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1、0True-Luxury Global Consumer Insights9thEdition July 20231 12023 study keeps True-Luxury consumer at the center.with a much wider range of tools,sources and deep dives12,000+respondentsof which 2,000 in China&2,000 in US39K+Avg.personal spend1(back to pre-Covid level)Top 12 WW Luxury MarketsResponde

2、ntsAvg.spendMarketsTrue-Luxury Consumers(out of 370M total consumers)generating ca.40%of global luxury market20M9thEdition True-Luxury consumer survey1.Includes personal and experiential luxury,excluding cars,yachts,smartphones and smartwatches 30+in depth interviews with individual True-Luxury cons

3、umers 25+interviews&content discussion sessions with industry experts&topic leadersBrand new deep dive on customer experience,based on quali-quantitative sources and advanced data&analytics toolsEngagement of local Luxury experts andindustry partners from China and USResearch partner 22023 STUDY:202

4、3 STUDY:CONTENTS CONTENTS 1FUTUREPROOF:LUXURY MARKET THRIVES FUTUREPROOF:LUXURY MARKET THRIVES AMIDST UNCERTAINTYAMIDST UNCERTAINTYMarket outlook&TrueMarket outlook&True-Luxury consumer sentimentLuxury consumer sentiment2TOP 10 TRENDS CEOS SHOULD STAY AHEAD OF TOP 10 TRENDS CEOS SHOULD STAY AHEAD OF

5、 Snapshot of market,consumer and novel Luxury trends Snapshot of market,consumer and novel Luxury trends 3LUXURY IN A CHANNELLUXURY IN A CHANNEL-LESS AGE:LESS AGE:TRUETRUE-LUXURY CONSUMER STILL UNHAPPY LUXURY CONSUMER STILL UNHAPPY T The new frontier of Luxury experiencehe new frontier of Luxury exp

6、erience3Chapter 1.Chapter 1.FUTUREPROOF:FUTUREPROOF:LUXURY MARKET LUXURY MARKET THRIVES AMIDST THRIVES AMIDST UNCERTAINTYUNCERTAINTYMarket outlook&TrueMarket outlook&True-luxury consumer sentimentluxury consumer sentiment4 4Personal luxury has recovered to pre-covid levels and Experiential on the wa

7、y;High single-digit growth expected61%39%201464%36%201954%46%202055%45%202155%45%202257%43%2023F58%42%2026FExperientialPersonalGlobal True-Luxury Market YoY EvolutionCAGR14-1921-2222-23+16%+7-9%CAGR23-26+6%+18%+14-16%+4%+6-8%+8-10%Note:Personal includes apparel,footwear,accessories,leather goods,bea

8、uty,jewelry(branded and unbranded)and watches/Experiential includes furniture,food and wine,fine dining&hotel and exclusive vacationsSource:BCG Fashion&Luxury Market Model as of June 2023;BCG AnalysisBase scenarioBase scenarioDetail next5 5Unprecedented complexity to make Luxury market forecasts|Tod

9、ays macroeconomic volatility requires an assessment on a weekly horizonWe envision 2 evolution scenarios We envision 2 evolution scenarios based on key geographies outlookbased on key geographies outlookPersonal Luxury Market Personal Luxury Market 2023 2023 expected scenariosexpected scenariosOptim

10、istic Scenario:Optimistic Scenario:High expected global growthBase Scenario:Base Scenario:Slow-down of Western Consumers not compensated by Asian acceleration202220222023F2023F+11+11-13%13%vs 2022+7+7-9%9%vs 2022 More cautious outlook for China More cautious outlook for China(+15%growth 22-23)with t

11、echnical rebound domestically and slow restart of international consumption Limited confidence Limited confidence of consumers in Western markets,with H2 23 heavily impacted by economic uncertainty(mid-low single digit growth)Strong restart of China Strong restart of China Luxury market(+20%vs 22),m

