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BURGUNDY EN PRIMEUR REPORT2023 VINTAGECONTENTSINTRODUCTION 3BURGUNDY 2023 EP INSIGHTS 3MARKET ANALYSIS 5THE CRITICS VERDICT 8BURGUNDY OUTLOOK 14TARGET BURGUNDY PRODUCERS 16PRIORITY ALLOCATION PROGRAMME 18CULT WINES|WINEINVESTMENT.COM3ALLEN MEADOWS(BURGHOUND)“The 2023s belong in any serious Burgundy collectors cellar”.“When the 2023s are good,theyre genuinely wonderful for their sheer exuberance”.NEAL MARTIN(VINOUS):“Two thousand twenty-three is unequivocally a vignerons vintage.Those that made the right decisions in the vineyard had the potential to make great wines of either colour at optimal yields”.JASPER MORRIS(INSIDE BURGUNDY):“There are plenty of wines worthy of interest in 2023,as long as the price is right,with so much to enjoy from appellations that once overlooked”.“In some cellars this really is a great vintage”.The early assessment of the Burgundy 2023 vintage reveals wines of high quality and approachability,as well as a long-awaited return to higher yields.Producers and critics have praised the wines for their elegance and remarkable sense of balance.The wines are luminous,fresh and pure,offering a lot of enjoyment young whilst built for medium to long-term ageing.From our recent tastings,this is clearly a vintage to explore deeply across both celebrated and lesser-known appellations.The standout wines of 2023 reach impressive heights,yet the vintages inconsistency vividly reflects the chaotic and turbulent growing season that defined it.With recent market adjustments and higher yields potentially leading to more competitive pricing,this is an interesting moment for the Burgundy market landscape.The combination of a less crowded market and the chance to secure wines from Burgundys most esteemed producers and historic vineyards makes this a strategic time to allocate capital thoughtfully.While the 2023s show promise and merit consideration,we continue to see investment potential in back vintages,especially for Burgundy producers in our Tier 1 and Iconic category,where prices have pulled back in the last two years.INTRODUCTION/BURGUNDY 2023 EP INSIGHTSINTRODUCTION:A PROMISING VINTAGE AMID MARKET SHIFTSBURGUNDY 2022 EN PRIMEUR INSIGHTS:QUALITY ENDORSEMENTCULT WINES|WINEINVESTMENT.COM4BURGUNDY 2023 EP INSIGHTSINCREASED AVAILABILITYThe 2023 vintage promises a positive shift,with higher yields compared to 2022 or the weather-affected 2021 vintage.Merchants express optimism about improved availability and enhanced access for Burgundy lovers and collectors.DEMAND RESILIENCEDespite economic uncertainties and challenges,the fine wine market expects robust demand for the 2023 vintage,driven by good quality and sustained historical appetite for the region.OPPORTUNITYEn Primeur remains the best opportunity to acquire and secure these coveted wines.Whilst tight allocations persist for the most sought-after wines,higher yields and quality across the region create a unique window for buyers to secure wines that were ultra-limited in more recent two EP campaigns and high-quality wines across all appellations.PRICESWhile we await the final pricing details,the prevailing signal from most of the estates suggests stable to slightly lower prices than in 2022.However,the tremendous quality across the region opens the door for great acquisitions based on relative value between appellations and producers.BACK VINTAGESWe have identified the most compelling relative value opportunities within the 2016,2018,and 2020 Burgundy vintages.While the 2020 vintage demonstrates variability across producers,the 2016 and 2018 vintages stand out as offering exceptional value,combining advanced bottle maturity with consistently high quality.Strategic positioning in these vintages,based on our recommendations,has the potential to significantly enhance the performance of a Burgundy allocation.LONG-TERM POTENTIALThe region has no equal when it comes to stature and devoted followings among wine lovers,collectors,and investors.As such,there is a built-in supply-demand imbalance that should mean that the new 2023 wines,along with back vintages,will fetch much larger sums over a time frame of several years.CULT WINES|WINEINVESTMENT.COM5As of end of December 2024Liv-ex Fine Wine 1000Liv-ex Burgundy 15012-month%-11.7%-15.20%3-year%-13.7%-0.1%5-year%5.2.0%MARKET ANALYSISThe Burgundy region is currently witnessing a notable correction in the prices of its Grand Cru wines,marking a pause that had been anticipated for some time.The Liv-ex Burgundy 150 index,primarily featuring grand cru labels,saw a 15.2%drop in value in 2023,with some components within the index plummeting over 40%.MARKET ANALYSIS NAVIGATING THE CURRENT CORRECTION AND PREPARING FOR THE NEXT PHASESource:Liv-ex Indices as of 28 January 2024.EXHIBIT 1:BURGUNDY INDICES PERFORMANCE VS GLOBAL WINE INDEXCult Wines Investment purchases throughout the 2022 EP campaign have demonstrated stronger performance( 2.17%),with the Iconic(-10.2%)and Up-and-coming(-4.4%)categories acting as the primary drag on the yearly performance.While caution is advised,its crucial to recognise that certain Iconic producers current prices may present a very good opportunity for investors with a long-term horizon.Notably,certain wines from Leroy,Rousseau and Domaine de la Romanee Conti,the most sought-after names in the region,have seen a substantial 30%drop in price from their peaks,opening a window for investors&collectors to make opportunistic and strategic acquisitions.CULT WINES|WINEINVESTMENT.COM67.3%1.4%-4.4%-10.2%-12%-10%-8%-6%-4%-2%0%2%4%6%8%Tier 2Up&ComingTier 1IconicReturn in 2024Amidst this short-term correction,we emphasise a selective approach to En Primeurs,analysing producers across all tiers and identifying wines with inherent value and long-term return potential.While the broader market experiences a cooling-off period,our quantitative and analytical approach aims to acquire selectively across EP wines that exhibit resilience and potential for future growth.MARKET ANALYSISSource:Liv-ex market data as of 29 January 2024,compared against client purchase prices during the EP 2022 campaign.EXHIBIT 2:TOTAL RETURN%OF CULT WINE INVESTMENT PURCHASES DURING EP 2022 CAMPAIGN BY CW BURGUNDY TIERCULT WINES|WINEINVESTMENT.COM7Rank12345678910WinesDomaine Robert Chevillon,Nuits-Saint-Georges Premier Cru,Les PerrieresDomaine Louis Jadot,Meursault Premier Cru,CharmesEtienne Sauzet,Puligny-MontrachetJean-Claude Ramonet,Chassagne-Montrachet Premier Cru,Mor-geot RougeComte Armand,Auxey-Duresses Premier CruJoseph Drouhin,Gevrey-ChambertinDomaine Heitz-Lochardet,Chassagne-Montrachet Premier Cru,La MaltroieJean Chauvenet,Nuits-Saint-Georges,RougeDomaine Coquard Loison Fleurot,Gevrey-ChambertinDomaine Anne-Francoise Gros,Chambolle-MusignyTiersUp&ComingTier 2Tier 1IconicTier 2Tier 1Up&ComingTier 2Up&ComingTier 1Avg.12-month Return35.404.401.400.20%.70.20 .50.20.50.40%MARKET ANALYSISSource:Liv-ex Indices as of 31 December 2024.EXHIBIT 3:LIV-EX INDICES 10-YEAR PERFORMANCESource:Liv-ex.EXHIBIT 4:TOP 10 BURGUNDY PERFORMERS IN 2024Vintage 2016-2022 average returns 31 December 2023 to 31 December 2024.50100150200250300350Jan-15Jan-16Jan-17Jan-18Jan-19Jan-20Jan-21Jan-22Jan-23Jan-24Index level rebased to 100 in January 2015Liv-ex Burgundy 150Liv-ex Champagne 50Liv-ex Italy 100Liv-ex Bordeaux 500CULT WINES|WINEINVESTMENT.COM8BURGUNDY 2023:THE CRITICS VERDICTI adore the 2023 vintage.It is not the greatest ever,some kind of apotheosis.But I am hard pushed to think of another vintage so pleasurable from barrelpleasure that its best growers will translate into bottle.Time and again,as I tasted unfinished wines,thoughts of relishing the same finished wine at some future date kept popping into my head.Two thousand twenty-three is unequivocally a“vignerons vintage.”Those that made the right decisions in the vineyard had the potential to make great wines of either color at optimal yields.BURGUNDY 2023:THE CRITICS VERDICT NEAL MARTINS OPINION ON THE BURGUNDY 2023 VINTAGECULT WINES|WINEINVESTMENT.COM9ProducerDomaine de la Romane-ContiDomaine Marc ColinDomaine Comte Georges de VogDomaine Armand RousseauDomaine Mo-CamuzetDomaine Hubert LignierDomaine DujacDomaine des LambraysDomaine DujacDomaine Etienne SauzetDomaine du Comte Liger-BelairDomaine Jean GrivotDomaine Georges RoumierDomaine Louis JadotDomaine Hudelot-NollatDomaine Hudelot-NollatDomaine Mugneret-GibourgDomaine Jean GrivotDomaine de la Romane-ContiDomaine Denis MortetDomaine Denis MortetDomaine Armand RousseauDomaine des Comtes LafonDomaine Bouchard Pere&FilsDomaine Comte Georges de VogWinesRomane-Conti Grand CruMontrachet Grand CruMusigny Vieilles Vignes Grand CruChambertin Clos-de-Bze Grand CruRichebourg Grand CruClos-dela-Roche Cuve MCMLV Grand CruClos de la Roche Grand CruClos des Lambrays Grand CruVosne-Romane Aux Malconsorts Ter CruMontrachet Grand CruGrands-Echzeaux Grand CruRichebourg Grand CruChambolle-Musigny Les Amoureuses Ter CruBonnes-Mares Grand CruVosne-Romane Les Malconsorts Ter CruRomane-Saint-Vivant Grand CruClos de Vougeot Grand CruVosne-Romane Aux Rejgnots Ter CruLa Tache Grand CruMazis-Chambertin Grand CruChambertin Grand CruRuchottes-Chambertin Clos des Ruchottes Grand CruMontrachet Grand CruChevalier-Montrachet La Cabotte Grand CruChambolle-Musigny Les Amoureuses Ter CruScore98-10097-9997-9997-9996-9896-9896-9896-9896-9896-9896-9896-9896-9896-9896-9896-9896-9896-9896-9896-9896-9896-9896-9896-9896-98BURGUNDY 2023:THE CRITICS VERDICTNEAL MARTINS TOP-RATED BURGUNDY 2023SCULT WINES|WINEINVESTMENT.COM10BURGUNDY 2023:THE CRITICS VERDICTJASPER MORRIS TAKE ON THE BURGUNDY 2023 VINTAGETHE REDSAbsolutely charming in an agreeably juicy style lovely to drink young,not very high acidity,refined tannins,and full of fruit.At this early stage,it looks as though there will be a higher percentage of successes in the Cte de Nuits rather than the Cte de Beaune.Like the whites,they are typically,delicious fruit forward wines for medium term ageing.They do not conform to the profile of any other vintage I have tasted at a similar stage.One might have expected some parallel with 2017,the last vintage of a similar size,but I have never had that feeling while tasting.We are really enjoying 2017s now,but 2023 has more personality.THE WHITESThe white wines in 2023 are delicious,with far more character than the last outsize vintage,2018.They are mostly going to be accessible early,though some have the tension and tenacity to become really interesting wines in maturity,though overall,2023 will be less of a long-term keeper than 2022.CULT WINES|WINEINVESTMENT.COM11ProducerDomaine de la Romane-contiDomaine Georges RoumierDomaine Georges RoumierDomaine FourrierDomaine Joseph DrouhinDomaine du Comte Liger-BelairDomaine du Comte Liger-BelairDomaine de la Romane-contiDomaine Perrot-MinotPerrot-MinotDomaine du Clos de TartDomaine Denis MortetDomaine Trapet Pre&FilsDomaine Coffinet-DuvernayDomaine de MontilleBouchard Pre&FilsLes Hritiers Louis JadotDavid DubandPierre MillemannDomaine de la VougeraieJean-Pierre GuyonDomaine du Comte Liger-BelairDomaine du Comte Liger-BelairDomaine Georges NollatDomaine de la Romane-ContiWinesRomane Conti Grand CruMusigny Grand CruBonnes Mares Grand CruGevrey-Chambertin Clos st Jacques“Cuve Centenaire”Musigny Grand CruVosne-Romane Aux Reignots 1er CruLa Romane Grand CruMontrachet Grand CruMazoyres-Chambertin Grand CruChambertin Grand CruClos de Tart Grand CruMazis-Chambertin Grand CruChambertin Grand CruBtard-Montrachet Grand CruVosne-Romane Aux Malconsorts Cuve Christiane 1er CruMontrachet Grand CruChevalier-Montrachet Les Demoiselles Grand CruChambertin Grand CruMazis-Chambertin Grand CruBienvenues-Btard-Montrachet Grand CruEchezeaux Grand CruEchezeaux Grand CruGrands-Echezeaux Grand CruGrands-Echezeaux Grand CruLa Tche Grand CruScore97-10097-10097-9997-9996-9996-9996-9996-9996-9996-9996-9996-9996-9996-9896-9896-9896-9896-9896-9896-9896-9896-9896-9896-9896-98BURGUNDY 2023:THE CRITICS VERDICTJASPER MORRIS TOP-RATED BURGUNDY 2023SCULT WINES|WINEINVESTMENT.COM12BURGUNDY 2023:THE CRITICS VERDICTWILLIAM KELLEYS VIEWS ON THE BURGUNDY 2023 VINTAGE If one characteristic defines the 2023 vintage in Burgundy,its abundance.For Pinot Noir,this was a year of abundant yields,for many the highest since 1999;and for Chardonnay,where the crop was more measured,2023 is a year of abundant flesh and texture.At their best,in both colors,these are wines of demonstrative charm and immediacyand sometimes of surprising structure for so copious a crop.However,while the 2023s are more consistent than I had feared they might be,this is not a homogenous vintage.In red,dilution,elevated levels of volatile acidity and earthy,vegetal flavors are potential pitfalls.While most whites are well-balanced,at least for near-term consumption,some are deficient in structure and cut.2023,in other words,is not a vintage to buy blind.As we have seen,the 2023 red Burgundies exhibit a wide range of styles,but the best producers have crafted velvety,fleshy wines that are