International luxury brands' survival in China will depend on their ability to ride new trends. Also the ability to develop methods to appeal to the next generation of Chinese consumers.
Here are the key points about retail tech in China in 2023 according to the expert:
- Chinese brands expanding overseas will be a major growth area as they now compete at the mid- to high-end of the value chain with brand-focused, quality products and services.
- With loosening COVID restrictions, the expert expects major growth in 2023 for Chinese consumer tech brands, toys, and lifestyle products expanding globally.
ATTRACTIVE INDUSTRIES IN THE “ART DE VIVRE” SECTOR 260722.pdfLucas518833
The document provides an overview of market and M&A trends across various luxury sectors including luxury and lifestyle, cosmetics and fragrances, and food and beverages.
The global luxury market grew 14% in 2021 to $1.29 trillion and is projected to have a 7% CAGR through 2025 driven by new billionaires and local consumers representing 90% of sales. M&A deal activity in the luxury sector has also increased with strategic buyers looking to diversify.
The cosmetics and fragrances industry is expected to see 5% annual growth through 2025 led by skin care products. Niche fragrances represent a major growth opportunity particularly in China. M&A activity has increased for
GCF - “ART DE VIVRE” SECTOR 0922 (1).pdfLucas518833
The document provides an overview of market and M&A trends in the luxury, cosmetics & fragrances, and food & beverage sectors. The global luxury market grew 14% in 2021 to $1.29 trillion and is projected to have a CAGR of 7% through 2025. M&A activity in these sectors has also increased, driven by both strategic buyers looking to expand and financial investors attracted to the strong performance and growth opportunities. The cosmetics & fragrances market continues growing at over 5% annually and reached $504 billion in 2019. Niche fragrances and sustainable beauty are emerging trends. The food & beverage market is estimated to have a CAGR of 7.5% through
The document summarizes market and M&A trends across several luxury sectors including luxury and lifestyle, cosmetics and fragrances, and food and beverage. In the luxury and lifestyle sector, the global luxury market grew 14% in 2021 and is projected to have a CAGR of 7% through 2025. There was strong M&A activity in 2021 across various luxury retail segments. In cosmetics and fragrances, the beauty industry is expected to grow steadily at 5% annually through 2025 with skin care as the leading category. There was also strong M&A activity in this sector in 2021. The global food and beverage market is projected to have a CAGR of 7.5% through 20
This document provides a forecast of the 2022 e-commerce and retail media landscape. Some of the key findings include:
- Global e-commerce sales are estimated to reach $5.4 trillion in 2022 and make up 19% of global retail sales. China and the US will account for over half of global e-commerce sales.
- The top 20 global e-commerce companies accounted for 67% of global e-commerce sales in 2021, led by Alibaba which has over double the e-commerce sales of Amazon.
- Global retail media revenue is forecast to hit $101 billion in 2022 and grow to $160 billion by 2027, indicating increasing advertiser demand for e-commerce platforms.
The document provides an overview of international retail, including definitions and key statistics. It discusses the global retail market size, major international retailers, retail sales growth projections, and retail statistics by product sector and region. International retail is defined as operating retail outlets in more than one country. The top 50 global retailers are listed, with Walmart, Amazon, and Costco among the largest. Global retail sales were projected to reach $31.7 trillion by 2025, up from $23.74 trillion in 2020. Fashion and apparel represent the largest product sectors internationally.
International luxury brands' survival in China will depend on their ability to ride new trends. Also the ability to develop methods to appeal to the next generation of Chinese consumers.
Here are the key points about retail tech in China in 2023 according to the expert:
- Chinese brands expanding overseas will be a major growth area as they now compete at the mid- to high-end of the value chain with brand-focused, quality products and services.
- With loosening COVID restrictions, the expert expects major growth in 2023 for Chinese consumer tech brands, toys, and lifestyle products expanding globally.
ATTRACTIVE INDUSTRIES IN THE “ART DE VIVRE” SECTOR 260722.pdfLucas518833
The document provides an overview of market and M&A trends across various luxury sectors including luxury and lifestyle, cosmetics and fragrances, and food and beverages.
The global luxury market grew 14% in 2021 to $1.29 trillion and is projected to have a 7% CAGR through 2025 driven by new billionaires and local consumers representing 90% of sales. M&A deal activity in the luxury sector has also increased with strategic buyers looking to diversify.
The cosmetics and fragrances industry is expected to see 5% annual growth through 2025 led by skin care products. Niche fragrances represent a major growth opportunity particularly in China. M&A activity has increased for
GCF - “ART DE VIVRE” SECTOR 0922 (1).pdfLucas518833
The document provides an overview of market and M&A trends in the luxury, cosmetics & fragrances, and food & beverage sectors. The global luxury market grew 14% in 2021 to $1.29 trillion and is projected to have a CAGR of 7% through 2025. M&A activity in these sectors has also increased, driven by both strategic buyers looking to expand and financial investors attracted to the strong performance and growth opportunities. The cosmetics & fragrances market continues growing at over 5% annually and reached $504 billion in 2019. Niche fragrances and sustainable beauty are emerging trends. The food & beverage market is estimated to have a CAGR of 7.5% through
The document summarizes market and M&A trends across several luxury sectors including luxury and lifestyle, cosmetics and fragrances, and food and beverage. In the luxury and lifestyle sector, the global luxury market grew 14% in 2021 and is projected to have a CAGR of 7% through 2025. There was strong M&A activity in 2021 across various luxury retail segments. In cosmetics and fragrances, the beauty industry is expected to grow steadily at 5% annually through 2025 with skin care as the leading category. There was also strong M&A activity in this sector in 2021. The global food and beverage market is projected to have a CAGR of 7.5% through 20
This document provides a forecast of the 2022 e-commerce and retail media landscape. Some of the key findings include:
- Global e-commerce sales are estimated to reach $5.4 trillion in 2022 and make up 19% of global retail sales. China and the US will account for over half of global e-commerce sales.
