Luxury spending drives recovery
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1 Special Report April Special Report April 2011 By Nikoleta Panteva As the economy slowly improves and purse strings loosen, American shoppers increasingly head to the high-end markets Many luxury retailers are experiencing strong growth, while their relative industries suffer In December of 2010, luxury jewelry retailer Tiffany & Co. proved that analysts earnings forecasts were grossly underestimated. And the company s earnings were not a fluke: year-end financial data shows that Tiffany grew 13.9% in 2010, despite the fact that its jewelry sells for an average price of $1,802. Lower-tier jewelry brand Zales, whose average price point is a much lower $730, actually recorded revenue decline in From 2009, company revenue fell a significant 9.2%. The Jewelry Stores industry also declined over the year at a rate of 2.5%, so while Zales continued falling, Tiffany actually outperformed its lower-end counterpart and the entire industry. At the same time, Americans per capita disposable income inched up only 0.3% during the year (compared to prerecession growth of 3.0% in 2006) and unemployment grew to a new high of 9.6%. Nevertheless, an elite set of companies like Tiffany & Co. fared rather well. These contrasting trends then spur the question: is luxury spending leading the economic recovery? Jewelry Stores isn t the only industry displaying this trend. For example, luxury brand Coach Inc., part of the Handbags, Luggage and Clothing Accessories Stores industry, also outperformed its competition. Coach grew 11.7% in 2010, far faster than the JewelryStoresindustryrevenue Tiffany&Co. Zales Jewelry Stores* ,309.2 N/C 2,062.2 N/C 33,843.0 N/C , , , , , , , , , , , , , , , info@ibisworld.com
2 Special Report April DepartmentStoresindustryrevenue SaksInc. DepartmentStores* ,767.0 N/C 240,462.7 N/C , , , , , , , , , , industry s 2.4% rate. Likewise, luxury department retailer Saks Inc. grew a strong 5.9% during the year. Meanwhile, Department Stores industry revenue dropped an estimated 1.8% in 2010, following a 6.6% drop in Even high-end furniture purchases have rebounded quicker than their lowerpriced competitors. For example, Williams-Sonoma the parent company of brands like Pottery Barn and West Elm recorded a sales increase of 12.9% in 2010 (its most recent financial data available) to $3.5 billion. By contrast, the Furniture Stores industry only grew 0.5% over the year to $59.8 billion. Car company Toyota Motor Corporation has displayed a similar trend, with its Lexus division rebounding much quicker than its Toyota division. Despite Lexus higher starting price (about $33,000 for the base IS model versus Toyota Camry s $19,000 starting price), the brand s US sales increased 6.2% in 2010, while Toyota s US sales actually declined 0.5%. IBISWorld estimates that Lexus and other luxury car brands are responsible for pushing New Car Dealers industry revenue up to 9.2% in Could this mean that consumers are shifting gears toward luxury goods? Gen Y in the driver s seat Generation Y consumers people born between 1979 and 1993, roughly between the ages of 17 and 32 are notorious for shopping. Despite the ensuing recession, data from the Bureau of Labor Statistics shows that 25- to 34-year-olds continued to increase their total spending over the Handbags,LuggageandClothingAccessoriesStoresindustryrevenue CoachInc. Handbags,Luggage& ClothingAccessoriesStores* ,111.5 N/C 7,455.0 N/C , , , , , , , , , ,
3 Special Report April five years to 2009 (the latest data available). This age group s expenditure grew at an average annual rate of 2.3% to $931.9 million, while their older counterparts namely, those between the ages of 35 and 44 increased total expenditure at a much slower 1.0% per year to $1.3 billion. Perhaps this spending increase is due to Gen Y s income growth. After all, a greater number has entered the workforce over the past five years. The data, however, indicates otherwise. Average post-tax annual income for 25- to 34-yearolds grew at an annualized rate of 2.4% to about $57,000 over the five years to This rate is well below 35- to 44-year-olds income growth of 3.5% per year to $75,000. In fact, Gen Y income increased slower than the income of any other age group, including those younger than 25, whose average annual income grew by 2.5% to $26,000. Despite Gen Y s lower after-tax income, these consumers still outspend their older counterparts. This trend is largely due to the rise of the aspirational shopper, which is a middle-income earner who displays high-end taste. The Gen Y group is littered with aspirational shoppers, which explains their expenditure trends. This type of consumer typically makes single purchases averaging $300, so their luxury options are limited. Luxury brands have noticed this pattern and altered their product lines to capture Gen Y s dollar. Is this just the beginning of a new standard? The future of luxury brands