Pandemic Has Fueled Appetite for French Luxury, Survey Finds – WWD

PARIS – It can come as no shock, given the continued resilience of among the trade’s main gamers, that demand for French luxury stays buoyant.

However client attitudes round luxurious in key markets are altering, notably with regards to second-hand items, a brand new examine has revealed.

This was one of many key findings of a current IFOP survey commissioned by French luxurious items commerce affiliation Comité Colbert, assessing perceptions of and urge for food for French luxurious merchandise at house in addition to within the U.S. and China.

“Traditionally, crises have at all times revealed a renewed urge for food for luxurious,” stated IFOP president Stéphane Truchi, who revealed the findings.

Among the many 1,844 folks surveyed, 60 p.c of the U.S. shoppers, 51 p.c of the Chinese language and 42 p.c of the French stated that they had extra urge for food for luxurious for the reason that pandemic hit.

“Folks have been touring much less, and native spending turned predominant,” stated Truchi. “Buying luxurious merchandise is reassuring; the Individuals in significantly are very delicate to revenge shopping for.”

The survey questioned luxurious shoppers, representing the highest 20 p.c of earners within the three nations, over the summer season to see how their perceptions of luxurious had modified for the reason that pandemic.

It’s the primary time Comité Colbert had commissioned this sort of examine since 2008, and was considered one of a spread of initiatives carried out below Bénédicte Épinay, who was named chief government officer of the establishment in March final yr.

Shopping for into luxurious as an funding got here out as a robust driver – for 90 p.c of Chinese language shoppers, 88 p.c of Individuals and 77 p.c of French folks.

Some 26 p.c of shoppers stated they typically purchased luxurious items second-hand; one other 35 p.c stated they generally did, whereas 18 p.c stated that they had not accomplished so previously, however deliberate to.

Whereas this was particularly the case within the U.S., the place 74 p.c of shoppers have been already shoppers of resold items or had resorted to renting luxurious merchandise, it was additionally true in China for 51 p.c of these surveyed.

“Whereas the worry of counterfeits remains to be a priority in China, this nonetheless represents greater than half of shoppers, and we have to bear in mind that is the highest 20 p.c of the inhabitants,” stated Truchi.

The rising demand for second-hand merchandise represents “a big change,” stated Truchi. “Luxurious homes have to take this on board of their distribution and gross sales ecosystems.”

Whereas the principal driver of second-hand purchases remained worth, the have to be seen commonly with new merchandise, galvanized by social media, was additionally a robust concern for shoppers surveyed, particularly amongst youthful generations, Truchi stated.

“Resale is just not endangering luxury homes, quite the opposite, it’s a option to recruit new shoppers. The concept of a product having a second life is especially essential for youthful shoppers. If a home handle this effectively, that may be extraordinarily helpful. The sustainability angle is vital. Fifteen years in the past, manufacturers didn’t think about that resale could possibly be a part of their distribution ecosystem in any respect,” he stated.

Concerning sustainability, 90 p.c of Chinese language shoppers, 83 p.c of Individuals and 80 p.c of the French stated that luxurious manufacturers ought to set an instance with regards to environmental duty.

These findings echoed the issues and actions of the Comité Colbert’s member firms, stated Épinay. The physique consists of 90 French luxurious homes and 17 cultural establishments.

“We offered the outcomes to our members final week, and the findings validate the initiatives we’ve got been setting up,” she stated.

The Comité Colbert issued its first ever sustainability report this summer season, and is initiating mentoring periods in order that smaller homes can profit from the learnings of bigger gamers who’re extra superior with regards to CSR.

It has additionally revamped its web site, including detailed data on members and pages devoted to the totally different crafts that make up the trade geared toward encouraging younger folks to affix artisanal professions. In parallel, it has ramped up its exercise on social media; due to its launch on WeChat, it now has 50,000 followers in China. “We now have extra followers in China than we do in France,” stated Épinay.

Amongst different outcomes from the survey, when requested which nations symbolize luxurious, France got here out high for shoppers from each France and China, adopted by Italy, though U.S. shoppers have been extra patriotic, mentioning the U.S. earlier than each of the European markets.

“Chinese language shoppers proceed to be extraordinarily involved in French luxurious homes,” stated Truchi.

General, trend and couture, jewellery and perfume and sweetness have been the highest luxurious classes.

When requested in regards to the values they related to French “artwork de vivre,” each American and Chinese language shoppers cited class and romanticism. “There’s a robust correlation between the French life-style and French luxurious,” stated Truchi.

There have been important variations right here between the three nations, nevertheless: whereas French shoppers prioritized excellence and custom, for Individuals, pleasure, uniqueness and modernity have been excessive on the listing, whereas amongst Chinese language shoppers, creativity and aesthetism stood out, highlighting the significance for manufacturers of tailoring communication to native preferences and concerns, stated Truchi.

French luxurious merchandise have been perceived as providing superior high quality in all three nations. “That is reassuring in an period when there may be plenty of discuss native merchandise. It proves that French luxurious remains to be seen as a assure of high quality,” he commented.

See additionally: 

Why Luxury Brands Are Sitting Out the Resale Market Boom

Investors Are Cautious About Luxury Sector, Barclays Finds

America Seen as Eldorado for Luxury Consumption | Pandemic Has Fueled Urge for food for French Luxurious, Survey Finds – WWD


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