- The top 20 global e-commerce companies accounted for 67% of global e-commerce sales in 2021, led by Alibaba which has over double the e-commerce sales of Amazon.
- Global retail media revenue is forecast to hit $101 billion in 2022 and grow to $160 billion by 2027, indicating increasing advertiser demand for e-commerce platforms.
The document provides an overview of international retail, including definitions and key statistics. It discusses the global retail market size, major international retailers, retail sales growth projections, and retail statistics by product sector and region. International retail is defined as operating retail outlets in more than one country. The top 50 global retailers are listed, with Walmart, Amazon, and Costco among the largest. Global retail sales were projected to reach $31.7 trillion by 2025, up from $23.74 trillion in 2020. Fashion and apparel represent the largest product sectors internationally.
Beauty/Cosmetics and Personal Care Industrykirtane&Pandit
The matter of convenience related to the use of technology in selling the products. As per the survey, it is found that 46.1% of the respondents have not faced any trouble while selecting right products for them through online shopping. However, there are a total of 51.7% (Yes & Sometimes) respondents find it difficult. To address this challenge, BPC industry has started using AI based or virtual trying tools. Although the initiative sounds good but has not able to capture the attention of the consumers. As 82.9% of the respondents in this survey reveal that they have never used any such tool. This is an opportunity for online apps a well as BPC manufacturers to spread awareness of impact and precise selection these tools offer and gain newer customers.
Celebrity brand valuation report 2020 embracing the new normalSocial Samosa
Duff & Phelps released the findings from the sixth edition of its ‘Celebrity Brand Valuation Study 2020’ today. The study provides a ranking of India’s most powerful celebrity brands based on brand values derived from their product endorsement portfolio and relative social media presence. The theme for the year is ‘Embracing the New Normal’.
BIHC Briefing Greece March 2024, with Crédit Agricole CIBNeil Day
The document discusses the primary market activity for financial institutions in early 2024. It notes that issuance volumes in euro-denominated debt are down 18% year-to-date compared to 2023, but still up 35% compared to 2022. Issuance of US dollar debt is exceptionally high. Demand from investors remains strong, with high oversubscription levels and tight new issue concessions. Spreads overall remain tight due to robust economic growth, a favorable credit environment with few defaults, and excess liquidity in markets.
The document provides an overview of the luxury goods market in China. It notes that China has become the second largest luxury market in the world after Japan, driven by purchases from Chinese consumers both domestically and abroad. While luxury goods sales in China grew over 30% annually from 2010-2011, growth slowed to around 12% in 2012. The market is projected to reach $18 billion by 2017. Key opportunities for luxury brands include rising incomes and urbanization, while challenges include high taxes and consumers shopping overseas or shifting to non-logo brands.
The first and foremost prediction
for 2025 is that the global apparel
consumption will become US$ 2.6
trillion from a present level of US$
1.7 trillion. This means a market
addition of US$ 900 bn. over next 10
years which presents a huge business
opportunity for sector players. Majority
of this market addition is expected to
happen in China and India.
China travel retail market report by daxue consultingDaxue Consulting
China's domestic travel retail market has benefited from COVID-19, as travel restrictions led Chinese tourists to spend domestically. The market is expected to reach ¥150 billion by 2025, up from ¥54.5 billion in 2019. The China Duty Free Group dominates the market with over 85% share and saw sales increase 9.5% in 2020 despite the pandemic. Luxury brands have also shifted focus to online channels and partnerships with domestic retailers and destinations to cope with the loss of international tourists and daigou sales under COVID-19.
Vietnamese consumers are showing signs of renewed optimism and confidence as the COVID-19 pandemic comes under control. A survey found 56% were optimistic about the short-term economic outlook and 77% about the mid-term outlook, up from 45% and 60% a year ago. While most consumers will maintain cautious spending, there are indications spending will rebalance from necessities toward discretionary categories. The survey also uncovered geographic differences in sentiment, with southern cities like Can Tho and Ho Chi Minh City more upbeat than northern cities like Hanoi. Overall the data points to a rebound in consumer confidence alongside a rebalancing of spending priorities and a renewal of the retail landscape in Vietnam.
The document provides an overview of key highlights across Asia regarding FMCG markets in Q2 2022. Some common themes discussed include:
1) Inflation increased significantly across many Asian markets, putting pressure on consumer spending and causing shoppers to reduce volumes or spend more cautiously.
2) Covid restrictions eased in some countries, but pandemic effects are still influencing shopping behaviors like lower trip frequencies.
3) Online and convenience channels grew in importance as shoppers sought cheaper options and quicker fulfillment.
4) Food and home care categories generally saw more stable growth, while other sectors depended on country-specific economic and Covid conditions.
The document provides an overview and insights from the 8th edition of the True-Luxury Global Consumer Insights report by Boston Consulting Group and Altagamma. It finds that true-luxury consumers, making up around 19 million people, generated 39% of the global luxury market in 2020, an increase of 8 percentage points from 2019. It also notes that the personal and experiential luxury market is expected to see a full recovery between 2021 and 2022 after being impacted by the COVID-19 pandemic. Other key findings include the United States and China being identified as the main growth engines for the luxury market, the increased importance of virtualization and gaming within the industry, and changing consumer behaviors and expectations around sustainability, diversity,
The document provides an overview of insights from the 8th edition of the True-Luxury Global Consumer Insights report by Boston Consulting Group and Altagamma. Some of the key findings include:
1) True-luxury consumers, making up around 19 million people, generated 39% of the global luxury market in 2020, an increase of 8 percentage points from 2019, driven by continued spending among the wealthy during the pandemic.
2) Younger generations like Millennials and Gen Z are expected to make up over 60% of the luxury market by 2025.