suave and sensual.The late-season heat wave lends them a little more sweetness and sometimes even structure than other recent abundant years such as 2017,but nor do the 2023s attain the consistent extremes of almost rhodanien ripeness that has characterized years such as 2018.While the quality-minded selection of domaines included in this report naturally gives a skewed perception of the vintage,it has certainly produced many lovely Burgundies that will delight consumers with their broad drinking windows.The 2023 white Burgundies are more consistent.In style,the wines are generally rather rich and flamboyant,with unctuous textures and sweet fruit.These qualities,which were historically prized in years such as 1992,1990 and 1989,are today out of fashion;but when they are united with good freshness and enlivening structuring dry extract,the results can be compelling.For those producers who adhere to a traditional levage,a second winter on the leeswhose effects are too late to be accounted for in the impressions recorded in the accompanying tasting notesis already bringing enhanced tension.Comparisons are odious,but a broader,more open-knit version of 2015 might help readers imagine the style of the 2023s for themselves.CULT WINES|WINEINVESTMENT.COM13ProducerDomaine Georges RoumierDomaine Dugat-PyDomaine Ccile TremblayDomaine Georges RoumierDomaine Georges RoumierDomaine Dugat-PyDomaine Georges RoumierArmand RousseauFaiveleyDomaine Dugat-PyBouchard Pre&FilsArmand RousseauDomaine Claude-DugatDomaine Comte-Georges de VogDomaine des-Comtes LafonBenoit MoreauDomaine DurochDomaine DujacDomaine Rapet-Pre et FilsDomaine Denis-BacheletBouchard Pre-&FilsDomaine Paul-PillotDomaine Ccile-TremblayDomaine Bruno ClairDomaine DurochWinesChambolle-Musigny 1er Cru Les AmoureusesChambertin Grand CruChapelle-Chambertin Grand CruMusigny Grand CruBonnes-Mares Grand CruMazis-Chambertin Grand CruRuchottes-Chambertin Grand CruChambertin-Clos de Bze Grand CruMusigny Grand CruMazoyres-Chambertin Grand CruMontrachet Grand CruChambertin Grand CruGriotte-Chambertin Grand CruMusigny Vieilles Vignes Grand CruMontrachet Grand CruChassagne-Montrachet 1er Cru Grandes RuchottesChambertin-Clos de Bze Grand CruBonnes-Mares Grand CruCorton-Charlemagne Grand CruCharmes-Chambertin Grand Cru Vieilles VignesChevalier-Montrachet La Cabotte Grand CruChassagne-Montrachet 1er Cru La RomaneEchzeaux du Dessus Grand CruBonnes-Mares Grand CruGriotte-Chambertin Grand CruScore97-9997-9997-9996-9896-9895-9795-9795-9795-9795-9795-9795-9795-9795-9694-9694-9694-9694-9695 94-9694-9694-9694-9694-9694-96BURGUNDY 2023:THE CRITICS VERDICTWILLIAM KELLEYS TOP-RATED BURGUNDY 2023SCULT WINES|WINEINVESTMENT.COM14CULT WINE INVESTMENT BURGUNDY OUTLOOK&APPROACHCULT WINE INVESTMENT BURGUNDY OUTLOOK&APPROACHWere seeing good opportunities to add 2023s to our portfolios on a selective basis.Were clearly at an interesting juncture for Burgundy buyers where they can also access high-quality back vintages available at their previous release prices or below,albeit in much smaller quantities.Our advice is to consider buying across the spectrum of producers and vintages to benefit from the next Burgundy cycle.Looking ahead,the 2023 vintage presents an interesting dynamic.With abundant stock in cellars,we anticipate some price reductions for the 2023s.However,the outlook for the 2024 vintage is starkly different,with some producers already reporting substantial losses10-20%in Cte de Beaune and as much as 50-80%in Cte de Nuits.This divergence will likely result in varied pricing strategies.While some producers may lower prices,others are expected to hold steady or even increase them.This variability underscores the value of partnering with us to expertly curate your Burgundy En Primeur selections for the 2023s,ensuring you make informed,strategic decisions in a complex market.Whilst prices for the Iconic and Tier 1 wines are more subject to the short-term gyrations of the market,the fundamentals are still very much the same:unique wines with low production and a must-have status amongst an ever-growing number of collectors and wine lovers which will continue to drive prices up for the long term.When building a portfolio,it is important to analyse those trends and dynamics to anticipate future price evolution:whilst Burgundy wines have seen their value increase at an accelerated rate,its not one size fits all.The combined quality and quantity of the 2023 vintage might just bring the level of excitement needed to re-energise the market after last years correction.Great Burgundy vintages stand out through time,and the best wines have the potential to not only deliver immense pleasure and experience when consumed but also increase in price and generate alpha for holding investors and collectors.As always,the key is to be selective and ensure the price is right.As with every previous En Primeur campaign,we will carefully seek new releases that are attractive in the context of previous vintages based on where we identify the best value and opportunities.This has served our investors well to date.Cult Wines track record in strategic acquisitions across our proprietary categories and tiers has delivered superior returns over the years.CULT WINES|WINEINVESTMENT.COM15CULT WINE INVESTMENT BURGUNDY OUTLOOK&APPROACH*Includes EP vintage purchased during the EP campaign only.EP campaign is defined as 01 December to 31 March each year.Source:Pricing data from Liv-ex as of 31 December 2024.Past performance is not a guarantee of future results.EXHIBIT 5 GOOD RESULTS FROM OUR SELECTION OF EP:TOTAL RETURN%OF CULT WINE INVESTMENT PURCHASES DURING EP CAMPAIGN BY VINTAGE*1.03%2.17.65.806.62B.29B.88%0%5 %05EP 21202220172020201620182019Our Burgundy EP portfolio continues to outshine the broader market,validating our approach across various EP years.In the most recent EP year,2022,our EP portfolio achieved a modest return of 2.17%,which represents a significant outperformance in comparison to the wider market,with the Liv-ex Burgundy 150 returning 15.2%in 2024.We also delivered a solid performance in 2018 with a remarkable 42%return powered by our selection of wines that surpassed market performance.The 2019 vintage stands out with a strong 42.88%return.This result not only reflects our superior analysis and in-depth expertise but also our dedication to delivering for our investors.Consistently outperforming the broader market,our selections in 2016,2017,and 2020 with returns of 36.6%,15.7%,and 16.8%,respectively,demonstrate our ability to navigate different market conditions and secure returns.CULT WINES|WINEINVESTMENT.COM16Armand RousseauCoche-DuryDujacJacques-Frederic MugnierMeo CamuzetBizotComte Georges de VogueEmmanuel RougetJean-Claude RamonetPrieure RochCecile Tremblay du Comte Liger BelairGeorges RoumierLeflaiveSylvain CathiardAlain Hudelot-NoellatArnoux-LachauxBonneau du MartrayClos de TartDenis MortetEtienne SauzetFrancois LamarcheGhislaine BarthodJacques PrieurJoseph Drouhinde la VougeraieMarquis dAngervillePerrot-MinotPierre-Yves Colin-MoreyRobert GroffierTrapet Pere et FilsAnne GrosBernard Dugat-PyClaude DugatDenis BacheletDurochedEugenieGeorges Mugneret GibourgHubert LignierJean GrivotJoseph RotyLucien Le MoineOlivier BernsteinPhilippe PacaletPonsotSylvie EsmoninVincent DancerTARGET BURGUNDY PRODUCERSCULT WINE INVESTMENT RECOMENDATIONSICONIC TARGET PRODUCERSRarity,unrivalled quality and widespread name recognition make these producers a priceless commodity.The tiny quantities of Iconic wines anchor their ability to overcome any shortterm swings in the market to deliver excellent long-term investment potential.TIER 1 TARGET PRODUCERSThese wines come with highly-established reputations that fall just short of Iconic status.They can continue to deliver long-term growth with more approachable price points than Iconic names.CULT WINES|WINEINVESTMENT.COM17ArlaudComte ArmandGros Frere et SoeurJean-Jacques ConfuronLa Pousse dOrMongeard MugneretPhilippe ColinRossignol-TrapetThibault Liger-BelairBouchard Pere et FilsDomaine MatrotHenri GougesJoseph FaiveleyLouis Jadotde MontillePierre DamoySimon BizeBruno ClairDrouhin LarozeJean Chauvenetde lArlotMichel LafargePaul PernotPierre MoreyTaupenot-MermeAlbert GrivaultBenjamin LerouxConfuron CotetidotFrancois BertheauGeorges NoellatHenri MagnienJean TardyJoannes Violot GuillemardMarc Colin et FilsMark HaismaPhlippe JouanThomas MoreyAntoine JobardBerthaut-GerbetCoquard Loison FleurotFrancois CarillonHeitz LochardetHeresztyn MazziniJean-Marc MillotLaunay HoriotMarc MoreyMichel BouzerauSylvain PatailleTortochotBachey LegrosCharles Van CanneytEdouard ConfuronGeorges LignierHenri BoillotJean Marc VincentJean-Paul&Stephane MagnienLignier-MichelotMarc RoyPernot BelicardTawseVincent(PVG)GirardinTARGET BURGUNDY PRODUCERSTIER 2 TARGET PRODUCERSThese high-quality producers may not have the widespread name recognition of the Tier 1 and Iconic categories.As such,they often represent excellent value for money and still have room to grow in terms of price potential.UP-AND-COMING TARGET PRODUCERSThis group of producers are full of dynamism and energy,embodying what is great about Burgundys future.Many still offer some of the best valued wines in the region.Not all will graduate to the higher levels but the recent case of Domaine Arnoux-Lachaux(formerly up-and-coming,now Tier 1)demonstrates the investment potential when a producer gets international recognition.CULT WINES|WINEINVESTMENT.COM18“Cult Wines advises a balanced approach,combining selective investments in 2023s with strategic acquisitions of back vintages,where compelling value and advanced maturity promise strong future returns.”AARASH GHANTINEH CHIEF REVENUE OFFICERREGISTER INTERESTRegister Your Interest in Burgundy 2023 The Burgundy 2023 vintage presents an exceptional investment opportunity.Spaces in our Priority Allocation Programme are limited and available on a first-come,first-served basis.Act now to secure your allocation before theyre gone.“The 2023 vintage offers both quality and volume,a welcome relief after successive low-yield years.While there is variation across appellations,the best wines strike a balance between ripeness and freshness,avoiding extremes.A classic style with good structure,making it a vintage worth following closely.”HERMIONE EGERTON-SMITH SENIOR FINE WINE BUYERPRIORITY ALLOCATION PROGRAMMEINVESTMENT OVERVIEW Cult Wine Investments Burgundy Allocation Programme is the best way to invest in Burgundy.Our Burgundy En Primeur(EP)portfolios continue to outshine the broader market,exemplifying our superior stock picking across various EP years.The increased availability and the high quality across the region have created a unique opportunity to secure wines with excellent investment potential.Funds must be deposited into your account before release to receive your allocation.Allocations of the most attractive relative value opportunities from the 2023 vintage and selected back vintages are made on your behalf.Investors have unique access to wines at the Cult Wine Investment price.INVESTMENT REQUIREMENTS Minimum investment:5,000.00*Maximum investment:250,000.00 Priority Allocation begins on 3February 2025*New customers must invest a minimum of 5,000 in Burgundy En Primeur as part of an overall minimum initial investment of 25,000.WHATS NEXT?BURGUNDY PRIORITY ALLOCATION PROGRAMME 2023 VINTAGELONDON 44(0)207 1000 BOOK A CALLCONTACT USSINGAPORE 65 6909 8170 A CALLCONTACT USHONG KONG 852 2818 0899 A CALLCONTACT USCo.Reg No.6350591NEW YORK 1 855 808 A CALLCONTACT USTORONTO 1 855 808 A CALLCONTACT USSHANGHAI 86 21 6085 US
