In her presentation for the Salon du Luxe Paris 2020, Meryam Schneider, Vice President of Altiant, discusses the results of a study on high net worth individuals (HNIs) in the era of Covid-19. The study reveals that 40% of consumers in France, England, and the United States have reevaluated their consumption of luxury products due to the pandemic, while China appears to be less influenced with only 16% reconsidering their consumption habits.
Schneider emphasizes that the crisis has changed people’s relationship with money and prompts reflection and action. Wealth management is also affected, with only 14% of wealthy French individuals modifying their investment portfolios, compared to 30% of English and 47% of American HNIs. The French stand out for their intentions to take a more active role in their family’s wealth, with almost a third expressing this desire.
The study also highlights the growing trend of consuming luxury products locally as a sign of commitment. About 34% of French luxury consumers want to prioritize locally made products, and second-hand luxury items have gained popularity during the pandemic, with an eight-point increase in demand. Schneider suggests that luxury houses could consider developing their own distribution system or collaborating with existing actors in the second-hand luxury market.
Regarding the future of luxury retail, Schneider acknowledges that stores have been significantly impacted by the pandemic. While 41% of French respondents indicate a reduction in their in-store spending compared to the pre-Covid period, 22% plan to increase their spending in boutiques. Additionally, 36% plan to stabilize their budget, resulting in a total of 58% of respondents who anticipate maintaining or increasing their luxury store spending budget. However, Schneider notes that part of the budget will likely be redirected to online channels.
Schneider concludes her presentation by raising questions about the measures needed to attract customers back to physical stores and the future of duty-free shopping. To delve deeper into the key figures and insights from the Altiant study, viewers are encouraged to watch Meryam Schneider’s exclusive video presentation on the Salon du Luxe Paris 2020 platform.
Useful links:
– For more information on the Salon du Luxe Paris 2020 platform, visit: Salon du Luxe Paris 2020.
– To learn about Altiant and their consumer studies, visit: Altiant.