3) Personal and experiential luxury spending is forecast to fully recover between 2021-2022, with the US and China remaining important growth
The document provides an overview of the luxury goods market in China. It discusses key trends such as the rapid growth of luxury spending by Chinese consumers which has made China the second largest luxury market globally. The personal luxury goods market in China is estimated to reach around EUR 18 billion by 2017, growing at a CAGR of over 6% annually. Major opportunities for luxury brands include rising incomes and an expanding middle class, while challenges include high taxes and consumers increasingly shopping abroad. International luxury brands dominate the Chinese market but are also investing in local brands.
At present, a considerable amount of people worldwide is highly engaged in self-care beauty routine.
It is caused by the desire to follow a healthy lifestyle, beauty standards, as well as by constant mask wearing
during the COVID-19 pandemic that badly effects face skin. Such a tendency greatly promotes the development
of cosmetics products globally. And one of the major industry actors is Korea, which easily has covered the
domestic demand with innovative and sustainable products and confidently conquers foreign markets. As the US
is the leader in the cosmetics market size, it is of particular importance to investigate the prospects of Korean
manufacturers, including small- and medium-sized companies, there
GroupM global TYNY forecast report december 2021Social Samosa
- Global GDP growth is forecast to be 9.4% in 2021 and 7.6% in 2022, providing a strong foundation for advertising growth.
- The global advertising industry is expected to grow 22.5% in 2021 and 9.7% in 2022, faster than earlier forecasts.
- Digital advertising will likely grow 30.5% in 2021 and account for 64.4% of total advertising, driven by growth at Alphabet, Meta, and Amazon. Television advertising is also recovering but expected to be flat going forward as budgets shift to digital.
Trong khi khối lượng hàng tiêu dùng nhanh (FMCG) tăng ở một số danh mục và khu vực, việc tăng giá bán sẽ siết chặt ngân sách chi tiêu của người tiêu dùng vào năm 2023.
The document summarizes strategies adopted by FMCG companies in India to boost growth. Key strategies include strengthening rural networks, launching mobile apps, introducing new products, expanding into new markets and categories, focusing on e-commerce, implementing green initiatives, using analytics, and increasing investments. FMCG companies are also leveraging consumer goods expos and partnerships to generate opportunities. Overall the strategies aim to increase rural and online penetration and take advantage of rising demand.
De acuerdo con el estudio State of Consumer Outlook 2023 realizado por GfK, las ventas del sector de tecnología y bienes de consumo duraderos cae en Latam 5% en el primer semestre de 2022 en comparación con el mismo periodo de 2021
Welsh Consultants examines the changes confronting Luxury offerings post COVID-19- No one could have predicted how much of a reset 2020 would be for luxury brands. Yet, we all had seen it coming: The need for luxury brands to do some introspection and adapt to remain relevant in a fast-changing cultural climate and modern context. In many ways, COVID-19 is acting as an accelerator of the inevitable— changes that were already underway — for luxury brands. Relevancy has become the new legacy — Luxury brands should deliver a timely and timeless form of meaningful value and empower expressions of individual identities. Luxury brands must lean in and transform themselves from a brand-centric, controlled and confidential model to a moretransparent, engaging and customer-centric organisation.We can’t know with absolute certainty what will happen in the aftermath of the pandemic, but “Elevated Essentialism” will be one of the key themes to take centre stage in 2021 and beyond. This paper examines and explores the subject in detail.
The document summarizes the luxury retail industry in the GCC (Gulf Cooperation Council) region. It discusses key growth drivers like increasing disposable income and tourism. It also outlines challenges like competition and staffing issues. Individual country profiles are provided that highlight population trends, GDP per capita, and other factors driving retail growth in countries like the UAE, Saudi Arabia, Kuwait, Qatar, and Bahrain. The conclusion states that the Middle East luxury retail industry is among the fastest growing sectors globally and will see continued expansion from international luxury brands.
Retailing during Covid-19: Weathering the storm - European Business ReviewAntonis Zairis
The document summarizes the impact of COVID-19 on the global retail sector. It found that the impact was heterogeneous, with essential retailers experiencing increased demand but difficulties, while non-essential retailers like apparel stores struggled due to closures. Online retail saw major growth as social distancing accelerated the shift to e-commerce. Overall, global retail sales dropped in 2020 but are forecast to increase by 2022 as economies recover. The luxury goods sector was particularly hard hit due to its reliance on international tourism but major brands were able to rebound in the second half of 2020 and 2021. The European retail sector followed similar trends as the global market.
Starting a business is like embarking on an unpredictable adventure. It’s a journey filled with highs and lows, victories and defeats. But what if I told you that those setbacks and failures could be the very stepping stones that lead you to fortune? Let’s explore how resilience, adaptability, and strategic thinking can transform adversity into opportunity.
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...BBPMedia1
Nathalie zal delen hoe DEI en ESG een fundamentele rol kunnen spelen in je merkstrategie en je de juiste aansluiting kan creëren met je doelgroep. Door middel van voorbeelden en simpele handvatten toont ze hoe dit in jouw organisatie toegepast kan worden.
Contenu connexe
Similaire à bain_report_2023_china_luxury_goods_market.pdf
Beauty/Cosmetics and Personal Care Industrykirtane&Pandit
The matter of convenience related to the use of technology in selling the products. As per the survey, it is found that 46.1% of the respondents have not faced any trouble while selecting right products for them through online shopping. However, there are a total of 51.7% (Yes & Sometimes) respondents find it difficult. To address this challenge, BPC industry has started using AI based or virtual trying tools. Although the initiative sounds good but has not able to capture the attention of the consumers. As 82.9% of the respondents in this survey reveal that they have never used any such tool. This is an opportunity for online apps a well as BPC manufacturers to spread awareness of impact and precise selection these tools offer and gain newer customers.
Celebrity brand valuation report 2020 embracing the new normalSocial Samosa
Duff & Phelps released the findings from the sixth edition of its ‘Celebrity Brand Valuation Study 2020’ today. The study provides a ranking of India’s most powerful celebrity brands based on brand values derived from their product endorsement portfolio and relative social media presence. The theme for the year is ‘Embracing the New Normal’.