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1TRANSPARENCY TRENDS 2023:FOOD SHOPPERS INCREASINGLY PRIORITIZE INFORMATIONPublished by:FMI The Food Industry Association2345 Crystal Drive,Suite 800Arlington,VA 22202FMI,Transparency Trends,20232Written by:David OrgelDavid Orgel Consulting LLCCopyright 2023|FMIAll rights reserved.This publication may not be reproduced,stored in any information or retrieval system or transmitted in whole or in part,in any form or by any means electronic,mechanical,photocopying,recording or otherwise without the express written permission of FMI.FMI,Transparency Trends,20233For questions or comments,please contact:FMI research related questions|Steve Markenson|Vice President,Research&Insights at smarkensonfmi.orgAbout FMI As the food Industry association,FMI works with and on behalf of the entire industry to advance a safer,healthier and more efficient consumer food supply chain.FMI brings together a wide range of members across the value chain from retailers that sell to consumers,to producers that supply food and other products,as well as the wide variety of companies providing critical services to amplify the collective work of the industry.www.fmi.org.About David Orgel Consulting LLCDavid Orgel Consulting LLC delivers strategic content and thought leadership focused on the quickly transforming food retail and CPG industries.Clients include associations,industry companies,and other organizations.David Orgel,principal,is a well-known writer,consultant,journalist and industry expert who was the longtime chief editor of Supermarket News.For more information visit of ContentsExecutive Summary.Introduction:Shopper Perspectives Evolve.Transparency Grows in Importance.Information Drives Trust,Loyalty and Brand-Switching.From Ingredients to Sustainability:How Shoppers Determine Transparency.Identifying Who is Responsible for Transparency.Positive Perceptions about Front of Pack Labels.Shoppers Like Digital Tools for Gathering Information.Scrutinizing Labels:Shifting Perspectives for In-Store vs.Online.Online Shopping Advantages Include Search and Comparisons.FMI,Transparency Trends,2023456711From 131517212326Executive SummaryFMI,Transparency Trends,20235Transparency About Food Information Grows in Importance The proportion of grocery shoppers saying transparency is important has moved upwards from 69%in 2018 to 72%in 2021 to 76%in 2023.The momentum has continued to build in the face of big upheavals in society,ranging from the COVID-19 pandemic to significant economic challenges.Manufacturers and Brands are Responsible for Information Two-thirds of shoppers say manufacturers and brands are completely responsible for providing detailed information about their products.Less than one-third fully trust product information from manufacturers or brands.Shoppers Reward Brands That Provide Information Shoppers say receiving more information from brands would change their behaviors toward those brands,a sentiment that has increased over the past two years.The rewards for additional information include more trust,loyalty and purchases.Search Bar is King of Online Navigation Shoppers are making use of a wide range of online research tools for online shopping,from the search bar a highly popular tool to advanced filters.Regardless of which research method they use,shoppers are most interested in finding out about product type and brand.Front of Pack Information Eyed as Useful Almost all shoppers say they notice frontof-pack product information and nearly two-thirds find it highly valuable.Changing Perspectives About In-Store vs.Online Shopping Shoppers report stepping up their in-store scrutiny of product labels.They have become more accustomed to researching grocery products online and may now expect a similar experience in stores.Shoppers Detail What Signifies Transparency Shoppers outlined how they decide if a brand or manufacturer is being transparent,and the top answer is“a complete list of ingredients.”Other factors that signify transparency include easily understandable information;a plain English description of ingredients;nutritional and production details;an explanation of what ingredients are used for;and sustainability information relating to the environment,animal welfare and other aspects.The Biggest Pitfalls to Avoid Shoppers point to the biggest reasons they are very likely to abandon their online carts and their responses focus on price,difficulties in getting information they deem useful,and lack of availability of items.Introduction:Shopper Perspectives EvolveThis consumer insights report on transparency is the fourth in a series from FMI The Food Industry Association and NIQ(NielsenIQ).The series began in 2018 and the research found that shopper perspectives have evolved over time.Most notably,the proportion of shoppers saying product information transparency from brands and manufacturers is important has advanced from 69%in 2018 to 72%in 2021 to 76%in 2023.This years report tracks shifting perspectives and takes a deeper dive than before into topics including front-of-pack labels,use of digital research tools and attitudes about online vs.in-store shopping.The research benefits from both quantitative and qualitative approaches.A comprehensive in-depth national consumer survey of 1,018 U.S.grocery shoppers,conducted between August 18-23,2023,produced a wide range of findings.As a follow-up,select respondents were chosen for individual interviews to further illuminate perspectives and provide quotes.NIQ provided“NIQ datapoints”from its research to help enhance the narrative.The reports“key insight”sections further illuminate the findings and relay industry opportunities.FMI,Transparency Trends,20236Transparency Grows in ImportanceFMI,Transparency Trends,20237Shoppers were asked,“When you think of a brand or manufacturer as being“transparent,”what comes to mind?”Here is a word cloud that shows their responses.Shoppers Associate Transparency with Honesty and OpennessShoppers associate transparency with words like“ingredient,”“open,”“honest,”“truthful,”“label,”and“information.”They link transparency with the concept of being forthcoming and truthful.Shoppers outlined more perspectives in follow-up,one-on-one interviews.Weighing In On TransparencyShoppers Define TransparencyFMI,Transparency Trends,20238Shoppers More Insistent on Transparency From BrandsThis years research confirms that shoppers have been increasing their demands for transparency.Shoppers were asked how important it is that brands and manufacturers are transparent with“transparent”defined as providing detailed information such as what is in their food and how it is made.KEY INSIGHT Shoppers on Transparency:The continued growth of shopper interest in transparency is an important finding.This advancing need for transparency coincides with a period of great upheaval in society from the COVID-19 pandemic to economic challenges,but shoppers were not distracted by these events.Instead,their desire for transparency grew and remains an important requirement for retailers and brands.Value,Ingredients and Nutrition Top Purchase ConsiderationsShoppers were asked about the most important factors to consider when deciding which products to buy.Quality,value and ingredients topped the list,followed by considerations about health and nutrition,and with considerations about sustainability and social responsibility falling further down the list.Importance of Manufacturer/Brand Transparency2%2%3%5%6%3$ 368667 1820212023Not important at allNot importantSomewhat importantImportantExtremely importantThe proportion of shoppers saying transparency is important has increased from 69%in 2018 to 72%in 2021 to 76%in 2023.FMI,Transparency Trends,20239Key Buying ConsiderationsImportantProduct quality85%Good value for the money84%Price82%The ingredients in the product67%General nutrition facts such as the amount of protein,fiber,calcium,etc.64%General nutrition facts about nutrients to limit such as saturated fat,added sugar,sodium,etc.64%Health benefits the product offers61%Brand reputation58%Dietary claims(such as fat-free,sugar-free,high fiber,etc.)53%Source of ingredients(location)50lories per serving49%Presence of allergens in the product47%How the product was manufactured or grown47%Habit47%Product claims(such as organic,grass fed,fair trade,etc.)46%Where the product was manufactured or grown45%Shares my values for social responsibility38%Dietary or health-related programs(Keto,Paleo,etc.)36%Experience with/Nostalgia36%FMI,Transparency Trends,202310More on Shopper Decision MakingKEY INSIGHT Industry Strategies:The food industry is focused on making progress with transparency.FMIs 2023 The Food Retailing Industry Speaks research found that 73%of responding food industry suppliers have quantified goals and implementation timeframes for product transparency.Meanwhile,forty-two percent of food retailers have these goals and timeframes in place and another 27%are working on them.NIQ Datapoint:Consumers are looking to food for health,and some of the top“food as medicine”claims are tied to heart health,diabetes health,muscle health,digestive health,bone health and cholesterol health.userid:145584,docid:525883,date:2024-09-29,Information Drives Trust,Loyalty,and Brand-SwitchingFMI,Transparency Trends,202311Shoppers have strong opinions about what types of product information they want and need.Shoppers want more information on factors ranging from health and well-being to sustainability.Shoppers Request:Information PleaseShoppers Agree or Disagree with Statements21$)006156HHGPQGTQ1# %4%6%4%3%3%3%2%3%Willing to pay more for products with in-depth product infoWilling to switch brands to another thatprovides more in-depth infoWould like more information to contribute toa better planetMore likely to buy products with in-depthproduct info,beyond labelKnow where to look for more detailedproduct info on food I shop forMore loyal to a brand that provides in-depthproduct info,beyond labelWould like to know more about productspurchasing for familys well-beingWould like to know more about productspurchasing in generalMore trust for manufacturers/retailersproviding ingredient definitionsCompletely agreeMostly agreeMostly disagreeCompletely disagreeNET:Agree85vrrW%The share of shoppers saying that providing ingredient definitions and explanations leads to more trust advanced by six percentage points from two years ago.Likewise,the share saying they are willing to switch to brands that provide more in-depth information increased eight percentage points.FMI,Transparency Trends,202312KEY INSIGHT Shopper Behaviors:Shoppers say receiving more information would change their behaviors toward brands.Said one shopper:“I would gravitate towards the company that was more transparent because I would feel safer that way.”NIQ Datapoint:Earlier this year,NIQ and McKinsey&Co research found products with claims around the environment,sustainability,social responsibility,animal welfare and sustainable packaging grew 170 basis points more than those without these claims over the last five years.An increasing share of shoppers are interested in seeking out additional information beyond what appears on a product label.More Shoppers Want Information Beyond the LabelInterest in More Information4%2)21#$ 212023Not at all interestedNot very interestedSomewhat interestedVery interestedExtremely interestedSpotlight on Those Who Want More Shop for groceries online(74%vs 61%)Have children in their homes(36%vs 27%)Be millennials(48%vs 37%)Be minorities(44%vs 36%),especially Hispanic(20%vs 15%)Spend more on groceries($190 vs$175 for all shoppers)The 55%who are extremely or very interested in learning more are more likely to:From Ingredients to Sustainability:How Shoppers Determine TransparencyFMI,Transparency Trends,202313Identifying the Key FactorsShoppers outlined how they decide if a brand or manufacturer is being transparent.Other factors that signify transparency include easily understandable information,nutritional and production details,and sustainability information relating to the environment,animal welfare,sourcing and other aspects.91yxwtttt%a complete list of ingredientsa plain English description of ingredientscertifications(such as USDA organic)in-depth nutritional informationinformation about from whereallergen information that is required byinformation about how ingredients areinformation about how products are producednutrient and health claims(such as Heartallergen information beyond what is requiredan explanation of what ingredients are usedinformation on sustainable packaginginformation on sustainability practices thatvalue-based information such as fair trade,value-based information such as animalInformation on sustainability practices thatFMI,Transparency Trends,2023KEY INSIGHT Product Sourcing:The research found a high percentage of shoppers wanting information about where ingredients and products are sourced,a finding that appears in other FMI research as well.FMIs 2023 Power of Produce research found that transparency about the country in which fruits and vegetables are grown is a purchase priority for 42%of shoppers.Meanwhile,FMIs 2023 The Power of Meat research found that shoppers who tend to emphasize transparency and sustainability are more likely to be flexitarians,millennials,urban dwellers,households with kids at home,high-income households and scratch cooks.NIQ Datapoint:As consumers increasingly desire transparency,the industry has been responding.Theres been a sharp growth in claims around sustainability,social responsibility,animal welfare and packaging across the store.Claims like organic are being fairly well-penetrated across categories in the store,while claims like upcycled and regenerative are emerging and quickly gaining growth.Identifying Who is Responsible for Transparency FMI,Transparency Trends,202315Manufacturers/Brands and Government Considered Most Responsible Manufacturers/brands and the government are identified by shoppers as being most responsible for informing them of detailed product information such as what is in their food,where it comes from and how it was produced.Farmers,online grocery and grocery stores are considered somewhat less responsible.Responsibility for Transparency Versus Trust LevelsThe story is different,however,when it comes to which stakeholders are most trusted for product information.Farmers top the list,followed by government