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Published by: Mintel International Group Ltd.
Published: Jan. 1, 2008 - 86 Pages
Table of Contents
- Scope and Themes
- What you need to know
- Definition
- Market size and sales data for this report
- Abbreviations and terms
- Abbreviations
- Executive Summary
- A cooling economy weakens growth
- HNWIs create an hourglass effect in spending
- Everyone wants to sell luxury and fashion goods
- Leather loses its luster, cosmetics improve
- A complex marketing mix
- Department stores in decline
- Additional target audiences
- A second hourglass effect—spending by age
- When male consumers matter
- The importance of quality
- Mixing retail channels requires firm control of the brand
- Future trends
- Slowing growth in a difficult market
- Department stores to play a declining role
- Fast fashion may slow down
- Small is big
- Market Size and Forecast
- Sales leaders by company
- Figure 1: Estimated U.S. luxury goods market size, by 25 largest luxury brands and others, 2005-06
- Forecast
- Figure 2: U.S. Luxury market sales and forecast, at current and constant 2007 prices, 2004-10
- Global market overview
- Figure 3: Estimated global luxury goods market size, by 25 largest luxury brands and others, 2005-06
- Market Segmentation
- Figure 4: U.S. luxury goods market segmentation revenues, 2006 and 2007
- Fashion and leather
- Perfume and cosmetics
- Jewelry and watches
- Supply Structure
- Introduction
- Coach Inc.
- Estée Lauder
- LVMH Moët Hennessy-Louis Vuitton
- Phillips Van Heusen/Calvin Klein
- Polo Ralph Lauren Corp.
- Tiffany & Co.
- Tommy Hilfiger
- Advertising and Promotion
- Traditional advertising
- Figure 5: Advertising spending by leading luxury goods companies, 2005 and 2006
- Department store advertising
- Figure 6: Advertising spending by department store chain, 2005 and 2006
- Figure 7: Women’s shoes at Macy’s, 2007
- Figure 8: Designer fur sale at Bloomingdale’s, 2007
- Runway and trunk shows
- Celebrity spokespersons
- Art meets commerce
- Retail Distribution
- Overview
- Figure 9: Retail channels for luxury goods purchases, 2007
- Figure 10: Retail channels for luxury goods purchases used by higher income respondents, 2007
- Department stores
- Figure 11: Products purchased at leading department stores, 2007
- Company-owned retail
- Licensing
- e-commerce
- Figure 12: E-commerce sales, 2001-06
- Figure 13: Attitudes and behavior regarding online shopping, by household income, 2006
- Market Drivers
- Leading economic indicators
- Figure 14: Key economic indicators (GDP, PDI, savings, unemployment), 2000-06
- Declining consumer confidence
- Figure 15: Consumer sentiment index, 2001-07
- The declining U.S. dollar
- Figure 16: Euro-Dollar exchange rate, 2001-07
- Affluent households and the “hourglass effect”
- Figure 17: Number of HNWIs in the U.S., 2002-06
- Counterfeits, knock-offs and cheap chic
- Figure 18: Categories of counterfeit goods seized by U.S. Customs, by % value, FY2007
- Figure 19: Value of counterfeit goods seized by U.S. Customs, 2006-07
- Knockoffs and cheap chic
- Figure 20: Rate of clothing purchases at mass merchandisers and discounters, by household income, May 2006-June 2007
- The influence of the Web
- Online discounters
- Luxury goods rental services
- The second hourglass effect
- The Consumer—Luxury Goods Ownership
- Brief summary of all findings
- Ownership
- Figure 21: Luxury goods ownership, November 2007
- Types of luxury goods owned
- Figure 22: Categories of luxury goods owned, by gender, November 2007
- Figure 23: Categories of luxury goods owned, by age, November 2007
- Figure 24: Categories of luxury goods owned, by household income, November 2007
- Figure 25: Categories of luxury goods owned, by race/ethnicity, November 2007
- Who luxury goods are purchased for
- Figure 26: Persons luxury goods are purchased for, November 2007
- The Consumer—Reasons to Purchase (or not) Luxury Goods
- Reasons to purchase luxury goods
- Figure 27: Reasons to purchase luxury goods, by gender, November 2007
- Figure 28: Reasons to purchase luxury goods, by age, November 2007
- Figure 29: Reasons to purchase luxury goods, by household income, November 2007
- Why luxury goods aren’t purchased
- Figure 30: Reasons not to buy luxury goods, by gender, November 2007
- Figure 31: Reasons not to buy luxury goods, by household income, November 2007
- The Consumer—Luxury Apparel