12、ainly fueling domestic consumption,while gradual spend increase in nearby countries(e.g.,HK,Macao)and in int.destinations from H2 2023 Solid confidence Solid confidence of US consumers despite the macro context,driving domestic and international demand(high-single digit growth)Source:BCG Fashion&Lux

13、ury Market Model as of June 2023;BCG Analysis6 6Post-Pandemic spending euphoria booming in China consistently with recent re-opening,while persisting in US despite pessimistic sentiment140100ChineseUSKSA&UAEEuropeans2Average True-Luxury15013060SPENDING NET APPETITESPENDING NET APPETITE1 1INDEXINDEXT

14、OP DRIVERS OF INCREASE IN SPENDING TOP DRIVERS OF INCREASE IN SPENDING 1.Net appetite next 12 months:(%of a lot more+%of a bit more)(%of a bit less+%of a lot less),indexed to 100%2.Includes France,Germany,Italy and UKSource:BCG-Altagamma True-Luxury Global Consumer Insight Survey Mar/Apr 23(12K resp

15、ondents in 12 countries)STRONG CONFIDENCE OF FINANCIAL CONFIDENCE OF FINANCIAL POSITION&LONGLONG-TERM CAREER TERM CAREER NEWNEW,ORIGINAL LUXURY ITEMS ORIGINAL LUXURY ITEMS THAT ACT AS WOWWOW FACTORFACTOR LUXURY BRANDS LUXURY BRANDS BOOSTING SALES IN NEW CATEGORIESIN NEW CATEGORIES321 LUXURY BRANDS L

16、UXURY BRANDS BOOSTING SALES IN NEW CATEGORIESIN NEW CATEGORIES STRONG FINANCIAL CONFIDENCEFINANCIAL CONFIDENCE INCREASE TIME ON LUXURY BRANDS WEBSITE ON LUXURY BRANDS WEBSITE AND E E-COM PLATFORMSCOM PLATFORMS3217 7The top of the pyramid has consistently overgrown the bottom:conquering the wealthies

17、t segments is the key priority for luxury brandsBeyond money0.30.320200.50.538380.60.65050-6060Top absolute1.41.431311.71.753532.32.36060-7070Absolute&Entry absolute1520117.626018.9320-340Total trueTotal true-luxuryluxury16.816.825225219.819.835235221.921.9430430-470470Top aspirational20.96220.57124

18、.590-100Other aspirational375.0551327.2476425.3720-730ClusterClusterTotal Luxury Total Luxury ConsumersConsumersNote:Numbers rounded.Personal includes apparel,footwear,accessories,leather goods,beauty,jewelry(branded and unbranded)and watches/Experiential includes furniture,food and wine,fine dining

19、&hotel and exclusive vacationsSource:BCG Fashion&Luxury Market Model as of June 2023;BCG Analysis47047012401240-130013003703709009004104108708702026F2026FPop.(M)Size(B)20222022Pop.(M)Size(B)20162016Pop.(M)Size(B)CAGR Pop.16-22CAGR Pop.22-269%9%8%8%2%5%7%3%6%5%5%4%4%3%0%-2%3%-2%2 wealthiest clusters

20、2 wealthiest clusters representing less than 1%of the market but accounting for 10%10%of salesof salesStrong growth of the top segments confirming theirpriority role in the priority role in the upcoming yearsupcoming years16-22 population decline due to strong impactimpact of Covid on aspirationalas

21、pirational and Chinese slow down Chinese slow down in 22;acceleration over the next years 50 k20 k5 k2 k1T)massive investments(1T)in local development(Vision 2030),internal pentinternal pent-up up demanddemand(from 40+%spend leakage today)and boost of luxury tourism,luxury tourism,fostered by young

22、young(60%+of 50%of journeys are multichannel)are further fueling the digital discontent.SHIFTING CONSUMER PREFERENCESSHIFTING CONSUMER PREFERENCES41212Top 10 trends CEOs should stay ahead of(III/IV)Shifting consumer Shifting consumer preferencespreferencesDOUBLE DOWN ON VIC-VERY IMPORTANT CUSTOMERS

