C2 Global Research Points to Accelerated Momentum in Second Half of 2020
Prada, Gucci & LV Gaining Momentum in China
C2 Global conducted a luxury survey in August/September 2020 to gauge consumer's opinions and demand for luxury and beauty brands in real time. We also compared their answers to the same questions we asked one year ago. The full results of this can be found in our data stream, but we are seeing key trends emerging. As a result, we predict that Gucci, Prada and Louis Vuitton will gain momentum in China in the second half of 2020.
We asked consumers which luxury brands they purchased in the last six monthS, as well as which luxury brands they plan to purchase in the next six months. We compared these results to the same questions asked in 2019 as well. In 2020 16% of respondents said they purchased Prada in the last 6 months, and 21.8% plan to purchase Prada in the next six months. When we asked this question in 2019, only 7.2% of respondents said that they had purchased Prada in the last 6 months, and 10.4% of them planned to purchase Prada in the next six months. Prada represented the brand showing the most momentum, but we also see positive signs for Gucci and Louis Vuitton.
We also expect Gucci to gain momentum - 29.2% of respondents said that they had purchased Gucci in the last six months, and 30.9% of respondents plan to purchase Gucci in the next six months. In addition Louis Vuitton appears to be gaining ground, with 17.4% of respondents having purchased LV in the last six months, and 19.4% of respondents planning to purchase LV in the next six months.
C2 will continue to track consumer sentiment towards luxury goods in the future, but in the meantime, keep your eyes on Prada, Gucci and LV for increased momentum in the second half of 2020.