18 million people buy 30% of global commodities. Altagamma and BCG depict today and tomorrow luxury

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“Only 18 million exclusive consumers” buy 30% of global luxury items in the world. Such data are highlighted in a survey carried out by Altagamma Foundation, in cooperation with the Boston Consulting Group, and presented at the Consumer and Retail Insight meeting. Researchers focused their investigation on the main luxury markets: it turns out, from their analysis, that throughout 2017 high-end consumers spent overall 915 billion euros (+6% compared to 2016). Out of this amount, only 18 million people have spent up to 267 billion euros, that is, 30%. Chinese and Millennials, most of all, are driving both the current business expansion and the one forecast by 2024, together with the new rich customers, coming from developing countries, and citizens who reside in the big cities worldwide. As regards youngsters, over 33% of Millennials, interviewed during the survey, pinpoint a brand and its several product types to purchase, whereas Chinese customers’ attitude tends to line up with the overall behavior of luxury worldwide consumers: social media and word-of-mouth are their first and second source of information, 50% and 30% respectively, and influencers are the third one.

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