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UNDERSTANDINGTHE UHNW CONSUMER
LONDON, May 3, 2023
Manelik Sfez@GlobalBlueBiz
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UNDERSTANDINGTHE UHNW CONSUMER
LONDON, May 3, 2023
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UNDERSTANDINGTHE UHNW CONSUMER
LONDON, May 3, 2023
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UNDERSTANDINGTHE UHNW CONSUMER
LONDON, May 3, 2023
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The power of globe shopping
UNDERSTANDINGTHE UHNW CONSUMER
LONDON, May 3, 2023
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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.”
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/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.”
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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
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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
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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.”
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Where do they come from?
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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
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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
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Angela Ahrendts
“Investors should switch their focus from China to the TLC (Travelling Luxury Consumers), a more powerful
force than the Chinese market alone.”
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Where do they shop?
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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
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How much do they spend?
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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
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Source: Global Blue Dossier “The growing complexity of the Chinese globe shopper”
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Welcome to the new normal
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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
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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
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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
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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
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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
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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
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The Chinese spending slowdown
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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
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Middle-class households in China by 2020 (MasterCard)
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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
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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
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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
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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
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The Russian spending slowdown
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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
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What can we expect for the future?
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In 2014 we expect stronger tourist arrivals in APAC (and USA) than in Europe
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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.
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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
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Globe shoppers are a demographic, not a geography.
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Is your company structured to harness their power?
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Thank you.