Successful luxury brands that are leveraging Gen Y s spending patterns include high-end handbag maker Coach. In July 2009, the company debuted a brightly colored, age-appropriate line of purses and perfumes under the lesspricey Poppy brand. Poppy is aimed at the Gen Y consumer and retails for as low as $198. Likewise, fast-fashion retailers like H&M and Forever 21 have partnered with well-known designers in high-low collaborations. In 2010, H&M s Lanvin collection boosted the retailer s revenue 15.0% from The most expensive item in the collection was a $350 coat, which still accommodated the expensivetaste Gen Y shopper. Mass merchandiser Target has also made efforts to bridge the gap between high-priced luxury and affordable fashion through limited-time designer collaborations in its stores. The clothes are typically carried in the store s juniors section, which targets the hip Gen Y consumer. Target s program Go International kicked off in 2006 with a special line by Luella Bartley. Prices for the line stayed below $150 and targeted NewCarDealersindustryrevenue Lexus Toyota NewCar Dealers* ,895 N/C 1,800,915 N/C 624,049.5 N/C , ,047, , , , , ,843, , , ,496, , , ,488, ,
4 Special Report April About IBISWorld Inc. Recognized as the nation s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit or call the young aspirational shopper. Since then, the retailer has carried a myriad of other designers, including Alexander McQueen, Zac Posen and Thakoon. In early 2011, Target even rereleased some of its most popular lines. Also, on April 13, department store Macy s released its exclusive collaboration with designer Matthew Williamson. During this transitional year, will more high-end brands take on similar approaches to reach their young, yet budget-conscious audience? The answer is most likely! Demand for luxury items stems from consumers perception of their quality. Gen Y spenders, especially, are aware of brands and the messages they send. But because many in this age group will remain unemployed in 2011 FurnitureStoresindustryrevenue Williams-Sonoma due to their general lack of experience, brands and retailers alike will lower the prices of their luxury items and make them more accessible to these avid shoppers. This, in turn, will build loyalty and create return shoppers out of the still-young Gen Y consumers. As their budgets grow, so will the sizes and frequencies of their purchases. IBISWorld estimates that Gen Y spending grew about 2.0% in 2010, despite counterintuitive economic factors. The increase is forecast to be even greater through 2011 an expected 3.4% as unemployment drops 4.2% and consumer confidence climbs 7.0%. Luxury brands and mass markets will continue to join hands to deliver highend goods at affordable prices. FurnitureStores* ,539.0 N/C 67,544.0 N/C , , , , , , , , , , Contact: Savannah Haspel VP, Public Relations IBISWorld Phone: savannahh@ibisworld.com
5 At IBISWorld we know that industry intelligence is more than assembling facts. It is combining data with analysis to answer the questions that successful businesses ask. Identify high growth, emerging and shrinking markets Arm yourself with the latest industry intelligence Assess competitive threats from existing and new entrants Benchmark your performance against the competition Make speedy market-ready, profit-maximizing decisions Who is IBISWorld? We are strategists, analysts, researchers and marketers. We provide answers to information-hungry, time-poor businesses. Our goal is to give you the real-world answers that matter to your business in our 700 US industry reports. When tough strategic, budget, sales and marketing decisions need to be made, our suite of Industry and Risk intelligence products give you deeply researched answers quickly. IBISWorld Membership IBISWorld offers tailored membership packages to meet your needs. Join and become an industry expert! Disclaimer This product has been supplied by IBISWorld Inc. ( IBISWorld ) solely for use by its authorized licenses strictly in accordance with their license agreements with IBISWorld. IBISWorld makes no representation to any other person with regard to the completeness or accuracy of the data or information contained herein, and it accepts no responsibility and disclaims all liability (save for liability which cannot be lawfully disclaimed) for loss or damage whatsoever suffered or incurred by any other person resulting from the use of, or reliance upon, the data or information contained herein. Copyright in this publication is owned by IBISWorld Inc. The publication is sold on the basis that the purchaser agrees not to copy the material contained within it for other than the purchasers own purposes. In the event that the purchaser uses or quotes from the material in this publication in papers, reports, or opinions prepared for any other person it is agreed that it will be sourced to: IBISWorld Inc. Copyright IBISWorld Inc.
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