23、-VIA CLIENTELING3.0TRENDTRENDIMPLICATIONSIMPLICATIONSDECODING THE GENERATIONAL DIVIDELooking forward,Brands should adopt a twotwo-step strategy:step strategy:in the short term,embrace a bifocal approach,bifocal approach,capturing opportunities of both segments in the next decade with tailored soluti

24、onsIn the mid-term,brands should loyalize Gen Z&loyalize Gen Z&MillennialsMillennials,harvesting past years over-investments The generational surpass is finally happening:Young(Millennials&Gen Z)twice the size twice the size vs 16 and worth 210B in 22210B in 22,expected to almost double again by 202

25、6.Therefore,there are 2 2 segments to addresssegments to address:Young spending more(+15%vs old),with positive future outlook(33%appetite of Millennials vs Olders-12%);Olders guaranteed growth(3x cum.spend in last 15y vs younger and 20 x vs Gen Z)and worth 190B todaySUSTAINABILITY&NEW OWNERSHIP MODE

26、LS ACCELERATIONBrand purpose&responsibility non-negotiable anymore,accelerated by upcoming regulations upcoming regulations especially in EU and relevance for consumers(65%influenced by Sustainability,+4pp vs 2019,72%for Gen Z);appetite for new business new business models models-renting&second-hand

27、-continue to accelerate(65%interested in purchasing pre-owned luxury,+5pp vs 2019)ESG agenda should be pursued with urgency and,given the complexity of the landscape and the evolving regulatory environment,it is fundamental to join forces at Sector leveljoin forces at Sector level,partnering with au

28、thorities&institutionsKey to selectively invest resources selectively invest resources on the ESGESGtopicstopics which are the most impactful most impactful for each brand business model The top of the pyramid has consistently overgrown the bottom and the 2 wealthiest 2 wealthiest clusters clusters(

29、Beyond Money&Top absolute),represent less than 1%of population,but account for 10%of sales.10%of sales.Moreover,they are expected to grow at a faster rate(8+%CAGR 22-26 vs 6%avg.True-Luxury).).As a consequence,the top segment(“Beyond Money”)will triple in size by 2026(vs 2016).Luxury brands have alw

30、ays focused on VIC,but nowadays they should place higher efforts to drive loyalty drive loyalty with increasingly demanding top clients,offering flawless experiences and flawless experiences and reaching perfection in selling ceremoniesreaching perfection in selling ceremonies,also leveraging AIAI-b

31、ased tools based tools to make a step change in clientelingclienteling and 1:1 personalized 1:1 personalized journeysjourneysSHIFTING CONSUMER PREFERENCESSHIFTING CONSUMER PREFERENCES7561313Top 10 trends CEOs should stay ahead of(IV/IV)New(ish)frontiersSCALE MATTERS MORE THAN EVERTRENDTRENDIMPLICATI

32、ONSIMPLICATIONSTHE REVOLUTION OF GENERATIVE AIExperiment with the technologyExperiment with the technology,focusing on the highest potential businesshighest potential business-led use cases led use cases and building technology muscle,while preparing the workforce and defining clear policies to prot

33、ect the businessGEN AI GEN AI has a tangible impact for Luxury,tangible impact for Luxury,across(i)hyperhyper-personalizationpersonalization and CX enhancementCX enhancement,(ii)creativity creativity support and boost(e.g.,content&product design),(iii)complexity complexity&costs reductionreduction(e

34、.g.,ops.&logistics optimization)and(iv)manual tasks manual tasks automationautomation.Specifically,GenAI will allow luxury brands to overcome reach vs depth tradeoff:scalable solutions scalable solutions for personalized treatments offered to VIC only,could be extended to mid-pyramid&aspirational cu

