Learning about the “worldwide luxury consumers”
The Vice Chairman of Fondazione Altagamma, Armando Branchini shared the results of a research done in collaboration with BCG about “The Worldwide Luxury Consumers”. All the MLUX students from Retail and Goods & Services had the sensational opportunity of benefiting from the unlimited experience and knowledge of Mr. Branchini. He is an industry professional, coming from the Italian luxury brand committee composed of companies in the fields of fashion, jewellery, speed and hospitality.
What conquered the audience were the figures and the forecasts for the upcoming years, regarding all the luxury segments. For example, the whopping 290 EUR billion difference between the 2015 personal and experiential luxury market, evaluated at 845 EUR billion, and the 2022 market forecasted to reach 1135 EUR billion. These eye-opening figures reinforced the students’ conviction of having chosen the perfect segment to work in.
“There was a remarkable topic discussed, and that was the customer segmentation. A totally new and unconventional cleavage of the consumers was introduced: from the “absolute luxurer” to the “little prince” and the “classpirational”. I loved how new insights were provided, with an innovational twist which perfectly covers all the characteristics of the target market”.
Written by Geanina Lungu, MSc in Luxury Management, Retail specialization
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