institutions.Manufacturers are in the position of being completely trusted for product information by less than a third of shoppers even though almost two-thirds of shoppers consider them fully responsible.There is a piece of good news for manufacturers and brands.They are considered somewhat less responsible and more trusted compared to when the research began in 2018.Online grocers and grocery stores have opportunities to consider amplifying or increasing their communications strategies to inform their customers about product information.KEY INSIGHT Weighing in on Responsibility:Shopper in-depth interviews provided more insights into how they view the responsibility levels.One shopper emphasized the governments responsibility as follows:“I think the FDA is responsible for making sure information on the package is clear and transparent.”338GYcRIE53%7%6%4%0 0%Grocery storesOnline grocery retailersFarmersGovernment institutions(FDA,USDA)Manufacturers/BrandsCompletely responsiblePartially responsibleNot at all responsible25G50egIRb%4%8%0 0%CompletelySomewhatNot at allResponsibilityTrust FMI,Transparency Trends,202316Confusing Information Drives Shoppers AwayHalf of shoppers who are perplexed by label information eye other products instead,a point that underscores the importance of providing clear information.Reacting to Confusing Label Information504$B %NET:LOOK AT OTHER PRODUCTSLook at another product to see if youunderstand its ingredients betterNot buy the product and switch to anotherproduct insteadResearch the ingredients onlineAccept that you do not understand theingredients and buy the productNot sure/Never read labelsPositive Perceptions about Front of Pack LabelsFMI,Transparency Trends,202317Shoppers Find the Front UsefulSurvey respondents were shown a Facts Up Front label,which requires that implementers highlight calories,saturated fat,sodium and added sugars.Facts Up Front also allows implementing companies to include up to two voluntary icons highlighting positive nutrients such as potassium and fiber.Front of pack labels get a thumbs up from shoppers for providing them with helpful information.Almost All Notice Front of Pack LabelsAnd Most Find Them ValuableYes87%No9%Not sure4%Extremely valuable28%Very valuable35%Somewhat valuable30%Not very valuable5%Not at all valuable1c%Extremely or VeryFMI,Transparency Trends,202318KEY INSIGHT Front of Pack Perspectives:Shoppers relayed why they do or dont read front-of-pack labels,and their reasons range widely.“I like the information on front of pack,it gets my attention,”said one shopper.Some avoid viewing front of pack information and skip to the back of the package.One such shopper said,“I look at the ingredients list for things I would tend to avoid.”Current Level of Information Considered Adequate More than 60%of shoppers said the amount of information provided for front of package labeling is“just right.”Front of Pack Amount of Information ProvidedSome shoppers remarked about specific types of front-of-pack information theyd like more of.Additional Front of Pack Information Desired61$a%Just right24%Too little15%Too much FMI,Transparency Trends,202319KEY INSIGHT Learning More about Ingredients:The word cloud shows that“ingredients”was the biggest response for what shoppers want to see on front of pack.That may seem curious,given all the information about ingredients elsewhere on the pack.A few shoppers specified what they are looking for.One requested that brands“explain the ingredients list,”while another wanted to know“what are the ingredients that I cant pronounce.”One shopper asked for“every ingredient along with its harm,”while another asked for information on artificial ingredients.Shoppers also described in more detail what else theyd like to see on front of pack.Additional Front of Pack Information DesiredFMI,Transparency Trends,202320Perspectives on“Healthy”ClaimAlmost 60%of shoppers said the healthy claim is very or extremely valuable.Meanwhile,some shoppers said they judge healthy on their own.NIQ Datapoint:Consumers with specific health ailments often pay more attention to labels and specific attributes.“Healthy”Claim Considered ValuableShoppers were asked whether they would find a“healthy”claim on food labels valuable and were told that the FDA(Food and Drug Administration)is proposing to update the definition for the implied nutrient content claim“healthy”to be consistent with current nutrition science and Federal dietary guidanceExtremely valuable24%Very valuable35%Somewhat valuable28%Not very valuable10%Not at all valuable3Y%Extremely or VeryShoppers Like Digital Tools for Gathering InformationFMI,Transparency Trends,202321Brands have been increasing the number of ways shoppers can digitally access more information about products,and shoppers say they would take advantage of these tools if given the opportunity.More than 80%of shoppers said they would be somewhat or very likely to seek more product details regardless of whether they are in-store or online by making use of a QR code,website,app or other tool.Likelihood of Seeking More Information Through Digital ToolsVery likely38%Somewhat likely44%Not likely18%Interested in learning more about*Ingredient definitions46%Sourcing of ingredients43%In-depth nutritional information40%Production of ingredients40%Country of origin38%Manufacturing processes36%Usage instructions29%Company/brand information27%In-depth allergen information beyond the major food allergens26ditional certifications the products qualify for25%The diets the product complies with24%Companys practices regarding animal welfare24%Companys sustainability practices23%Companys trade practices20%Companys labor practices20%Companys social responsibility programs17%How producers in developing countries are paid16%Well before purchasing the product32%While considering the product at point of purchase46ter purchasing the product8%It depends15%When Shoppers Look For More Specific DetailsFMI,Transparency Trends,202322KEY INSIGHT Shopper Journeys:Shoppers who seek out more product information vary in when they look for it,a point that speaks to different buying journeys.Retailers and brands can benefit by understanding the different habits of shoppers.“I search online to look at products before going to the store,”said one shopper.“I look at the ingredients to see if I can read and understand the words,and I look at the customer ratings.”Almost 37%of shoppers said it would take too much time to seek more product details when shopping for groceries,a point that was expressed in blunt terms by a few shoppers.“It annoys me to have to pick up my phone for a QR code in a store,”said one.“Im on a time schedule.Sometimes you dont have good WiFi in a store.”For those likely to seek more information,the biggest areas of interest include ingredients and nutritional information,but details about production and sustainability are also considered important.Almost half of shoppers would like this information at the point of purchase and about a third would make use of it earlier in the process.NIQ Datapoint:The food and beverage segment has a high share of clean label-type claims,Top ones include“free from artificial flavors,”“non-GMO,”“free from artificial preservatives,”and“free from artificial colors.”The Phone Plays a Starring Role in ShoppingMobile phones are key devices used to help support grocery shopping,whether in-store or online.Use of phones far outshines use of tablets,laptops and other smart devices.Shoppers were asked which devices they use for any purpose,for any grocery shopping,and for online grocery shopping.Use of Devices for Any Purpose-and For Shopping 88BW$p%6A %5%SmartphoneTablet/iPadComputer/LaptopSmart devices such asGoogle Home andAmazon AlexaAny purposeAny grocery shoppingOnline grocery shoppingScrutinizing Labels:Shifting Perspectives for In-Store vs OnlineFMI,Transparency Trends,202323Shoppers are reporting changes in how much they search a products label or description to make sure foods meet their dietary or health-related needs or goals.Growing Attention to In-Store LabelsShoppers are reporting changes in how much they search a products label or description to make sure foods meet their dietary or health-related needs or goals.Searching Labels In-Store vs OnlineAlways25%Sometimes44%Rarely21%Never10%In-storeAlways32%Sometimes48%Rarely14%Never6%OnlineAlways27%Sometimes50%Rarely17%Never6%In-storeAlways30%Sometimes52%Rarely12%Never5%Online20232021FMI,Transparency Trends,202324KEY INSIGHT The Discovery Process:The reported growth in searching of labels in-store coincides with an increased return to in-store shopping since the pandemic.Shoppers say they tend to use in-store more for discovery and online more for repurchasing items.Discovery requires more analysis of product labels because it involves items that shoppers arent as familiar with.So along with the experiential aspect of in-store discovery goes the work of reviewing more product information.Eyeing More Challenges with In-Store ShoppingShoppers are finding in-store shopping a bit harder to navigate.They still say as they did in the 2021 research that its more challenging online versus in-store to make sure that food products meet their diet or health-related needs or goals.However,the gap between online and in-store has narrowed on this challenge factor.The research found a 9%increase in the share of shoppers saying in-store has become at least somewhat challenging,versus only a 2%increase for online.Ensuring Product Meets NeedsExtremely challenging12%Challenging23%Somewhat challenging28%Not challenging37%In-storeExtremely challenging16%Challenging31%Somewhat challenging27%Not challenging26%OnlineExtremely challenging12%Challenging28%Somewhat challenging32%Not challenging28%In-storeExtremely challenging16%Challenging31%Somewhat challenging29%Not challenging24%Online20232021FMI,Transparency Trends,202325KEY INSIGHT Why In-Store Seems Challenging:Why do a growing share of shoppers perceive it has become harder in stores to ensure food products meet their needs?One possible explanation is that shoppers became accustomed to online research tools during the pandemic,and their expectations were raised on what could be possible in-store.Shoppers may also be more aware of inconveniences around the in-store experience such as dealing with traffic,parking lots and crowds.Despite the challenges,shoppers interviewed said a big advantage of in-store shopping is being able to pick out their own items and learn about new products.Online Shopping Easier for Learning a Products StoryShoppers say online shopping is easier than in-store for certain needs.These include finding information about product sourcing and manufacturing and seeking items for specific diets.Ease or Difficulty of Online Shopping Versus In-Store Shopping41BCH010&)&%Know a products nutritional informationKnow what ingredients are in a productShop for a specific diet or allergyLearn more about a products story,including information about sourcing and manufacturing processesEasier onlineAbout the sameHarder onlineOnline Shopping Advantages Include Search and ComparisonsFMI,Transparency Trends,202326The Search Bar is Tops for Obtaining InformationTyping into the search bar is the most common approach taken by online shoppers in seeking out a product.The share of shoppers who make use of filters is much lower.However,a sizable share employ a combination of searching and advanced filtering.Regardless of whether shoppers use search or filtering,they are most interested in finding a product type such as carrots or milk or a brand.NIQ DATAPOINT:Consumer product searches on retailer web sites represent an early indicator of emerging trends.Over the last year,some of the fastest-growing food and beverage attributes consumers are searching for include electrolytes,high caffeine,contains MSG,gut health,unrefined/not refined,and for blood pressure.Search bar41%Filters9%Both36pends10%Do not typically search for products4%0!#%1BR%OtherPersonal dietsRecipe or mealProductnutrient claimsDepartmentHealth claimsGeneralproduct typeBrandProduct type1 !$129H%OtherDepartmentRecipe or mealPersonal dietsGeneral product typeHealth claimsProduct nutrient claimsBrandProduct typeFilter on FirstSearch on FirstFMI,Transparency Trends,202327Top Reasons Shoppers“Very Likely”to Abandon Online Carts1.Retailer charges more to purchase a product online vs.in-store2.Products available at a lower price elsewhere3.Searching for products returned limited options4.Retailer doesnt make it easy to find desired products5.Searching returned inaccurate product results6.Retailer is out of one or more needed products7.Product detail pages are missing important informationProduct Comparisons Important and Easy OnlineMore than 70%of shoppers say its important or extremely important to compare product details such as nutrition and ingredients during online shopping.Even a bigger share finds it at least somewhat easy to do.Comparing Product Details in Online ShoppingExtremely important34%Important 37%Somewhat important23%Not important 4%Not important at all 3%Very easy35%Somewhat easy52%Somewhat difficult12%Very difficult2%0 0Pp0%ImportanceEaseSome shoppers say they prefer in-store shopping for comparing product details.FMI,Transparency Trends,202328KEY INSIGHTRetailer Recommendations:Online shoppers identify products to purchase through a variety of strategies that include search,filtering and reviewing their past purchases.A sizable share almost 70%review products that retailers recommend to them.Retailers have been focusing on recommendations that include personalized offers.Meanwhile,a similar share of shoppers review products that retailers feature as trending.RespondentPercent SampleGenerationGen Z10%Millennials27%Gen X24by Boomers35%Silent4%GenderMale45male55%Region of ResidenceNortheast18%Midwest20%South40%West22%Number of People Living in Household1 in Household15%2 in Household39%3 in Household46%Number of Children Living in HouseholdNo Children73%Any Children27ucation LevelSome College or Less44%College or More56%Annual Family Income$50K33%$50k-99k31%$100k 34%Respondent ProfileFMI,Transparency Trends,202329RespondentPercent SampleRace/EthnicityHispanic15%White64%Black/African American13%Other7%Area Live StatsRural/Small Town24%Suburban45%Urban31%Grocery Shopping HabitsAverage$/Week$175Online Shoppers61%Primary Grocery ChannelClub8%Convenience2%Dollar3%Drug0%Grocery32%Mass36%Natural2%No Frills5%Online3%