35、stomers(90%+of Luxury customers)WEB3&METAVERSE:VIRTUALIZATION OF FASHION&IDENTITY Web3 still at earlyearly-stage stage in Luxury,and,despite being a new frontier,its adoption slowed down with long path ahead to mass marketlong path ahead to mass market.However,it is expected to gain traction gain tr

36、action due to higher consumers appetite(70+%current&prospective virtual fashion buyers)led by 2 driving engines2 driving engines,Young tech.Young tech.Pioneers Pioneers and EscapersEscapers(e.g.,from Middle East,India&Brazil)and due to higher investments in higher investments in technology technolog

37、y Since Web3 adoption is still lagging,but will definitely accelerate in the coming years,brands should be ready to capture upcoming ready to capture upcoming opportunities,opportunities,incl.gamified,immersive and gamified,immersive and communitycommunity-based experiences which based experiences w

38、hich can boost consumer engagement consumer engagement 5x 5x vs traditional approach.This will allow to recruit new audiences,amplify content and nurture communitiesNEW(NEW(ISHISH)FRONTIERS REQUIRING INVESTMENTS)FRONTIERS REQUIRING INVESTMENTS89RELEVANT ACROSS ALL TRENDSRELEVANT ACROSS ALL TRENDSSca

39、le has become a competitive advantage with Luxury Megabrands Megabrands consistently growing growing 3x vs 3x vs luxury market,luxury market,reaching 1010-20+B revenues 20+B revenues vs 2-5B of medium-sized brands.This is increasingly widening the gap with followers and contributing to strong polari

40、zationpolarizationGrowth must be seen not only as a value creation source,but as an imperative to stay relevant stay relevant in the market,unlocking ability to invest ability to invest in marketing marketing(i.e.,digital media&content creation),retailretail(i.e.,securing the best locations)and buil

41、ding an agile agile and AI&techAI&tech-backed operational machine.backed operational machine.Smaller brands should invest in creativity and find innovative channels to distinguish101414KSAKSA:ignite the untapped potential KSA as the next growth frontier:2x size of personal Luxury market by 30(+10-12

42、%CAGR 22-30)Vision 2030 massive local investments:Internal pent-up demand(from 40+%spend leakage today),with+500k sqm in Riyad three flagship future retail locations1and+90%mall supply by 27Rise in high-end tourism(8 giga-projects)Young,wealthy(13k HNWI2),well-travelled&digitalized(+17pp online pene

43、tration3),confident to spend more(+7pp net appetite4vs avg.True-Luxury)3B3B to6B6B 1T1Tin local in local investmentsinvestments 60%60%of population of population 30 years old30 years oldNASCENT MARKET TO THRIVEMATERIAL DRIVERS OF RAPID SURGE SOPHISTICATED LUXURY CONSUMERin 22in 301.KAFD,Diriyah Gate

44、 and new airport hub;2.High-Net-Worth-Individual:net wealth between$5-$50M;3.Based on last purchase channel including omnichannel (e.g.,ROPO);4.Net appetite in next 12 months:(%of a lot more+%of a bit more)(%of a bit less+%of a lot less)Source:BCG Fashion&Luxury Market Model as of June 2023;BCG-Alta

45、gamma True-Luxury Global Consumer Insight Survey Mar/Apr 2023(12K respondents in 12 countries);Saudi Tourism Authority;Reuters;Giga-projects press releases;Desk Research1515Decoding the generational divideGENERATIONAL SURPASS2 RELEVANT SEGMENTS.WAY FORWARD.Young(Millennials&Gen Z)worth 210B of perso

46、nal Luxury market in 22(from 95B in 16)and expected to almost double again by 2026Older(GenX,Boomers&Silvers)worth 190B in 22(from 230B in 16)and expected to decrease to 160B by 26Young:fast to adopt new tech,greatly value sustainability&new ownership models and seek guidance from peers&communityOld