BIHC Briefing Greece March 2024, with Crédit Agricole CIBNeil Day
The document discusses the primary market activity for financial institutions in early 2024. It notes that issuance volumes in euro-denominated debt are down 18% year-to-date compared to 2023, but still up 35% compared to 2022. Issuance of US dollar debt is exceptionally high. Demand from investors remains strong, with high oversubscription levels and tight new issue concessions. Spreads overall remain tight due to robust economic growth, a favorable credit environment with few defaults, and excess liquidity in markets.
The document provides an overview of the luxury goods market in China. It notes that China has become the second largest luxury market in the world after Japan, driven by purchases from Chinese consumers both domestically and abroad. While luxury goods sales in China grew over 30% annually from 2010-2011, growth slowed to around 12% in 2012. The market is projected to reach $18 billion by 2017. Key opportunities for luxury brands include rising incomes and urbanization, while challenges include high taxes and consumers shopping overseas or shifting to non-logo brands.
The first and foremost prediction
for 2025 is that the global apparel
consumption will become US$ 2.6
trillion from a present level of US$
1.7 trillion. This means a market
addition of US$ 900 bn. over next 10
years which presents a huge business
opportunity for sector players. Majority
of this market addition is expected to
happen in China and India.
China travel retail market report by daxue consultingDaxue Consulting
China's domestic travel retail market has benefited from COVID-19, as travel restrictions led Chinese tourists to spend domestically. The market is expected to reach ¥150 billion by 2025, up from ¥54.5 billion in 2019. The China Duty Free Group dominates the market with over 85% share and saw sales increase 9.5% in 2020 despite the pandemic. Luxury brands have also shifted focus to online channels and partnerships with domestic retailers and destinations to cope with the loss of international tourists and daigou sales under COVID-19.
Vietnamese consumers are showing signs of renewed optimism and confidence as the COVID-19 pandemic comes under control. A survey found 56% were optimistic about the short-term economic outlook and 77% about the mid-term outlook, up from 45% and 60% a year ago. While most consumers will maintain cautious spending, there are indications spending will rebalance from necessities toward discretionary categories. The survey also uncovered geographic differences in sentiment, with southern cities like Can Tho and Ho Chi Minh City more upbeat than northern cities like Hanoi. Overall the data points to a rebound in consumer confidence alongside a rebalancing of spending priorities and a renewal of the retail landscape in Vietnam.
The document provides an overview of key highlights across Asia regarding FMCG markets in Q2 2022. Some common themes discussed include:
1) Inflation increased significantly across many Asian markets, putting pressure on consumer spending and causing shoppers to reduce volumes or spend more cautiously.
2) Covid restrictions eased in some countries, but pandemic effects are still influencing shopping behaviors like lower trip frequencies.
3) Online and convenience channels grew in importance as shoppers sought cheaper options and quicker fulfillment.
4) Food and home care categories generally saw more stable growth, while other sectors depended on country-specific economic and Covid conditions.
The document provides an overview and insights from the 8th edition of the True-Luxury Global Consumer Insights report by Boston Consulting Group and Altagamma. It finds that true-luxury consumers, making up around 19 million people, generated 39% of the global luxury market in 2020, an increase of 8 percentage points from 2019. It also notes that the personal and experiential luxury market is expected to see a full recovery between 2021 and 2022 after being impacted by the COVID-19 pandemic. Other key findings include the United States and China being identified as the main growth engines for the luxury market, the increased importance of virtualization and gaming within the industry, and changing consumer behaviors and expectations around sustainability, diversity,
The document provides an overview of insights from the 8th edition of the True-Luxury Global Consumer Insights report by Boston Consulting Group and Altagamma. Some of the key findings include:
1) True-luxury consumers, making up around 19 million people, generated 39% of the global luxury market in 2020, an increase of 8 percentage points from 2019, driven by continued spending among the wealthy during the pandemic.
2) Younger generations like Millennials and Gen Z are expected to make up over 60% of the luxury market by 2025.
3) Personal and experiential luxury spending is forecast to fully recover between 2021-2022, with the US and China remaining important growth
The document provides an overview of the luxury goods market in China. It discusses key trends such as the rapid growth of luxury spending by Chinese consumers which has made China the second largest luxury market globally. The personal luxury goods market in China is estimated to reach around EUR 18 billion by 2017, growing at a CAGR of over 6% annually. Major opportunities for luxury brands include rising incomes and an expanding middle class, while challenges include high taxes and consumers increasingly shopping abroad. International luxury brands dominate the Chinese market but are also investing in local brands.
At present, a considerable amount of people worldwide is highly engaged in self-care beauty routine.
It is caused by the desire to follow a healthy lifestyle, beauty standards, as well as by constant mask wearing
during the COVID-19 pandemic that badly effects face skin. Such a tendency greatly promotes the development
of cosmetics products globally. And one of the major industry actors is Korea, which easily has covered the
domestic demand with innovative and sustainable products and confidently conquers foreign markets. As the US
is the leader in the cosmetics market size, it is of particular importance to investigate the prospects of Korean
manufacturers, including small- and medium-sized companies, there
GroupM global TYNY forecast report december 2021Social Samosa
- Global GDP growth is forecast to be 9.4% in 2021 and 7.6% in 2022, providing a strong foundation for advertising growth.
- The global advertising industry is expected to grow 22.5% in 2021 and 9.7% in 2022, faster than earlier forecasts.
- Digital advertising will likely grow 30.5% in 2021 and account for 64.4% of total advertising, driven by growth at Alphabet, Meta, and Amazon. Television advertising is also recovering but expected to be flat going forward as budgets shift to digital.
Trong khi khối lượng hàng tiêu dùng nhanh (FMCG) tăng ở một số danh mục và khu vực, việc tăng giá bán sẽ siết chặt ngân sách chi tiêu của người tiêu dùng vào năm 2023.
