Luxury Fund Managers

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Top 5 Luxury Customer Trends for Luxury Fund Managers

The Fresh Kid

14th February 2024

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Luxury Fund Manager

1.

The Unstoppable Rise of Chinese Luxury Customers
luxury customer analysis

China became the second biggest luxury market in 2023 and luxury’s leading brands success or failure is increasingly dependant on their performance in this market.

Chinese luxury customers spent more than customers in the top four countries in Europe (France, Germany, Italy, United Kingdom) combined in 2023.

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2.

luxury customer behaviour analysis

Chinese luxury customer spending behaviour changed in 2023.

With almost 30% of luxury chinese customers having spent $2,800 or more on luxury products in 2023.

The top luxury brands are still their favourite.

Chanel is now the most popular and Kering owned Saint Laurent is now in the top three most purchased brands by chinese luxury customers.

Luxury sneakers , which are 50% of global luxury ecommerce sales , are now the second most purchased item by luxury chinese customers in 2023.

Seeing products on social media, instore or online are still the main reasons for purchase.

'Self Gifting' whereby customers purchase gifts for themselves is becoming more popular.

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3.

Top 3 Highest Spending Luxury Customers
customer behaviour analysis

Luxury's highest spending customers ,who spend on average £39K+ a year on luxury products in 2023 were chinese luxury customers.

60% of luxury's highest spending customers became wealthier in 2023 which is why they spent more or the same as 2022.

Limited edition cultural themed products and innovative one of a kind products were in high demand.

New and different types of products like luxury resale also appealed to luxury's highest spending customers.

Saudia Arabian and UAE top spen