47、er:interested in spending on experiential luxury(like hotels&wellness)&seek professional guidance Short:bifocal approach,capturing opportunities of both segments in the next decade with tailored strategies Mid-term:loyalize Gen Z&Millennials,harvesting past years over-investments X2.WITH POLARIZING

48、PREFERENCES.WITH CLEAR SHORT VS MID-TERM APPROACHGenZ&Millennials by 26(vs 22)Source:BCG Fashion&Luxury Market Model as of June 2023;BCG-Altagamma True-Luxury Global Consumer Insight Survey Mar/Apr 2023(12K respondents in 12 countries)1616The Revolution of Generative AIImpact is here to stay:80%of w

49、orkers will be affected 67%of digital leaders prioritizing GenAI in the next 18 months More traditional sectors less disrupted,yet significant impact for Luxury in Mktg,CX&Perso Stronger potential for mass fashion in product&designGenAI offers scalable opportunities for personalized VIC treatments t

50、o be extended to 350M of mid-tier&aspirational customers,breaking the reach vs richness trade-off100100MMusers on ChatGPT users on ChatGPT in 2 months in 2 months DISRUPTIVE IMPACT90+%90+%aspirational luxury aspirational luxury consumersconsumersREACH VS RICHNESSOPPORTUNITIES IN LUXURYMarketing Mark

51、eting CX&PersoCX&Persostrongest potential strongest potential for for GenAIGenAI in Luxuryin LuxurySource:BCG Fashion&Luxury Market Model as of June 2023;BCG experts;BCG analysis;Reuters;OpenAI research into effects on job market;Base10 Research;Gartner;Google17The new frontier of Luxury experienceT

52、he new frontier of Luxury experienceChapter 3.Chapter 3.LUXURY IN A LUXURY IN A CHANNELCHANNEL-LESS AGE:LESS AGE:TRUETRUE-LUXURY LUXURY CONSUMER STILL CONSUMER STILL UNHAPPY UNHAPPY 1818Zoom into Luxury customer experience Discovering Discovering opportunities for the opportunities for the elevation

53、 of the elevation of the experienceexperience3 3Unveiling luxury Unveiling luxury customer customer dissatisfaction and dissatisfaction and gap of online gap of online channelchannel1 1CUSTOMER CUSTOMER DISSATISFACTIONDISSATISFACTIONNEW NEW FRONTIERSFRONTIERS2 2COMPANIES COMPANIES BLIND SPOTSBLIND S

54、POTSRevealing companies Revealing companies misconceptions&misconceptions&realities about the realities about the Luxury CXLuxury CX1919Weve been talking about omnichannel for more than a decade more than a decade 20142012and so on.2020LabelLabelSeries 33146yet customers are still not happyLess than

55、 half of Luxury consumers are truly satisfied with their overall experience and feel it was above expectations44%45%11%SatisfactoryexperienceSufficientexperienceUnderwhelmingexperience2121Brand temperature check|Brand temperature check|All brands struggle to reach Net Satisfaction Score above 50 and

56、 huge satisfaction gaps exist among peersThink about the expectations you had at the beginning of your purchase experience.How much was the actual experience of buying the luxury item in line with your initial expectations?16141317191917222736473638454140505547375041475050474044465344414558505553495

57、04943394347414542403940433735313332443Mid size brand9Small size brand9Mid size brand6Large size brandLarge size brand9Mid size brand11Large size brandLarge size brand7Small size brand6Large size brandLarge size brand10Small size brandMid size brand9Small size brand Mid size brand11Large size brandLa

58、rge size brand10Mid size brand11Mid size brandMid size brandSmall size brandMid size brand6Mid size brandMid size brandSmall size brand11Small size brandSatisfactory2Sufficient3Underwhelming4Large size brandLarge size brandAVERAGEAVERAGESatisfaction on last purchase(online&offline)by brand,%Note:Inc