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AI for Agencies BlueprintSponsored By 2023,Marketing AI Institute,All Rights Reserved.Published October 20232|AI for Agencies Blueprint3 Dawn of the Next-Gen Agency Why AI Matters 3 Why AI Will Disrupt Every Agency 4 What Agencies Can Do About It 57 Intro to Artificial Intelligence for Agencies What Is AI?7 What Is Generative AI?8 The Core Applications of AI 9 10 How AI Will Disrupt Agencies Billing Models 10 Services 11 Creativity 11 Innovation 11 Marketing,Sales,and Business Development 11 Operations 12 Talent 12 Technology 1213 Top AI Use Cases for Agencies17 Top AI Tools for Agencies19 Building a Next-Gen Agency:A Checklist21 Choosing an AI Partner Program What to Look For in a Partner 21 Example of an AI Agency Partner Program 2224 About Marketing AI Institute and Jasper Table of Contents3|AI for Agencies BlueprintArtificial intelligence is about to fundamentally disrupt marketing agencies of every type and size.Some agencies will seize the opportunity,and create enormous value for themselves and their clients.Many others,however,will become obsolete.The laggards wont die off overnight,but their relevance and value will quickly fade.Their clients(and people)will move on.ChatGPT is just the beginningIts the shiny object that has captured every agency leaders attentionand the attention of their clients.And rightly so.ChatGPT has already displayed advanced skills where it can write,create,and analyze.But whats happening beneath the surface when it comes to AI is much bigger than just ChatGPTAnd whats really going on will change all knowledge work as we know it,sooner than we thinkincluding every aspect of marketing agencies.Why AI MattersToday,we stand at an inflection point.AI has been studied and theorized for decades.But,in the last 10 years,a perfect storm of factors has converged to create an explosion of AI innovation that is quickly entering a runaway exponential growth curve.First,we now have trillions of tokens of training data readily available to AI systems,thanks to decades of information generated by the consumer internet.Second,key advancements in deep learning,an advanced subset of AI,have given machines the ability to do things that humans do best,like write,create,predict,and reason.The speed and scope of these developments have surprised even top experts in the field.Third,a range of cloud,infrastructure,and consumer-facing technologies have made it easier and cheaper than ever to build and use AI technology.Together,these factors have created the conditions for an explosion of AI innovation and adoptionthe first phase of which is being led by generative AI.Today,generative AI that can create words,images,audio,and code has disrupted roles and skills across industries.In just two months,ChatGPT reached 100 million users,making it the fastest-growing consumer app of all time.Were already seeing the rapid development and deployment of advanced AI copilots across every major piece of business and marketing software.And we are still in the early days.Soon,bleeding-edge technologies like autonomous AI agents and multimodal AI assistants will entirely change how we do every type of knowledge work.The implications of the AI revolution are profound.These machines increasingly excel at the highest-order abilities that humans use to create economic valuethe ability to think,create,and reason.Dawn of the Next-Gen Agency4|AI for Agencies BlueprintAnd every AI advancement actually speeds up future innovation.Smart machines help us build even smarter machines,creating(as OpenAI CEO Sam Altman puts it)“a recursive loop of innovation.”In a single year,ChatGPT alone has dramatically improved in its ability to understand,reason,and perform many cognitive tasks.It not only can read and write,but it now can see,hear,and speak.ChatGPT is just one of thousands of intelligent systems,backed by billions in funding,being built by the smartest companies in the world to ultimately do any and every cognitive task as well or better than humans.As such,AI will have a particularly rapid and monumental impact on every marketing agency that uses knowledge work to produce outcomes for clientswhich is all of them.Why AI Will Disrupt Every AgencyThink of everything that marketing agencies do to create value for their clients.Things like:Build brands.Build and execute inbound marketing strategies.Create content.Create and run email marketing campaigns.Create and run paid advertising campaigns.Create and run public relations campaigns.Create and run social media campaigns.Design and build websites.Do sales enablement.Improve customer service and support.Improve SEO.Manage CRM systems.Onboard clients to marketing technology.Today,AI can be used to do each and every one of these things better,faster,and cheaper than its done today.It can also unlock previously unimaginable creative and innovative possibilities in every major area of marketing.In fact,right now,AI is already able to do many of the things your agency does for clients at a near-human level.Today,we have AI that can:Brainstorm creative and high-quality ideas for any type of campaign.Chat with,answer questions about,and analyze your HubSpot CRM data.Code websites,apps,and dashboards automatically from a single image.Create entire marketing campaigns,including strategies and assets,in minutes.Generate entire product image campaigns.Personalize every marketing message with the exact language that motivates users.Rank your content higher in search using personalized strategies.And it is still very,very earlyDawn of the Next-Gen Agency5|AI for Agencies BlueprintWithin the next 24 months,we expect this recursive loop of exponential innovation to produce even more advanced AI technologies like:AI assistants that are experts in every major area of business.You will soon have access to AI agents that function like ChatGPT but also possess accurate knowledge of every business domain,even technical ones.(Youll never again ask for legal advice without also running it by LawyerGPT.)AI tools that can produce long-form,realistic creative content with high fidelity.The chances are very good you will soon watch the first AI-generated commercial,fully AI-hosted and produced podcast,or AI-generated feature-length film and not be able to distinguish it from human-made creative.Autonomous AI agents that will take actions on your behalf online.You will give these agents commands(“Build me a marketing strategy for a B2B manufacturing firm that sells to roofing companies”)and they will string together actions to complete your goalwithout your involvement.Prototype tools like Personal Assistant from HyperWrite already showcase this technology in its infancy.One thing should become clear from these examples:AI gives agencies unparalleled opportunities to drive efficiency and productivity,enhance creativity and decision-making,and deliver greater value to clientsBut it can also quickly make you obsolete if you dont urgently evolve your business model,talent,technologies,and services.The choice is yours.What Agencies Can Do About ItTechnological revolutions have always created enormous opportunities and threats for agencies.In recent years,the martech revolution allowed companies like HubSpot to build powerful agency partner ecosystems that transformed thousands of agencies,created billions of dollars in value for partners,and continue to drive massive growth for customers.AI presents a similar,but exponentially larger,opportunity and threat for agencies today.The agencies that thrive moving forward will act with urgency to:Evolve their services and positioning to maintain their relevance and value to clients.Redefine business and billing models to cope with AIs disruption of traditional industry economics.Train and upskill talent to leverage AI technology effectively,securely,and responsibly.Transform operations to capture more efficiencies using smarter AI tools and AI-powered workflows.Innovate new ways to drive client success with AI technologies and create sustained new value through AI partner programs.This guide is here to help you do that.At Marketing AI Institute,weve been educating marketers on how to understand,pilot,and scale AI since 2016,years before todays current generative AI craze and the rise of overnight AI“experts”on social media.We also came from the agency world.Our founder and CEO,Paul Roetzer,previously owned HubSpots first-ever partner agency and authored The Marketing Agency Blueprint.And many people on our leadership team have deep agency backgrounds.We understand the opportunities,challenges,and concerns that agency owners and leaders face when it comes to running and growing an agency businessespecially in the light of disruptive technological shifts.Dawn of the Next-Gen Agency6|AI for Agencies BlueprintIn this guide,weve partnered with AI and agency experts at Jasper,a leading AI content generation platform,to cut through the noise and help you make sense of AIand your agencys AI strategystarting today.In it,youll find:Clear,actionable definitions of AI,machine learning,deep learning,and generative AI Expert advice on how to navigate AIs disruption to agencies Specific AI use cases and tools across major areas of marketing,from advertising to SEO to social media A practical checklist you can use to start building a next-generation agency And guidance on what to look for in AI partner programs.By the time youre finished,youll have a much clearer picture of your agencys future in the age of AI.Dawn of the Next-Gen Agency7|AI for Agencies BlueprintIntro to Artificial Intelligence for AgenciesHeres the good news for agenciesYou dont have to have a computer science or machine learning background to take advantage of the opportunities that AI provides.You just need to have a solid understanding of how AI works and what it can do.What Is AI?If you ask 10 experts to define“AI,”youll get 10 different definitions given the complexity of the subject.But our favorite definition of AI comes from DeepMind CEO and Co-Founder Demis Hassabis:“AI is the science of making machines smart.”What does that mean?It means giving machines the ability to mimic human intelligenceto think,create,understand,reason,and learn as humans do.This is very different from the typical software weve all used over the last two decades in our companies and careers.Traditional software,by which we mean non-AI software,only follows set instructions,operates on fixed rules and does not adapt or improve.Think of your typical marketing automation system.It only does exactly what you tell it to do and follows fixed paths to do it.It doesnt deviate from that path or make recommendations on how to perform a task better next time.It also requires a huge amount of manual labor:you still have to build all the plans,create all the assets,and adjust all the rules as the machine does its work.The software only produces better outcomes when you yourself come up with a smarter way to do things.Moving forward,the software you use tomorrow(or already use today)will look very different,because it will be powered by AI.This software can:Reason through strategic problems to solve goals at scale.Adapt assets and approaches to new data in real time.Recommend the best strategies and plans to pursue next based on performance.In short,its smart.It can learn how to get smarter.And it can work hand-in-hand with you to help you get smarter,too.This is the core difference between AI and everything else.Imagine youre a pilot.Traditional software is the plane,going only where you tell it to and responding directly to your manipulation of the controls.AI,however,is a copilot,working with you and adapting autonomously to help you achieve your goals.The term“artificial intelligence”is actually an umbrella term,one that we use to describe a collection of technologies that make machines smart in the way we just discussed.One of the most important of those technologies is machine learning.This is when we literally teach machines how to learn to achieve goals.Once we teach a machine how to achieve a goal using training data,it can then go accomplish that goal on new data.And it can learn to improve its performance over time.This ability to learn and improve gives many AI systems tremendous power when continually fed new data.8|AI for Agencies BlueprintAnother important AI technology to know is deep learning.Deep learning is a highly advanced subset of machine learning that gives machines the ability to read,write,speak,reason,and understand by mimicking how the human brain works.Deep learning is a key piece of the story of AI and our current AI moment because its what powers the technology behind ChatGPT and other new toolsa category of AI called generative AI.What Is Generative AI?Generative AI is AI that can produce content on its own,including text,images,audio,code,3D images,and more.As such,the technology unlocks powerful use cases for marketers and business leaders.Today,it can do things like:Writing.You can now use AI tools like Jasper to automatically write high-quality marketing and business content.Image generation.Generative AI tools like Midjourney can create images and art in any style based simply on a text prompt.Video generation.We now have the ability to generate videos in any style using generative AI creative suites like Runway.Audio generation.You can use generative AI to create realistic or artistic audio and voices.