According to the study, 60% of consumers in the Russian luxury market has reported that economic uncertainty does not allow them to make purchases and make investments that they initially planned is 3% more than the world average.
among the most affected by the crisis themselves people under 35 years old (Millennials and generation Z) – half of respondents in these age categories reported a fall in revenues. However, in this group of respondents is dominated by a positive mood and confident that the market recovery will happen as quickly as possible.
Faster than pre-crisis position will return to the market of casual clothes and cosmetics – it can recover in two years, assured the participants of the study. While other groups of luxury goods it will take more time.
Such sentiments becomes the reason for shifting the focus of expenditure. So, more than half of consumers said they would spend less or much less on categories such as luxury restaurants, hotels, resorts, cruises at least the next six months.
“All this testifies to the urgent need of revision proposals from the players in the luxury segment. If the group “goods” a new reality – a transition to online, then entertainment is the exclusive formation of the chamber offers recreation and travel”, – said the managing Director and partner of BCG, head of the Advisory practice on the consumer goods and retail in Russia and CIS Ivan Kotov.
While more and more buyers of luxury products ready to go online. 54% of respondents expect that in this format, brands will continue to help them with the selection of clothes, suggest General trends and provide other additional services. However, do not lose relevance and offline outlets. Only 3.7% of domestic consumers are willing to give preference exclusively to online purchases in the time, as 14.3% of is able to online personal shopping.