59、luded only Brands with at least 30 respondents who have purchased from them 1.Net Satisfaction=%Above Expectations-%Below Expectations;2.Above expectations 3.Purchase experience in line with expectations;4.Purchasing exp.below expectations 5.Clustering of brands based on 2022 revenuesSource:BCG-Alta

60、gamma True-Luxury Global Consumer Insight Survey Mar/Apr 23(2.6 K respondents in 6 countries)52%Net Satisfaction147%45%44%43%41%38%36%33%33%31%31%31%31%30%29%27%26%19%15%14%11%5%33%33%Above averageAbove averageBelow averageBelow averageAverageAverageList of brands52222Luxury brands have spent decade

61、s perfecting the offlineoffline experience.yet onlineonline ceremonies are lagging behind their in-store counterparts Why is my online experience the same whether Im buying a blue polo a blue polo or a 10k travel bag a 10k travel bag from my favorite favorite Luxury brandLuxury brand?-Adam,35 y.o.Go

62、ing to my favorite stores is like treating myself I feel pampered,I get my champagne.Id go everyday-Anna,48 y.o.Luxury brands beat retailers hands down in the offline offline experienceexperienceInstead,online experiences online experiences of retailers are overall comparable&even superior in terms

63、of services1001250.8x0.8xmass retailers100522x2xmass retailers SATISFACTION LUXURYLUXURYSATISFACTION MASS MASS ONLINE RETAILERS ONLINE RETAILERS SATISFACTION LUXURYLUXURYSATISFACTION MASS RETAILERSMASS RETAILERS1 1Note:Satisfaction based on NPS calculated as%of Promoters(9-10 ranking)minus%of Detrac

64、tors(0-6)and converted to 100Source:BCG-Altagamma True-Luxury Global Consumer Insight Survey Mar/Apr 23(2.6 K respondents in 6 countries);BCG analysis1.Specialty and not specialty retailers2323The Digital Discontent The Digital Discontent|Dissatisfaction with the online experience most pronounced in

65、 Europe and amplified amongst GenZ1 in 5 1 in 5 GenZersGenZers believe online experience is underwhelmingChineseChinese are more satisfied online,Europeans less contentOnline Online dissatisfaction 10pp higher vs offlineSource:BCG-Altagamma True-Luxury Global Consumer Insight Survey Mar/Apr 23(2.6 K

66、 respondents in 6 countries)SunglassesSunglasses drastically stand out for online dissatisfaction93%7%Offline83%17%OnlineOnlineSatisfactory orSufficientexperienceUnderwhelmingexperience78%22%GenZ82%18%Millen.86%14%GenX89%11%Boomer72%Italy24%76%UK22%78%France16%84%Germ.13%China86%87%USA14%28%70%Sungl

67、asses18%82%Handbags18%82%Shoes16%84%Clothing10%Cosmetics86%90%Jewelry14%30%Tech advances and thriving digital ecosystem are driving higher satisfaction in China30%40%20-25%Online share of sales,222424The Digital DiscontentThe Digital Discontent is built on two gaps:with mass retailers on functional

68、tablestakes&with in-store luxury on emotional differentiators1.Level of impact that the Unmet Need has on the level of dissatisfaction customers experience with their online experience(measured through NPS)Source:BCG-Altagamma True-Luxury Global Consumer Insight Survey Mar/Apr 23(2.6 K respondents i

69、n 6 countries)SeveritySeverity:Impact on Satisfaction1Frequency:Frequency:Times mentionedHuman interaction&reassurance Luxury Experience&PamperingTransparency on sizing&fitSpeed,delivery&availabilitySafety/reliability of processHigher impact on SatisfactionLower Impact on SatisfactionTangibility of

70、products&their featuresBALuxury consumers are looking for the same level of exclusivity,human touch exclusivity,human touch&pampering&pampering when online(as they receive offline)and the lack of these is heavily impacting their satisfaction with online satisfaction with online experienceexperienceB