The document summarizes strategies adopted by FMCG companies in India to boost growth. Key strategies include strengthening rural networks, launching mobile apps, introducing new products, expanding into new markets and categories, focusing on e-commerce, implementing green initiatives, using analytics, and increasing investments. FMCG companies are also leveraging consumer goods expos and partnerships to generate opportunities. Overall the strategies aim to increase rural and online penetration and take advantage of rising demand.
De acuerdo con el estudio State of Consumer Outlook 2023 realizado por GfK, las ventas del sector de tecnología y bienes de consumo duraderos cae en Latam 5% en el primer semestre de 2022 en comparación con el mismo periodo de 2021
Welsh Consultants examines the changes confronting Luxury offerings post COVID-19- No one could have predicted how much of a reset 2020 would be for luxury brands. Yet, we all had seen it coming: The need for luxury brands to do some introspection and adapt to remain relevant in a fast-changing cultural climate and modern context. In many ways, COVID-19 is acting as an accelerator of the inevitable— changes that were already underway — for luxury brands. Relevancy has become the new legacy — Luxury brands should deliver a timely and timeless form of meaningful value and empower expressions of individual identities. Luxury brands must lean in and transform themselves from a brand-centric, controlled and confidential model to a moretransparent, engaging and customer-centric organisation.We can’t know with absolute certainty what will happen in the aftermath of the pandemic, but “Elevated Essentialism” will be one of the key themes to take centre stage in 2021 and beyond. This paper examines and explores the subject in detail.
The document summarizes the luxury retail industry in the GCC (Gulf Cooperation Council) region. It discusses key growth drivers like increasing disposable income and tourism. It also outlines challenges like competition and staffing issues. Individual country profiles are provided that highlight population trends, GDP per capita, and other factors driving retail growth in countries like the UAE, Saudi Arabia, Kuwait, Qatar, and Bahrain. The conclusion states that the Middle East luxury retail industry is among the fastest growing sectors globally and will see continued expansion from international luxury brands.
Retailing during Covid-19: Weathering the storm - European Business ReviewAntonis Zairis
The document summarizes the impact of COVID-19 on the global retail sector. It found that the impact was heterogeneous, with essential retailers experiencing increased demand but difficulties, while non-essential retailers like apparel stores struggled due to closures. Online retail saw major growth as social distancing accelerated the shift to e-commerce. Overall, global retail sales dropped in 2020 but are forecast to increase by 2022 as economies recover. The luxury goods sector was particularly hard hit due to its reliance on international tourism but major brands were able to rebound in the second half of 2020 and 2021. The European retail sector followed similar trends as the global market.
Similaire à bain_report_2023_china_luxury_goods_market.pdf (20)
Starting a business is like embarking on an unpredictable adventure. It’s a journey filled with highs and lows, victories and defeats. But what if I told you that those setbacks and failures could be the very stepping stones that lead you to fortune? Let’s explore how resilience, adaptability, and strategic thinking can transform adversity into opportunity.
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...BBPMedia1
Nathalie zal delen hoe DEI en ESG een fundamentele rol kunnen spelen in je merkstrategie en je de juiste aansluiting kan creëren met je doelgroep. Door middel van voorbeelden en simpele handvatten toont ze hoe dit in jouw organisatie toegepast kan worden.
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Part 2 Deep Dive: Navigating the 2024 Slowdownjeffkluth1
Introduction
The global retail industry has weathered numerous storms, with the financial crisis of 2008 serving as a poignant reminder of the sector's resilience and adaptability. However, as we navigate the complex landscape of 2024, retailers face a unique set of challenges that demand innovative strategies and a fundamental shift in mindset. This white paper contrasts the impact of the 2008 recession on the retail sector with the current headwinds retailers are grappling with, while offering a comprehensive roadmap for success in this new paradigm.
Best Competitive Marble Pricing in Dubai - ☎ 9928909666Stone Art Hub
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Storytelling is an incredibly valuable tool to share data and information. To get the most impact from stories there are a number of key ingredients. These are based on science and human nature. Using these elements in a story you can deliver information impactfully, ensure action and drive change.
The APCO Geopolitical Radar - Q3 2024 The Global Operating Environment for Bu...APCO
The Radar reflects input from APCO’s teams located around the world. It distils a host of interconnected events and trends into insights to inform operational and strategic decisions. Issues covered in this edition include:
𝐔𝐧𝐯𝐞𝐢𝐥 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞 𝐨𝐟 𝐄𝐧𝐞𝐫𝐠𝐲 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲 𝐰𝐢𝐭𝐡 𝐍𝐄𝐖𝐍𝐓𝐈𝐃𝐄’𝐬 𝐋𝐚𝐭𝐞𝐬𝐭 𝐎𝐟𝐟𝐞𝐫𝐢𝐧𝐠𝐬
Explore the details in our newly released product manual, which showcases NEWNTIDE's advanced heat pump technologies. Delve into our energy-efficient and eco-friendly solutions tailored for diverse global markets.
Zodiac Signs and Food Preferences_ What Your Sign Says About Your Tastemy Pandit
Know what your zodiac sign says about your taste in food! Explore how the 12 zodiac signs influence your culinary preferences with insights from MyPandit. Dive into astrology and flavors!
Top 10 Free Accounting and Bookkeeping Apps for Small BusinessesYourLegal Accounting
Maintaining a proper record of your money is important for any business whether it is small or large. It helps you stay one step ahead in the financial race and be aware of your earnings and any tax obligations.
However, managing finances without an entire accounting staff can be challenging for small businesses.
Accounting apps can help with that! They resemble your private money manager.
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bain_report_2023_china_luxury_goods_market.pdf
1. China's luxury market experienced a strong rebound in 2023 after a
decline caused by Covid-19 in 2022. However, the recovery was
tempered by the current economic climate and the restart of overseas
shopping. As the market transitions to a normalized post-Covid growth
phase, uncertainties remain regarding the speed at which consumer
confidence will resume and the extent to which luxury shopping will
return overseas.