(Companies like ElevenLabs create realistic voice clones using the technology.)Code.Generative AI tools can also write code in specific programming languages.This allows programmers to work hand-in-hand with tools like GitHub Copilot to be more productive.All of these generative AI capabilities are made possible by foundation models.These are models that are trained to understand and generate different kinds of content,like text,audio,and images.A popular type of foundation model youll hear about often are large language models(LLMs),which are foundation models specifically for language.They can understand and generate text.But LLMs arent the only type of foundation model.Youll encounter foundation models trained on all different mediums,like video or audio.Some foundation models are also considered multimodal,which means they understand more than one type of input,such as text and images and audio.(For example,GPT-4,which powers ChatGPT,used to understand only text but has now been trained to understand images and audio,making it multimodal.)Sometimes,you will use a foundational model to directly generate an output.For instance,you can directly engage with a foundation model like Claude from Anthropic to generate text.Other times,youll engage with a generative AI tool that taps into a foundation model(or more than one of them)to produce outputs.Tools built on top ofor interacting withfoundation models serve a valuable function in the AI ecosystem.These tools often use versions of foundation models that have been customized to specific use cases,like creating marketing copy.So,instead of using a model thats generically good at,say,generating text on many topics,youre using a purpose-built AI tool that is expert at generating text for a specific domain.Some enterprises are taking this one step further.Instead of using foundation models or tools built for specific domains,theyre custom-training models on their specific data.(In one example,financial services firm Bloomberg built a custom model trained only on their data,called BloombergGPT.)Generative AI isnt the only type of AI that will transform the agency world,but it is one of the fastest-growing and attention-getting categories of AI today.Some enterprises are taking this one step further.Instead of using foundation models or tools built for specific domains,theyre custom-training models on their specific data.(In one example,financial services firm Bloomberg built a custom model trained only on their data,called BloombergGPT.)Generative AI isnt the only type of AI that will transform the agency world,but it is one of the fastest-growing and attention-getting categories of AI today.Intro to Artificial Intelligence for Agencies9|AI for Agencies BlueprintThe Core Applications of AIWhether youre focused on generative AI or the wider AI landscape,one of the biggest challenges that agencies face is trying to understand how AI will practically affect their business.To get clarity here,it helps to grasp the three core ways that AI can be applied across thousands of possible marketing and business use cases.Once you start to understand these,youll begin seeing all sorts of ways to start applying AI in your own business.1.Prediction.AI has the ability to make predictions about outcomes based on historical data.As a marketing agency,much of the work you do every day involves some type of prediction.You try to forecast everything from which headlines will appeal to blog readers,to how much staff capacity you have this month,to which strategies will impact client KPIs.AI excels at tasks that involve forecasting outcomes using data.2.Vision.AI has the ability to analyze,understand,and create images and videos,including footage being generated in real time(as in the case of self-driving cars).AI likely has applications to anything your agency does that includes any type of visual data,like visual creative,video production,or design work.3.Language.AI can understand and generate the written or spoken word,as well as formal technical lexicons like programming languages.AI has vast applications across many different types of languageincluding anything your agency does that involves words,which is probably quite a bit.That includes:writing copy,generating reports,and podcasting.You might be starting to think to yourself:It sure seems like AI can do a lot of the things we do every day as an agency.And youd be right.AIs prediction,vision,and language capabilities,and its ability to learn and improve over time from data,have profound implications for nearly every aspect of agency operations today.Intro to Artificial Intelligence for Agencies10|AI for Agencies BlueprintHow AI Will Disrupt AgenciesWell be bluntThe present capabilities of AIand the power that AI systems will quickly develop in the near futurenecessitate a wholesale reinvention of the agency model at every level.The reason why is threefold:1.AI can already do many of the tasks that clients rely on agencies to doand its rapidly improving.This will increasingly lead to pressure from clients and the market to justify the continued existence and employment of agencies.Every agency will be forced to answer the question:Why do we need you when AI can do it just as well for less money?2.AI enables employees to create significantly more output per hour.This will lead to pressure from clients and competitors to deliver significantly more for the same or less money.Every agency will be forced to answer the question:How do we preserve revenue and margins in the face of relentless downward pressure on billable hours and projects?3.AI gives everyone,even the less skilled,superpowers.This will lead to pressure from clients and agency professionals at every level of the organization to justify the economic value of historically highly valued skills,capabilities,and roles.Every agency will be forced to answer the question:What is this persons role,why is it needed,and why does it justify a commensurate level of compensation?These arent questions that can be answered in a single sentence or strategy session.And each of these considerations has huge potential impacts on billing,services,creativity,innovation,business development,operations,talent,and technology.Billing Models Put simply,your agency must use some form of value-based pricing moving forward to survive.As a practical example,lets say you are charging$150/hour to create content.A 1,000-word blog post,from idea to fully-finished product,may take 7 hours(or$1,050).That same blog post written with the right process heavily assisted by AI can easily be planned,researched,written,edited,optimized,and published(with AI-generated images)in 1-3 hoursand retain the quality and relevance of a 100%human-generated article.You can do the math on how that impacts your revenue.Billable hours are dead.11|AI for Agencies BlueprintServicesYour services,no matter what they are,will change.Many of the services you offer no longer offer the competitive advantage they once did.In many cases,either AI can do them at an expert level or humans armed with AI can level the playing field by bringing expert capabilities to the table without deep pockets or decades of experience.How you evolveand how quicklywill depend on your service mix and market.But,consider some questions to ask moving forward,no matter what you offer:Can a service be done by machines?If so,why does our way of doing it(with or without machines)create or add value?How do machine capabilities impact the perceived and actual value of this service?What services are unlocked by machine intelligence that our clients cannot do themselves?As you use AI tools,youll also have to structure your service agreements accordingly.Many agencies operate under“Work for Hire agreements,which transfer copyright of materials to clients.In the United States,you cannot enforce copyright of AI-generated content per the U.S.Copyright Office.Your service contracts will need to change.CreativityGenerative AI unlocks previously unimaginable creative possibilities in all forms of media.That doesnt mean human creativity and skilled creative professionals have no place in your agency.It does mean that every creative role and process must be infused with AI tools unless you want to be at a significant disadvantage.In order to preserve their economic value,creative agencies,and professionals will need to embrace AIand show exactly why their creative output is worth paying top dollar for.InnovationWith AI,the only limitation is your imagination.You will be forced to re-engineer what an agency is and does.That includes products and services.Anything is possible now.If you own,lead,or work for a marketing agency,understanding and applying AI to every aspect of your organization must be an immediate and all-hands-on-deck priority now.Anyone with an idea has the ability to marshall affordable,powerful AI systems to start or grow an agency that disrupts your business and your market with a fraction of the staff.You must innovate now to disrupt yourself before someone else does.Marketing,Sales,and Business DevelopmentThe fundamentals of marketing and sales have changed.AI has made these disciplines more personalized,predictive,and performance-driven.This is good news for the agencies with the vision and will to evolve their internal business development efforts as aggressively as they do their client-facing services.Any rep responsible in part or in full for securing new business or growing existing business now has tools at their disposal to leverage latent data from meetings,calls,discovery work,and proposals to make sales more effective and predictable.How AI Will Disrupt Agencies12|AI for Agencies BlueprintOperationsEvery aspect of agency backend operations requires a rethink.Today,we have tools that can already streamline or automate entirely certain agency operations such as:proposal creation,contract generation and analysis,strategic planning,project management,financial projections and budgeting,and capacity management.If you are not using AI to augment these tasks,you are leaving money on the table.In fact,capturing operational efficiencies with AI will be one of the first ways many agencies realize benefits from AI while evolving other core areas of their businesses.TalentEvery staff member at every level of your organization must have adequate training that empowers them to understand and apply AI as it applies to their own role.That does not mean everyone in your organization must have a technical background in AI.Or that everyone you hire moving forward needs a Ph.D.in machine learning.It means that every specialist,service provider,account services professional,and manager or leader has access to foundational knowledge and a practical roadmap for how to begin exploring AIs ability to improve their productivity and performance.Not every staff member needs to be able to speak authoritatively about AI tomorrow.But every single one needs to be armed with a professional development roadmap to fully leverage AI in their role over the next 6-12 months.TechnologyAs a baseline,the expectation will be that every agency uses AI