engagement strategies, bridge talent capability gaps, and futureproof their portfolios to navigate the current market challenges [37][43] - Investment in technology, AI, and data capabilities is essential for uncovering customer insights and personalizing customer journeys [40][45] - Brands must clarify their core values and align on priority clients to sharpen long-term strategies and maintain brand relevance [44][45]