2023 China Luxury Goods Market:
A Year of Recovery and Transition
3. 2023 China Luxury Goods Market: A Year of Recovery and Transition
1
Figure 1: The mainland China luxury market is predicted to grow ~12% in 2023, not fully back to
its 2021 level because of the current economic environment and overseas luxury shopping
Sources: Bain-Altagamma 2023 Worldwide Luxury Market Monitor; Bain analysis
Mainland China personal luxury market (B RMB)
0
100
200
300
400
500
2011 12 13 14 15 16 17 18 19 20 23E
22
21
CAGR
2022–23E
~12%
~5% CAGR
~40% CAGR ~(1%) CAGR
Covid-19 restrictions were
lifted at the end of 2022,
leading to social and economic
activities resumption in 2023
China’s luxury market has not
fully recovered to its 2021
level, primarily because of the
current economic environment
and overseas luxury shopping
There are significant growth
differences across brands:
About half of the leading
brands, along with multiple
niche brands, have recovered
their 2021 sales levels.
1
At a Glance
In 2023, China’s luxury market saw a 12% yearly increase, recovering from the previous
year’s decline due to Covid-19 but landing slightly below 2021’s record level.
While China’s long-term fundamentals for luxury consumption remain robust, there are near-
term uncertainties. It is projected that China’s luxury market will experience mid-single-digit
growth in 2024.
Over the span of five years, from 2017 to 2021, China’s luxury market tripled in size. However, the
boom came to an end in 2022 due to the impact of Covid-19, resulting in a double-digit decline in
annual growth rate. The lifting of Covid restrictions in December 2022 paved the way for the
resumption of social and economic activities in 2023. Consequently, the market witnessed a
significant rebound, with an estimated year-on-year growth of 12% (see Figure 1).
4. 2023 China Luxury Goods Market: A Year of Recovery and Transition
2
Sources: Bain-Altagamma 2023 Worldwide Luxury Market Monitor; financial reports; Bain analysis
Mainland China personal luxury market year-over-year
growth rate by quarter
50%
10%–15%
Q1 2023 Q2 2023 Q3 2023 Q4 2023
30%–35%
(5)%–(10)%
10%–15%
40
30
20
10
0
–10
–20
A year of contrast
Significant growth differences across
brands
Strong H1 due to Covid-19 in Q2 2022
Weak H2 partly driven by deteriorated
consumer sentiment and a high
comparable base in Q3
Consumers stick to iconic brands and
products
Brands with higher concentrations of
VICs (Very Important Customers) fared
better
Some niche brands also achieved stellar
performance
Cost of doing business is increasing; the
larger brands have greater capability and
resources
Figure 2: 2023 was a year of contrast, with H1 rebounding strongly, especially in Q2, while H2 was
much more muted
The year 2023 presented a stark contrast in performance, with a strong rebound in the first half (H1)
followed by a more subdued second half (H2) (see Figure 2). The robust performance in H1 can be
attributed to the low base created by the lockdowns in the second quarter of 2022, which set the
stage for a significant rebound. However, H2 witnessed weaker growth, primarily driven by a decline
in consumer sentiment and a high comparable base in the third quarter. It is expected that
December will experience a strong rebound, as there was limited shopping activity in the previous
December due to the lifting of restrictions.
All categories within the luxury market in China experienced a rebound in 2023. The beauty
category saw solid growth of approximately 8%, driven by strong momentum in fragrances and
makeup (see Figure 3). Fashion and lifestyle, leather goods, and jewelry also rebounded nicely, with
growth rates ranging from 10% to 20%. However, the leather goods category was slightly softer
compared to other categories, as consumers focused more on the lower-price bag segment. The
watches category saw the softest rebound, with growth rates ranging from 5% to 10%, driven by the
polarization of brands.
5. 2023 China Luxury Goods Market: A Year of Recovery and Transition
3
Sources: Bain-Altagamma 2023 Worldwide Luxury Market Monitor; financial reports; Bain analysis
Mainland China personal luxury market year-over-year growth by category
2020–21 2021–22 2022–23E
20%–25%
40%–45%
45%–50%
50%–60%
30%–35%
5%–10%
15%–20%
10%–15%
15%–20%
8%
(6)%
Beauty Fashion and
lifestyle
Leather
goods
Jewelry Watches
(15)%–(20)%
(10)%–(15)% (10)%–(15)%
(20)%–(25)%
Beauty saw solid growth,
driven by strong momentum in
fragrances and makeup
Fashion and lifestyle,
leather goods, and jewelry
rebounded nicely, with
leather goods slightly softer
than other categories due to
consumers’ focus on bags’
lower price segment
Watches saw the softest
rebound with contrasted per-
formance across brands
Figure 3: All luxury categories rebounded—beauty, fashion, jewelry, and leather goods saw strong
growth, while watches continue to lag other categories
3
In 2022, the concentration of Very Important Customers (VICs) increased as a result of reduced
shopping mall traffic. However, in 2023, shopping malls saw a significant rebound in both VIC and
non-VIC traffic. While conversion and average spending for non-VIC consumers declined, VICs
continued to exhibit strong performance in these metrics.
Hainan duty-free sales declined by approximately 30% in 2022. In 2023, Hainan’s duty-free sales
grew by about 25%, though not back to their 2021 level (see Figure 4). This rebound can be attributed
to the return of many tourists, which was a direct result of the recovery in domestic travel and the
stimulus measures implemented by the Hainan government. It is worth noting that although the
traffic increased, the number of duty-free shoppers did not grow as significantly, indicating a
reduced conversion rate. Additionally, the average spending per shopper decreased by more than
25%, likely due to lower discount levels, less Daigou activity, and an increased rationality among
consumers.
To summarize, China’s luxury market has experienced a double-digit rebound, although it’s not yet
back to the historical high of 2021. This can be attributed to factors such as low consumer
confidence, a slower-than-expected economic recovery, and Chinese consumers’ return to luxury
shopping overseas.
