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UNDERSTANDINGTHE UHNW CONSUMER
LONDON, May 3, 2023
Manelik Sfez@GlobalBlueBiz
UNDERSTANDINGTHE UHNW CONSUMER
LONDON, May 3, 2023
UNDERSTANDINGTHE UHNW CONSUMER
LONDON, May 3, 2023
UNDERSTANDINGTHE UHNW CONSUMER
LONDON, May 3, 2023
The power of globe shopping
UNDERSTANDINGTHE UHNW CONSUMER
LONDON, May 3, 2023
globe shop per∙/ˈglōbˌSHäpər/
noun
1. a person who considers shopping as a fundamental part of their travel
experience.“globe shoppers are the sixth continent
for the retail industry”
2. a fast-growing retail market segment, which global worth was estimated at
more than EUR 48 billion in 2013.“building growth from globe shoppers –
the world’s most valuable customers.”
/ˈglōbˌSHäpər/
noun
1. a person who considers shopping as a fundamental part of their travel
experience.“globe shoppers are the sixth continent
for the retail industry”
2. a fast-growing retail market segment, which global worth was estimated at
more than EUR 48 billion in 2013.“building growth from globe shoppers –
the world’s most valuable customers.”
globe shop per∙/ˈglōbˌSHäpər/
noun
1. a person who considers shopping as a fundamental part of their travel
experience.“globe shoppers are the sixth continent
for the retail industry”
2. a fast-growing retail market segment, which global worth was estimated at
more than EUR 48 billion in 2013.“building growth from globe shoppers –
the world’s most valuable customers.”
Russians Mid-Easterns Chinese
48%56%
82%
“Shopping is my priority when I travel”
Sour
ce: G
loba
l Blu
e
1. a person who considers shopping as a fundamental part of their travel
experience.“globe shoppers are the sixth continent
for the retail industry”
2. a fast-growing retail market segment, which global worth was estimated at
more than EUR 48 billion in 2013.“building growth from globe shoppers –
the world’s most valuable customers.”
Russians Mid-Easterns Chinese
48%56%
82%
“Shopping is my priority when I travel”
40%
60%
Share of sales for luxury brands
Domestic shoppers Globe shoppers
Jean-Paul Agon
“Travel Retail is a key channel for winning over one billion new consumers; it is present
around the world as a sixth continent.”
Where do they come from?
27%
17%
4%3%3%
46%
JAN-DEC 2013: top 5 globe shopper nations by share of total spent
China Russia Indonesia USA Japan Others
Source: Global Blue Analytics
22%
20%
5%4%3%
47%
JAN-APR 2013: top 5 globe shopper nations by share of total spent
ChinaRussiaIndonesiaJapanThailandOthers
27%
17%
3%3%3%
47%
JAN-APR 2014: top 5 globe shopper nations by share of total spent
ChinaRussiaIndonesiaUSAJapanOthers
Source: Global Blue Analytics
Angela Ahrendts
“Investors should switch their focus from China to the TLC (Travelling Luxury Consumers), a more powerful
force than the Chinese market alone.”
Where do they shop?
18%
16%
15%12%
11%
27%
JAN-DEC 2013: top 5 destination countries by share of total spent
FranceItalyUKGermanySingaporeOthers
18%
16%
16%12%
12%
27%
JAN-APR 2014: top 5 destination countries by share of total spent
FranceUKItalySingaporeGermanyOthers
Source: Global Blue Analytics
How much do they spend?
China USA Indonesia Japan Market Russia
€ '815
€ '647 € '608
€ '509 € '501
€ '356
JAN-DEC 2013: average spend of top 5 globe shopper nations
Thailand China Indonesia Japan Market Russia
€ '870 € '846
€ '648
€ '514 € '502
€ '358
JAN-APR 2014: average spend of top 5 globe shopper nations
Source: Global Blue Analytics
Source: Global Blue Dossier “The growing complexity of the Chinese globe shopper”
Welcome to the new normal
Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14
2012-2014: year-on-year growth rate of Chinese total spend
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
-20%
-30%
-10%
Source: Global Blue Analytics
Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14
2012-2014: year-on-year growth rate of Chinese total spend
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
-20%
-30%
-10%
Source: Global Blue Analytics
Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14
2012-2014: year-on-year growth rate of Chinese total spend
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
New tourism law
-20%
-30%
-10%
Source: Global Blue Analytics
Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14
2012-2014: year-on-year growth rate of Russian total spend
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
-20%
-30%
-10%
Source: Global Blue Analytics
Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14
2012-2014: year-on-year growth rate of Russian total spend
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
-20%
-30%
-10%
Source: Global Blue Analytics
Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14
2012-2014: year-on-year growth rate of Russian total spend
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
-20%
-30%
-10%
Crimean crisis
Source: Global Blue Analytics
The Chinese spending slowdown
20022003
20042005
20062007
20082009
20102011
20122013
20142015
20162017
20182019
2020 -
25
50
75
100
125
150
175
200
225
Chinese outbound travel growth 2002-2020M
illio
n tr
avel
lers
Source: Global Blue based on CNTA, Xinhua, UNWTO
Middle-class households in China by 2020 (MasterCard)
The Chinese spending slowdown
Not related to outbound travel
New tourism law
Anti-corruption storm
Full stop of official travel
Destination shift to USA / Australia
Change in travel purpose
Rise of FIT / decline of groups
Impacted W&J, boosted F&C
Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14
2012-2014: year-on-year growth rate of Chinese spend on Watches & Jewellery
140%
120%
100%
80%
60%
40%
20%
0%
-20%
-40%
Source: Global Blue Analytics
Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14
2012-2014: year-on-year growth rate of Chinese spend on Watches & Jewellery
140%
120%
100%
80%
60%
40%
20%
0%
-20%
-40%
Source: Global Blue Analytics
18th National Congress
Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14
2012-2014: year-on-year growth rate of Chinese spend on Watches & Jewellery
140%
120%
100%
80%
60%
40%
20%
0%
-20%
-40%
Source: Global Blue Analytics
The Russian spending slowdown
The Russian spending slowdown
Rouble has been falling for a year
Russian spending down 8.5% in 2014
Economy was hit before the Crimean crisis
Crimean crisis impacts spending, not travelling
Outbound travel still steadily increasing 5%
Frankfurt and Milan mostly hurt in March
What can we expect for the future?
In 2014 we expect stronger tourist arrivals in APAC (and USA) than in Europe
Nation 2014 2015 2016
China 13% 13% 13%
Russia 9% 13% 15%
Japan 2% 3% 3%
Indonesia 8% 8% 9%
USA 2% 2% 2%
General outbound travel Europe-bound travel
Nation 2014 2015 2016
China 6% 9% 7%
Russia 5% 7% 6%
Japan 0% 0% 0%
Indonesia - NA - - NA - - NA -
USA 2% 2% 2%
Source: Global Blue based on CNTA, Xinhua, Euromonitor, TTG Asia, Jakarta News, Tourism Economics, UNWTO, PATA, TourMIS.
Travel growth from core markets still positive, with a stress on APAC
Major globe shopper currencies
to strengthen against EUR and
SGD
A better economic outlook, yet with
downside risks
Rise of middle-class in China, but with travel ban for officials and new
tourism law
Globe shoppers are a demographic, not a geography.
Is your company structured to harness their power?
Thank you.