71、ring the Bring the magic of inmagic of in-store luxury store luxury also onlinealso onlineBTablestakesTablestakes,like product availability and payment options,are expected by luxury customers as basic basic requirements requirements and are needed to bridge the gap bridge the gap with retailers onl

72、inewith retailers onlineBridge the Bridge the gap vs online gap vs online retailersretailersAFulfillment of tablestakes is necessary to reach a basic level of satisfactionFunctional TablestakesFunctional TablestakesEmotional DifferentiatorsEmotional Differentiators30%15%0%2525The Digital Discontent

73、along the Journey|An exemplary customer storyPurchase a 8K luxury handbag on ,2 weeks before the occasionReceive email that item is no more in stock(1 week after purchase)Use chat&locate in-store availability(but with no possibility to deliver at home)Go to store&find out that item was not reserved&

74、recently soldSorry but.Scroll on ,looking for a gift for a special occasion?Receive no follow-ups from brand or sales assistantsABCDEFThis might sound like a horror story built on a myriad of functional unmet needsfunctional unmet needsConvertConvert-RepeatInspireSupport&GrowConvert-RepeatConvert-Re

75、peatIllustrativeSource:BCG luxury customer interviews2626Solving only functional issues will not be enough to deliver a true luxury online experienceEMOTIONAL DIFFERENTIATORSFUNCTIONAL TABLESTAKESFunctional tablestakes,while crucial,often only only represent the represent the surfacesurfaceWithout a

76、lso addressing Emotional differentiators,the digital digital discontent will discontent will not be solved not be solved It couldnt be shippedBag wasnt availableReservation wasnt communicated Sorry but.Online payment felt cheap same as when I buy groceries onlineWhile browsing I was left completely

77、alone I needed human guidanceThe chat was about as luxuriousas that of a car rental service?Source:BCG luxury customer interviews2727Friction map Friction map|To quantify the weight of each emotional and functional quantify the weight of each emotional and functional frictionfriction,2.600 individua

78、l luxury customer journeys were mapped 4 prevalent journeys displayed(and the mean)Luxury Consumer Friction Map along the journey Frictions emerging along the journey are not to be simplified not to be simplified by(i)clusteringclustering based on partial differentiators(e.g.,only geography)or(ii)ap

79、plying a oneone-sizesize-fitsfits-allall approachIndividualIndividual journeys journeys need to be analyzed to understand each customers individual frictionscustomers individual frictionsExemplary frictions in Aftersales:AtAt-home unboxing home unboxing of online purchases is completely neglected by

80、 brands:70%70%of consumers find unboxing extremely important and felt it was anticlimactic 65%65%say brands are missing to provide an extra surprise in their package(e.g.,note,small gift)Source:BCG-Altagamma True-Luxury Global Consumer Insight Survey Mar/Apr 23(2.6 K respondents in 6 countries);BCG

81、analysis 2828Discovering Discovering opportunities for the opportunities for the elevation of the elevation of the experienceexperience3 3Unveiling luxury Unveiling luxury customer customer dissatisfaction and dissatisfaction and gap of online gap of online channelchannel1 1CUSTOMER CUSTOMER DISSATI

82、SFACTIONDISSATISFACTIONNEW NEW FRONTIERSFRONTIERS2 2COMPANIES COMPANIES BLIND SPOTSBLIND SPOTSRevealing companies Revealing companies misconceptions&misconceptions&realities about the realities about the Luxury CXLuxury CXZoom into Luxury customer experience 2929How brands are acting vs what the rea

83、lity is for customers|How brands are acting vs what the reality is for customers|4 brand misconceptions that further fuel emotional&functional unmet needsHow Brands actHow Brands actHow reality isHow reality isOUTDATEDOUTDATEDCHANNELCHANNEL-SILO VIEWSILO VIEWBrands continue to privilege a privilege

84、a siloed channel viewsiloed channel view to measure performance&define incentivesLess than Less than 50%50%of Journeys are mono-channel,and the majority of consumers switch heavily between channels1OBSOLETE&BASICOBSOLETE&BASICVIEW OF TOUCHPOINTSVIEW OF TOUCHPOINTSBrands underestimate the recent incr

