News : Special Report: Luxury’s Opportunity in Home and Hospitality

Monday, April 17, 2023

Special Report: Luxury’s Opportunity in Home and Hospitality

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WHAT YOU NEED TO KNOW TODAY: TUESDAY, APRIL 18, 2023

Dear BoF Community,

This week, more than 400,000 people are descending on the city of Milan for Salone del Mobile, which has expanded far beyond the confines of an annual furniture trade fair to become Milan Design Week, the most important global gathering for the sprawling $4.3 trillion lifestyle sector that spans from home design to hotels to dining.

Now, more and more fashion and beauty brands are looking to get in on the action. According to our latest report from BoF Insights, 'The Lifestyle Era: Luxury's Opportunity in Home and Hospitality,' which is being released today in Milan:

Affluent shoppers are spending more on home design than before the pandemic, as per a proprietary BoF Insights survey of high-net-worth individuals in the US, UK and France, which finds that home design's "wallet share" for affluent shoppers has increased by 12 percentage points.
Dior, Chanel and Gucci are the brands that affluent shoppers would be most interested in buying a branded home design product from. But shoppers also cite brands like Zara, underscoring how expanding into lifestyle categories can be a means for mass brands to up-level their market positioning.
Nearly one-third of respondents see branded hospitality experiences, from dining to hotels, as a driver for purchasing from the brand overall.

For access to all of the data and insights — including market sizing and growth figures, proprietary consumer insights, and the synthesis of almost 30 executive interviews — download the complete 90-page report.

Imran Amed, Founder and CEO

Plus, also in today's BoF Daily Digest newsletter:

Beauty brands today have their pick of wholesale partners, but success at retail depends on more than sitting on a shelf.
Nike is launching a collection of digital goods aimed at customers who may not know – or care – about crypto or NFTs.
HommeGirls, Thakoon Panichgul's publication focussed on women wearing menswear, is looking to luxury advertisers and new cover star Kylie Jenner to drive growth.
THG, formerly The Hut Group, confirmed it received an acquisition proposal from Apollo Global Management Inc.

TOP STORIES

The Lifestyle Era: Luxury's Opportunity in Home and Hospitality

By Rawan Maki and Benjamin Schneider

From home design to hotels, the $4.3 trillion lifestyle sector is set for growth as customers prioritise experience and place greater value on the spaces where they live, work and socialise, according to BoF Insights' new report.

How Beauty Brands Can Pick the Right Retail Partner

By Diana Pearl

With a growing number of retailers looking to stock cosmetics, skin care and more on their shelves, brands have to think harder about which fulfils their needs.

Nike Has a Plan to Take Digital Goods Mainstream. Just Don't Call Them NFTs.

By Marc Bain

The sneaker giant is launching its first big collection of digital goods under its own name after signing up more than 330,000 members to its new web3 platform, .Swoosh.

With a Kylie Jenner Cover, HommeGirls Starts Its Next Chapter

By Joan Kennedy

The independent magazine and brand, initially launched by Thakoon Panichgul as a passion project after a pause on his Silas Chou-backed label, is aiming to broaden its audience and stake out growth.

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