6. 2023 China Luxury Goods Market: A Year of Recovery and Transition
4
Sources: Haikou Custom; Ministry of Culture and Tourism; literature research; financial reports; analyst reports; Bain analysis
A strong rebound in
tourists drove the
rebound in sales, a
direct result of
domestic travel
recovery and the
Hainan government’s
stimulus
In 2023, conversion
and average spending
decreased vs. 2021,
both likely due to lower
discount levels, less
Daigou activity, and
increased rationality in
consumption
Mainland China personal luxury sales (B RMB)
Hainan duty-free sales as share of total market:
Others
Hainan duty-free sales
CAGR
18–21
2018
21–22 22–23E
19 20 21 22 23E
36% (11)% ~11%
70% (29)% ~25%
39% (13)% ~12%
6% 6% 8% 11% 9% 10%
Figure 4: Duty-free sales in Hainan rebounded in 2023, benefiting from domestic travel recovery,
and the Hainan government’s stimulus
4
When examining the growth differences across brands, it becomes evident that about half of the
leading brands, as well as several niche brands, have managed to recover their 2021 sales levels.
Several factors have contributed to the success of these brands:
• Brands with iconic offers over-performed those with seasonal offers, as consumers value longer-
term investment in times of uncertainty.
• Brands with a higher concentration of VICs have shown greater resilience in the uncertain
economic situation.
• Bigger brands tend to outperform smaller brands due to more resources and stronger
capabilities. This scale advantage enables them to execute high-quality marketing events and
provide exceptional in-store services.
• Niche brands that have consistently invested in building brand desirability over multiple years
have experienced success.
This year, our research explores two significant trends and their impact on the luxury market’s
growth outlook: luxury shopping overseas and the Daigou market.
7. 2023 China Luxury Goods Market: A Year of Recovery and Transition
5
Figure 5: The mainland China share of spending on luxury goods peaked in 2021 because of closed
borders but declined as China overseas tourism resumed
Sources: Bain-Altagamma 2023 Worldwide Luxury Market Monitor; World Travel & Tourism Council; CBRE Group; trip.com; Bain analysis
Geographic breakdown for Chinese luxury goods spending
(Percentage, B euro)
Recovery driven by traffic recovery and increase
in average spending compared with pre-Covid
Mainland overseas tourism traffic has recovered
about 30% in Europe and 30%–50% in Asia, led
by destinations like Japan and Hong Kong
Mainland Chinese overseas tourism will likely fully
recover by mid to end of 2024, with destinations
like Hong Kong, Japan, and South Korea as the
top choices
100%
76 93 64 83
80
60
40
20
2015 2019 2021 2023E
Overseas
purchase
Nuances
Mainland Chinese back to spending abroad,
although not fully back to pre-Covid level
Chinese tourist spending, by region
(2023 as percentage of 2019 spending)
In Europe
~40% ~65%
In Asia
Mainland
China
purchase
0
5
Trend 1: Luxury shopping overseas
Prior to the Covid-19 pandemic, approximately one-third of mainland Chinese luxury spending took
place within mainland China, while the majority occurred outside mainland. However, due to
closed borders, the ratio shifted dramatically to over 90% in both 2021 and 2022. As Chinese
overseas tourism progressively resumed throughout the year, we estimated that in 2023 about 70%
of mainland Chinese luxury spending happened within the mainland (see Figure 5). The recovery of
Chinese tourists’ luxury spending in Europe and Asia has been significant. Mainland Chinese
spending abroad in 2023 recovered to 40% of 2019 level in Europe and 65% in Asia. This recovery
can be attributed to a combination of increased traffic and higher average spending compared to
pre-Covid levels.
Various factors have contributed to this partial recovery, including increased traveling and lodging
costs abroad. European tourism has seen a slower recovery, as many middle- and high-income
consumers have opted for closer Asian destinations that provide better travel options in a context of
high travel fares, particularly taking advantage of exchange rate advantages in countries like Japan.
The pricing gaps between luxury goods in mainland China and other markets have played a critical
role in the resurgence of overseas shopping. A sample check of leading products in mainland China,
European, and Asian markets revealed significant price gaps across categories such as fashion and
leather products, making luxury shopping abroad more attractive. Importantly, these price gaps
have remained unchanged compared to 2022 (see Figure 6).
8. 2023 China Luxury Goods Market: A Year of Recovery and Transition
6
Notes: Top three SKUs were selected for three to five leading brands in each category; France official website prices applied for bag, shoe, and jewelry;
Switzerland official website prices were applied for watches; the EUR/RMB exchange rate is ~7.7 and the CHF/RMB exchange rate is ~8.1
Sources: China official website, France official website, Switzerland official website
The size of the price
gap between China
and Europe has
remained similar to
December 2022
across all categories
Price gap between Chinese
and European label price
(as of December 11, 2023)
Luxury bag
(>10K RMB)
Entry luxury bag
(<10K RMB)
Shoe
Jewelry
Watch
Percentage difference of listed
price between China and Europe
(before value-added tax back)
+20%–25%
+30%–40%
+20%–30%
+0%–10%
+0%–5%
Listed price in
mainland China
Listed price in Europe
Figure 6: The price gaps between China and Europe play a critical role in the return of overseas
shopping, and they remained unchanged since 2022
6
Trend 2: The Daigou market
South Korea’s duty-free market has historically been a significant source for Daigou, particularly in
the luxury beauty sector. In 2022, visits to South Korea were over 90% lower than in 2019 due to
travel restrictions. However, sales remained at about 75% of the 2019 level, primarily due to the bulk
resale of goods through Daigou channels. In 2023, despite a drastic recovery in international
travelers, Korean duty-free sales to international travelers is expected to experience a 30% decline
to approximately RMB 60–65 billion. This decline can be attributed to the actions taken by the
government and brands to address the Daigou market (see Figure 7). The Korean government
restricted duty-free retailers’ commission fees to travel agencies linked to Daigou, aiming to restore
profitability to duty-free shops. Additionally, the supply of popular beauty products has been
limited, as brands are concerned that excessive discounts will negatively impact brand equity and
pricing structures in the Chinese market.