85、ease in complexity complexity of Customer Journeysof Customer JourneysJourneys now contain up to up to 500 500 touchpoints(exponentially more than just a few years ago)and are no longer linear,but iterative 2NEGLECT OF THE NEGLECT OF THE HUMAN INTERACTIONHUMAN INTERACTIONBrands are failing to provid

86、e failing to provide human interaction&human interaction&reassurance reassurance across the online journey40+%40+%of customers yearn for stronger human guidance,reassurance and care from the brand,both on and offline 3TRANSACTIONTRANSACTION-BASED BASED MEASUREMENT OF MEASUREMENT OF ONLINE ROIONLINE

87、ROIMost brands are focusing on maximizing transactional maximizing transactional functionalities functionalities at the expense expense of inspiration of inspiration and are only partially measuring the success of online investments Only 25%25%of customers inspired on brand-owned channels purchase o

88、n measuring ROI on transaction KPIs leads to under-use of online 4Predominantly fueling functionalfunctional tablestakesPredominantly fueling emotionalemotional differentiators3030Discovering Discovering opportunities for the opportunities for the elevation of the elevation of the experienceexperien

89、ce3 3Unveiling luxury Unveiling luxury customer customer dissatisfaction and dissatisfaction and gap of online gap of online channelchannel1 1CUSTOMER CUSTOMER DISSATISFACTIONDISSATISFACTIONNEW NEW FRONTIERSFRONTIERS2 2COMPANIES COMPANIES BLIND SPOTSBLIND SPOTSRevealing companies Revealing companies

90、 misconceptions&misconceptions&realities about the realities about the Luxury CXLuxury CXZoom into Luxury customer experience 3131How brands can How brands can master the CX|master the CX|Propelling customer experience to new heights by fixing the basics on functional aspects&focusing on emotional s

91、tep-changeEMOTIONAL DIFFERENTIATORSWRITE THE PLAYBOOK WRITE THE PLAYBOOK Luxury brands need to take the lead FUNCTIONAL TABLESTAKESB BA APLAYBOOK IS THERE PLAYBOOK IS THERE Leverage whats already in place Every brand needs to gain profound understanding of each journey that their customers undertake

92、 and strategically decide what role each touchpoint and channel should play along the customer journey allowing them to unlock the emotional connection across all channels,harnessing clienteling and next level customer service1233232HyperHyper-specialization vs Hyperspecialization vs Hyper-personali

93、zation|personalization|Brands should strategically decide which role to play in each touchpointEmotional unmet needsB B2Hyper-personalization vs Hyper-specializationHYPERHYPER-PERSONALIZATIONPERSONALIZATIONAll touchpoints are empowered to play every role&can be adapted in real time to customers need

94、sHYPERHYPER-SPECIALIZATIONSPECIALIZATIONDefinition of a focused role for each touchpoint&guidance of customers to the optimal oneWHATS NEEDEDPLAYING DEFENSEPLAYING DEFENSEPLAYING OFFENSEPLAYING OFFENSE Identify prevalent journeys&optimize each touchpoint Re-design processes,people,trainings,incentiv

95、es&tech Collect data on each customer(in store,online&3rdparty)Learn to recognize each customer&adapt TPs in real timeSource:BCG analysis,BCG expert interviews3333Altagamma&BCG Team for the 9th edition of the studyJavier SearaBCG Managing Director&Senior PartnerSarahWillersdorfBCG Managing Director&PartnerStefania LazzaroniAltagamma General ManagerSimone GentiliBCG PartnerLucaGattiBCG Partner&DirectorBCGX ManagingDirectorMarco GiglioFilippo BianchiBCG Managing Director&Senior PartnerGuiaRicciBCG Managing Director&PartnerSofia NicolettiBCG ConsultantFocus on Luxury In Channel-less aged34