technology to drive performance and reduce costs for their clients.While service firms may not choose to evolve into formal AI consulting services,they will be expected to at least understand how to advise their clients on the basics of understanding,selecting,and adopting AI technology.There also exists a significant opportunity for the agencies who decode the AI landscape first.These firms will be well-positioned to both leverage AI to accelerate their own success,as well as grow through the leading agency partner programs.Obviously,these considerations cant be solvedor resolvedin a day.Many forward-thinking agencies we work with form internal AI councils to begin tackling these in a systematic way.But just because this is an involved process doesnt mean you have to wait to use AI in your business todayThere are literally thousands of use cases and tools that you can start deploying to capture significant wins right now while building an agency of the future.How AI Will Disrupt Agencies13|AI for Agencies BlueprintTop AI Use Cases for AgenciesIn the short term,many agencies are best served by starting with quick-win AI pilot projects that have narrowly defined use cases and high probabilities of success.To brainstorm those,it helps to ask four questions about what your agency does every day,either for clients or for your businessquestions related to what AI is uniquely good at.1.Is it data-driven?AI is fueled by data.Any task that relies on data to produce an outcome(reporting,analysis,strategy,etc.)should be high on the list of possible use cases to explore for AI.The data you already have(CRM systems,email databases,ad platforms,etc.)can also be used in a variety of ways with AI to produce valuable outcomes.2.Is it repetitive?Is the task clearly defined,highly structured,and repeatable?Like traditional technology,AI is great at any task that generally follows the same set of steps to achieve an outcome.3.Is it making a prediction?AI excels at making predictions from data.It can help you uncover patterns,unearth insights,and predict what will work best across many different types of marketing and business tasks.If youre trying to make an educated guess about anything,then you have a solid use case for AI provided you have the right data.4.Is it generative?Are you generating content,images,video,audio,or code?Then you definitely have a use case for AI.AI is already competent at generating many different types of content and is getting better by the day.To give you even more ideas,weve broken down some of the top use cases today across major areas of marketing that agencies rely on to create value for clients and grow their businesses.14|AI for Agencies BlueprintAdvertisingDramatically improve the creation,performance,and management of ad campaigns for clients or your firm.AI can help you create better ads that get better results at scale.Today,you can use AI advertising tools to:Automatically and strategically allocate ad budgets.Automatically manage and adjust ad budgets and performance.Decode ad performance to determine what went right and wrong.Discover new audiences for client ad campaigns.Create ad copy,ad creative,and ad variations.Predict ad performance before launch.Scale creative across different platforms and formats.Agency OperationsStreamline and automate core operational functions to save time and money.There are countless operational and administrative tasks that AI can help you do better,faster,and cheaper.These include:Analyze calls,emails,and meetings with potential or existing clients to identify opportunities,pain points,and issues.Automatically draft proposals,scopes of work,and contracts.Forecast capacity and hiring needs based on historical time tracking and capacity planning data.Forecast revenue and churn based on historical client services data.Role-play sales and client services scenarios with AI agents to improve outcomes.Scope service engagements based on historical time tracking and client services data.Summarize hundreds of pages of documents during the proposal or discovery phases of engagements.Content MarketingCreate and personalize content at scale for clients and for your own marketing efforts.No matter what types of content you create or promote,AI can help you do it better.Using AI,your agency can:Analyze and decode content performance for clients.Automate and augment writing processes.Optimize content for SEO.Personalize content to different audiences.Recommend content based on behavior.Summarize industry/market research to create more insightful and informative content.Transcribe,edit,and produce podcasts and videos.Top AI Use Cases for Agencies15|AI for Agencies BlueprintEmail MarketingIntelligently segment and send more successful email messages at scale.Every brand sends emails,and every brand that sends emails should be using AI.Thats because most email marketing thats done without AI functions on educated guesswork.What subject lines work best?What content will perform?Who should we send to,and when?AI removes the head-scratching and creates high-impact email campaigns.With it,you can:A/B test thousands of email subject lines at scale.Create newsletters automatically.Generate email content.Optimize subject lines.Personalize email send times on a 1-to-1 basis.Personalize newsletter content on a 1-to-1 basis.Predict engagement levels.Public RelationsIntelligently monitor and influence the tone,sentiment,and content of conversations about clients.Remember how AI excels at creating beneficial outcomes with data?Well,the conversations happening online about your clients and in their industry constitute a whole lot of data.And AI can be used to significantly streamline and improve your PR work.Create and edit website copy,brand messaging,and digital collateral.Decode the effectiveness of PR programs and strategies.Generate ideas and formal documents for editorial,comms,and PR calendars automatically.Generate images and visuals for PR assets automatically.Identify compelling news angles from existing releases and internal information.Monitor and filter industry news based on importance,relevance,and virality.Monitor and manage brand sentiment online.SEOImprove search rankings and appear in more relevant results.Search engines use AI to determine exactly which search results to show you for any given query at any given time.It only stands to reason youd use AI to make sure you show up in the right place.Today,AI for SEO can:Automatically identify and address technical SEO factors.Create and optimize content for voice search.Identify core topics and keywords to cover in new content to rank.Identify key ranking factors needed to own search results across topics.Optimize existing content to rank better.Quickly update and optimize local search results across locations.Perform keyword research and construct keyword databases.Top AI Use Cases for Agencies16|AI for Agencies BlueprintSocial Media MarketingDrive more social engagement and reach at scale.Social media platforms rely on AI to populate your feeds with content youll engage with.But AI is also used by brands to create that content and get consumers to engage with it more.By using AI social media tools,you can:Analyze and decode post performance.Create posts automatically from existing content.Generate new copy from scratch.Moderate comments automatically.Monitor brand mentions and sentiment.Predict the viral potential of content.Suggest relevant hashtags and mentions.This is just a sampling of AI use cases across a handful of areas that agencies work in.As you explore AI,youll discover hundreds of other ways the technology can make what you do easier,better,faster,and cheaper.But what tools can help you actually do all these things?Glad you askedKeep reading to discover some of the top AI tools out there to start exploring.Top AI Use Cases for Agencies17|AI for Agencies BlueprintTop AI Tools for AgenciesReady to try out AI for yourself?There are literally thousands of AI tools out there that can help you build and run a smarter agency.In this guide,weve included just a handful that we use ourselves or know other agencies have leveraged to succeed.Theyre by no means the only tools to investigate.But they should give you a headstart on your exploration of AI technology.JasperJasper is a leading AI content generation platform that creates on-brand content across every aspect of your marketing operations.With Jasper,you can create every piece of content for each stage of every marketing campaign,end to end.That includes blog writing,SEO,copywriting for pages and ads,social media,and content strategy.You can even teach Jasper about your companys specific voice,facts,audiences,and style guides to make sure each and every word sounds exactly like you.Jasper also empowers you to create images to accompany all that original,high-quality content.Thanks to the performance and productivity that Jasper enables,customers using it have experienced:80%reduced time on first drafts.40%increase in content downloads.3.5X ROI on using the tool to create better content.Want to try Jasper for yourself?GET STARTED HERE18|AI for Agencies BlueprintAgorapulseAgorapulse is a comprehensive social media management platform with AI features baked right in.Using Agorapulses AI-powered Writing Assistant,you can enhance your social media content,test different messaging and approaches,and drive more engagement using AI.Thats in addition to all of Agorapulses standard(and powerful)social media publishing,management,and monitoring features.CeltraCeltra is AI for creative automation.It uses AI to create hundreds of variations of visual creative(think:ads,social,etc.)for different platforms and in different styles,so you can scale up campaigns quickly.ChatGPT PlusWe know,we knowYouve heard all about ChatGPT.But we need to emphasize it one more time.Thats because,especially for agencies just getting started with AI,a$20 per month ChatGPT Plus account is one of the quickest,easiest,and most powerful ways to get started with AI across a range of use cases.In addition to powerful text generation capabilities,ChatGPT Plus also now has a feature called Advanced Data Analysis,which performs expert analysis on your data,and a browser plugin that connects the tool to the internet.Most notably and most recently,ChatGPT Plus also now has the ability to understand images and respond to prompts based on those images.Claude from AnthropicAnother quick-start tool worth exploring is Claude from Anthropic.Claude is similar to ChatGPT,except it has an extra-large“context window,”which means you can input a large amount of text into it for your prompts.You can give Claude literally hundreds of pages of text and have it analyze,summarize,or extract takeaways from them,in addition to all its other ChatGPT-like conversational features.DataboxDatabox is a business analytics platform that helps you track,visualize,and use the metrics you need to grow your business.As part of Databoxs reporting features,the platform uses generative AI features to actually summarize key reports and metrics,as well as provide recommendations based on your data.HubSpotHubSpot has long been a leader in the marketing automation and CRM space,and now a number of powerful generative AI features are baked right into HubSpots blogging and web design.You can also now leverage ChatSpot,HubSpots AI assistant to converse with and query your HubSpot data.MarketMuseMarketMuse uses AI to help you rank higher in search.You can use MarketMuse to identify which topics you should be writing about(using special search metrics personalized to your specific website),and then generate SEO briefs that tell you how to rank for those topics.