Despite higher restrictions on Daigou activities in the beauty sector, new and more professional
Daigou models are emerging, particularly in the fashion and leather goods sectors. According to
Re-Hub, Daigou operators have become more professional by accessing overseas goods from
wholesalers at lower prices. They have also embraced a more platformized approach, providing
consumers with an aggregated and authenticated platform for shopping.
9. 2023 China Luxury Goods Market: A Year of Recovery and Transition
7
Sources: Korea Duty Free Shops Association; analyst report; literature research; Bain analysis
Number of international travelers
visiting South Korea duty-free shops
(19–23E)
South Korea duty-free sales to
international travelers (19–23E, B RMB)
Government cracks
down on Daigou,
restricting duty-free
retailers’ commission
fees to travel agencies
linked to Daigou in
China to help recover
duty-free shops’
profitability
Brands limit supply
to Korea Travel Retail
to manage pricing as
brands worry that
supply from Korea
duty-free with
excessive discounts
will hurt the brand
value and price
structure in the region
2019
~18M
(–82%) (–37%)
(+17%) (–4%)
(–30%)
(–80%)
(+135%)
(+280%)
~120
~79
~92 ~89
60–65
~3M
~0.7M
~1.6M
~6M
2020 2021 2022 2023E 2019 2020 2021 2022 2023E
Figure 7: Despite recovery in international travelers, Korean duty-free sales shrunk as South Korean
government and brands took actions against Daigou
7
According to Re-Hub, Daigou channels that Re-Hub tracks offer prices that can be up to 40% lower than
the brands’ official prices in mainland China. The larger price gaps are often a result of luxury brands’
control and size of their wholesale channels worldwide. For brands that have no or tightly controlled
wholesale channels, fashion and leather goods sales on these platforms can account for 10%–20% of
their official sales in mainland China. However, for brands with a large and somewhat uncontrolled
wholesale channel, sales on these platforms can represent 60%–70% or even more of their total
mainland China sales (see Figure 8). According to Re-Hub, some of the platforms it tracks have
experienced double-digit luxury GMV growth per year, including in 2023.
10. 2023 China Luxury Goods Market: A Year of Recovery and Transition
8
Source: Re-Hub
Daigou GMV generated as share of brands' official revenue in mainland China
on platforms tracked by Re-Hub (fashion and leather goods only)
When brands do not
have overseas wholesale
operations
When brands have
somewhat large overseas
wholesale operations
When brands have large
and uncontrolled overseas
wholesale operations
10%–20%
Low case High case Extreme case
60%–70% >100%
Figure 8: New and more professional Daigou models are emerging, especially in fashion and leather
goods, reaching a substantial GMV scale
8
11. 2023 China Luxury Goods Market: A Year of Recovery and Transition
9
Looking ahead
After a turbulent three years due to the Covid-19 pandemic, it is believed that 2023 marked the
beginning of China’s luxury market transitioning toward a normalized post-Covid growth
trajectory. The fundamentals of luxury consumption in China remain strong in the long run,
although there are uncertainties in the near term regarding the speed of consumer confidence
recovery and the growth of luxury shopping overseas. It is expected that most of the trends
witnessed in 2023 will continue or amplify, leading to a mid-single-digit growth rate in China’s
luxury market in 2024.
The recovery of overseas luxury shopping will continue as cross-border tourism develops. The
extent of cross-border tourism recovery in 2024 will primarily depend on the speed of economic
recovery and changes in travel and lodging costs. Various travel agencies and organizations project
that China’s overseas tourism will fully recover by mid to end 2024,1
with destinations like Hong
Kong and Japan being the top choices. Therefore, in the context of expanding luxury spending
outside the mainland in 2024, it is expected that there will be another year of recovery of Chinese
overseas luxury consumption. It remains crucial for brands to implement harmonized global
pricing strategies to reduce the incentives for consumers to buy outside the mainland.
The total investable assets of China’s high-net-worth individuals (HNWIs) are projected to grow at
a double-digit rate,2
serving as a primary driver of mainland China’s luxury growth. However, these
individuals are more likely to allocate a portion of their budget to overseas shopping. In 2023,
middle- to high-income consumers displayed more rational and discerning behavior. It may take
some time for their sentiment to improve, which could impact volume and blended pricing. The
entry-level consumers, who have demonstrated resiliency in 2023 with entry-level items, will
remain an important segment for luxury brands. However, their ticket price is lower, and they buy
more online.
We expect most brands to slow down their store footprint expansion, except for a few leading
brands that experienced exceptional growth in 2023. Brands will focus on optimizing their existing
store network and improving same-store productivity.
The Hainan duty-free market is poised to become a duty-free island by 2025. As Hainan’s shopping
environment matures, it will attract a more diverse consumer base and receive increased
investment from luxury brands.
The Daigou market is unlikely to cool off, and its future trends will depend on brands’ control over
their wholesale market overseas.
1
World Travel & Tourism Council, CBRE Group, Trip.com Group
2
China Merchants Bank report on China Private Wealth 2023
12. 2023 China Luxury Goods Market: A Year of Recovery and Transition
10
In the long run, China’s growth is stabilizing at a lower yet still significant rate. Real GDP is
projected to grow at 4%–5% in the coming years, creating a substantial incremental market and
solidifying China’s position as a powerhouse for luxury growth. In 2023, Chinese luxury
consumption is estimated to account for approximately 22%–24% of the world’s total, with
mainland China comprising about 16% (both excluding Daigou). By 2030, Chinese luxury
consumption is expected to reach 35%–40% of the world’s total, with mainland China reaching
24%–26%, solidifying its position as one of the leading luxury markets globally.
Lastly, China’s luxury operations will continue to set the standard worldwide, encompassing the
quality of retail establishments, amazing consumer experiences, sophisticated clienteling
activities, extraordinary events planning and execution, the versatility of the digital landscape,
and the necessary capabilities and talent to meet the ever-increasing expectations of Chinese
consumers.
13. Bold ideas. Bold teams. Extraordinary results.
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