- Spending on luxury apparel
- Figure 32: Actual spending and maximum spending on luxury apparel, November 2007
- Luxury clothing brands owned
- Figure 33: Luxury apparel brands owned, by gender, November 2007
- Figure 34: Luxury apparel brands owned, by household income, November 2007
- Stores in which luxury clothing is purchased
- Figure 35: Channels where luxury apparel is purchased, by gender, November 2007
- Figure 36: Channels where luxury apparel is purchased, by household income, November 2007
- The Consumer—Luxury Accessories and Shoes
- Spending on luxury accessories
- Figure 37: Actual spending and maximum spending on luxury accessories, November 2007
- Luxury accessory brands owned
- Figure 38: Luxury accessory and shoe brands owned, by gender, November 2007
- Figure 39: Luxury accessory and shoe brands owned, by household income, November 2007
- Stores in which luxury accessories are purchased
- Figure 40: Channels where luxury acccessories and shoes are purchased, by gender, November 2007
- Figure 41: Channels where luxury accessories and shoes are purchased, by household income, November 2007
- The Consumer—Luxury Perfumes and Cosmetics
- Spending on luxury perfumes and cosmetics
- Figure 42: Actual spending and maximum spending on luxury perfumes and cosmetics, November 2007
- Luxury perfume and cosmetics brands owned
- Figure 43: Luxury perfumes and cosmetics brands owned, by gender, November 2007
- Figure 44: Luxury perfumes and cosmetics brands owned, by household income, November 2007
- Ownership of all types of perfumes brands—female respondents
- Figure 45: Perfumes used by female respondents, by household income, 2007
- Ownership of all types of fragrance brands—male respondents
- Figure 46: Cologne and aftershave brands used by male respondents, by household income, 2007
- Stores in which luxury perfumes and cosmetics are purchased
- Figure 47: Channels where luxury perfumes and cosmetics are purchased, by gender, November 2007
- The Consumer—Luxury Watches and Jewelry
- Spending on luxury watches and jewelry
- Figure 48: Actual spending and maximum spending on luxury watches and jewelry, November 2007
- Luxury watch and jewelry brands owned
- Figure 49: Luxury jewelry and watch brands owned, by gender, November 2007
- Figure 50: Luxury jewelry and watch brands owned, by income, November 2007
- Ownership of all types of watch brands
- Figure 51: Most popular watch brands overall, by household income, May 2006-June 2007
- Stores in which luxury watches and jewelry are purchased
- Figure 52: Channels where luxury watches and jewelry are purchased, by gender, November 2007
- Appendix: Trade Associations
AbstractThis report differs from other Mintel retail reports in that it looks primarily at companies involved in manufacturing and distribution, rather than pure retail companies. For specific data you will find:
- An excellent discussion and analysis of three luxury sectors: fashion and leather (including apparel, accessories, and shoes); perfumes and cosmetics; and watches and jewelry
- Unique sales data for the 25 leading luxury brands (US and global), as well as an estimate of the total market for products discussed
- Extensive discussion of strategies currently in play, with primary focus on the seven market leaders
- Advertising spend for leading luxury goods companies
This report will help you understand the luxury goods market and where opportunities exist:
- Why this formerly “recession-proof” market is a little less so today
- An understanding of where growth will come from in 2008-10, taking into account the complex cross-currents in the U.S. and global economy, and the value of the US dollar
- How household income exerts an hourglass effect on the luxury market, and why this has been a problem for mid-tier department stores like Macy’s, Nordstrom’s, and Dillard’s
- An extensive look at consumer motivations to buy luxury goods, and why cutting corners has created a risk for the industry
- How much consumers say they spend on luxury, brands purchased, and stores where they buy
For the purposes of this report, luxury goods are defined as premium branded products including apparel; accessories; perfumes; cosmetics; jewelry; watches; and some home goods. Other luxury products such as automobiles, art, wines and spirits, food, electronics and personal services are not discussed within this report.
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