(You can even spy on how the competition in search results is ranking for a topic.)PathmaticsPathmatics from Sensor Tower uses AI to deliver you up-to-date ad intelligence.You can use the platforms insights to see the spend,impressions,and creative being used by your competitors,and how theyre allocating budget,time,and content across different channels and platforms.6sense6sense is an AI-powered marketing and sales platform.Using 6senses AI,you can actually predict and identify the accounts that are in-market,then prioritize which ones matter most based on their propensity to buy.6senses AI can also uncover third-party buying signals to predict when you should engage with these prospects.Top AI Tools for Agencies19|AI for Agencies BlueprintBuilding a Next-Gen Agency:A ChecklistBuilding a next-generation agency isnt something that happens overnightor in a single book.Not to mention,no single person or firm has yet figured out the exact playbook for reinventing marketing agencies in the age of AI.The best we can do at this point in time is bring together very smart people within our organizations to ask very smart questions about our businesses.To help you get started doing that,weve created this checklist of important(and not always easy to answer)questions that leaders within agencies need to ask about their businesses as they brainstorm and build for the future.Strategy Rethinking Services What services do we offer today that are now obsolete or significantly devalued thanks to AI?What services do we offer(or could we offer)that humans do better than AI?What does AI or AI human now make possible that we can offer to clients?Rethinking Workflows Have we documented all of our core workflows and processes in a consistent,systematic way?If not,how do we do that?What tasks within our organization should AI be doing exclusively?Which tasks should a human never touch again?Which existing human-first workflows can be accelerated or augmented with AI?Packaging and Selling AI Services Do we want to offer formal AI-powered services?If so,what does that look like?What technology partners should we make strong bets on within the AI ecosystem?Are we helping our clients build,buy,or get more value out of AI technology?Talent Structuring Teams and Roles How do team and role structures change in light of new services,billing models,and workflows?Who owns AI understanding and adoption for each existing or new team?What roles are the most important to the growth of the agency moving forward?Hiring and Training What types of skills do we need to hire for moving forward?What skills are no longer valuable?Can we transition talent with these skills to other teams or roles?How do we get comprehensive internal AI training for all teams quickly?What does the curriculum look like?20|AI for Agencies Blueprint Change Management and Culture Who should be on the agencys internal AI Council to drive organizational change?How do we plan for the long-term impact AI will have on employees once it changes our work and what skills we value?What fears and concerns do we need to proactively message and address regarding how AI will impact jobs and livelihoods internally?Technology New and Enhanced Capabilities from AI How sizable are the productivity and performance gains we can get from AI in year one of adoption?How do we navigate the gains in productivity and performance we expect to see from the technology?What capabilities of AI today do we need to be actively testing?Which near-future possibilities should we be keeping an eye on?Integrating AI Across Your Tech Stack What existing technology do we already have that uses robust AI or has it on their near-term product roadmap?What are our top,highest-value use cases for AI to buy technology for first?What security and privacy considerations do we need to think about using new AI tools with existing agency or client data?Communicating AI to Clients and Stakeholders Do we have generative AI and responsible AI policies created?If so,are they public?If not,who will create them?What will we say to clients about our use of AI,scenarios in which we will and wont use it,and how AI usage impacts their engagements with us?How will we message our AI usage to address concerns about job loss,security,ethics,and privacy?Building a Next-Gen Agency:A Checklist21|AI for Agencies BlueprintChoosing an AI Partner ProgramAs you build a next-gen agency,youll quickly find the need to choose partners to accelerate your transformation and growth using AI.In the early days of Marketing AI Institute,founder and CEO Paul Roetzer also owned PR 20/20,a digital marketing agency.PR 20/20 was HubSpots first-ever agency partner and Paul,like many other agency owners,bet his business on the fact that HubSpots growth and ecosystem could drive explosive success for him and his clients.He was right.But its not possible to run the same playbook with AI,he says.The sheer velocity of AI innovation and disruption makes it impossible to predictably bet on a single AI partner or partner program as agencies did during the marketing automation revolution.Instead,agencies will likely find themselves placing several bets across different vendors as they look to build services around leading technologies and to partner with vendors for lasting growth.Its still very early days for AI partner programs.Even leading companies in the space are often only a few years old,and dont always have formal programs fully built or implemented.That shouldnt discourage you from seeking out AI partner programs.But it does mean youll have to do your homework.What to Look For in a PartnerHere are some key considerations when your agency looks for one or more AI partners:1.How long have they been around?The world of AI moves at lightspeed.You cant expect major players to have been in business for decades.But you do want to prioritize partners who have established business models and clear track records of success with customers.2.How much funding do they have?Most of the companies you consider will be venture-funded technology companies unless theyre already established tech giants.So,their level of funding matters.Its a good proxy for how stable they are in the short term and how much confidence the market has in their technology.You dont want to build around someone whos about to run out of runway.3.Who are their customers?Social proof is always helpful to validate any possible partner,AI vendor,or otherwise.In AI,it helps if vendors have been validated by major tech players in the space like Google,Microsoft,Meta,Nvidia,or Amazon,by the companies building foundation models and technologies like OpenAI,Cohere,or Anthropic,or by established marketing and sales platforms like HubSpot and Salesforce.4.What are their public policies or positions on AI?How companies approach AI matters.Look to a possible partners public statements(and actions)on AI safety,security,and privacy for clues as to how much the company prizes responsible AI development and usage.(Hint:They should at least have a public position.)5.Could you see yourself using their technology?Its important to actually understand what use cases a vendors technology enables,and its helpful if you actually understand those use cases as they apply to your own business.Its easy to fall prey to overhyped or unready technology.Whenever possible,stick to your circle of competence and prioritize solutions you can easily vet yourself.22|AI for Agencies Blueprint6.Do they have a partner program or a background working with agencies?It helps if founders or leaders at vendors have worked with other agencies(in past jobs or through a current partner program)or have previous experience at software companies with agency partner programs.As mentioned,there may not be a formal partner program in place,but they may still be able to advise or work with you on building around their technology.7.Do they offer coaching,education,or onboarding for agency partners?The top AI agency partners today are building out robust partner programs that heavily support the agencies adopting and selling their software.Theres a reason why.AI is not like other software.A huge amount of education is needed to get maximum value out of these toolsand navigate the change management that comes with what these tools enable.Prioritize vendors that give due weight to education and are investing in it.Example of an AI Agency Partner ProgramIn closing,we want to provide one example of an agency partner program to give you a sense of whats possible and what to look for as you reinvent your agency.Jasper,a leading AI content generation platform,has built a next-generation AI Solutions Partner Program.This is a partner program designed for agencies,and its an illustrative example of how agencies and client needs will evolveand how leading partner programs will cater to these evolving needs.Within content marketing,Jasper sees marketing agencies taking two possible pathways moving forward in the age of generative AI,neither of which is mutually exclusive:1.Generative AI content creation agency services.These agencies own content creation for their clients and use AI to deliver superior content products to clients at speed,quality,and scale using an output-based pricing model.2.Generative AI content coaching agency services.These agencies implement AI tools for clients and onboard their teams,then coach clients to create superior content outcomes(both in terms of strategy and output)themselves on a time-based pricing model.Jaspers partner program is designed with different pathways to cater to each segment of the market.Content creation agencies can secure Jasper licenses at a discount for their agency team and any client stakeholders who may need access to the platform to vet outputs.Agencies can then leverage the productivity gains provided by Jasper to sell more engagements priced by output.Content coaching agencies can bundle Jasper licenses for their clients,creating a win-win scenario where Jasper creates superior efficiencies and performance gains for clients,while agencies create significant revenue by coaching clients through the changes AI is causing in the world of content marketing.Generative AI content creation and coaching services are the structural offerings that agencies will need to reimagine in the age of generative AI.However,there are also plenty of existing and future service offerings that can be paired with generative AI services,such as:AI Education and Training Workshops.There is growing demand for training that can help your clients understand AI and build capabilities to use it in their organizations.AI Change Management.Consulting services can be paired with generative AI to help clients navigate the changes in mindsets,skillsets,and workflows that are required when using these tools.Brand Strategy and Style Guide Creation.There will be a growing need for clients to have consistent and aligned brand strategies and style guides to power generative AI technologies.AI Model Training and Optimization.As companies adopt generative AI,they will need experts to train and optimize models to better understand a companys unique voice,tone,and brand.Technical Integration Services.Even with the right generative AI tools,clients can often benefit from expert guidance on how to get the most out of this technology and integrate it with the existing systems they already have.Ultimately,its up to you to determine the right mix of services for your clients and your agency.But Jaspers AI Solutions Partner Program is designed to help you get there.Click here to learn more.Choosing an AI Partner Program23|AI for Agencies Blueprint24|AI for Agencies BlueprintAbout Marketing AI InstituteMarketing AI Institute is a media,event,and education company founded in 2016 that makes AI approachable and actionable for marketers and business leaders.The Institute owns and operates the Marketing Artificial Intelligence Conference(MAICON),AI for Writers Summit,AI for Agencies Summit,and AI for B2B Marketers Summit;hosts The Marketing AI Show podcast;runs the AI Academy for Marketers featuring dozens of on-demand courses;and published Marketing Artificial Intelligence:AI,Marketing,and the Future of Business(Matt Holt Books,2022).Learn more at .About JasperFounded in 2021,Jasper is an AI copilot for marketing teams that want better outcomes in addition to faster outputs.Jasper securely trains on your brand and strategy,accelerates project management and content production,and helps marketers measure and optimize for performance all as part of an end-to-end copilot.Jasper has been recognized as“one of Americas fastest-growing private companies”by Inc.5000 and was one of the fastest companies to reach 100M users.Customers include Sports Illustrated,Anthropologie,SentinelONE,Transcend.io and more.Learn more at www.jasper.ai.
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499O Oc ct to ob be er r 2023RXSLXFR23RPFrance LuxuryRetailXIn partnership with:20232|RetailX|October 2023RXSLXFR23RP 2023 SUSTAINABILITY REPORT|INTRODUCTIONFRANCE LUXURY SECTOR|INTRODUCTIONThe French online luxury sector turned over 13.8bn in 2022,up 8.6%on 2021 and significantly ahead of the 11.4bn of revenues generated in 2020.Yet the sector was hard-hit by travel restrictions during the pandemic and has still not matched the pre-pandemic level of 14.1bn seen in 2019.HERES WHAT WE FOUNDAt 4.95bn,the French luxury fashion segment remains the biggest contributor to luxury ecommerce revenues.Luxury leather goods and prestige cosmetics are also large contributors,turning over 3.5bn and 2.58bn in 2022 respectively.Luxury eyewear is the only segment to sit higher than its 2019 pre-pandemic level in 2022.French consumers buy more luxury across all segments than the average in Europe by a significant margin.In luxury fashion,for example,the average spend by French consumers sits at 75 against a European average of 39.In luxury leather goods,it is 54 to 21 while in prestige cosmetics and perfumes,the difference is 39 to 18.Despite French consumers having a growing propensity for online shopping in all sectors,for luxury goods,the largest single channel(43%)lies in physical stores for purchases.However,online and mobile,while individually less than physical retail,account for 57%of sales 29%online with a computer and 28%on mobile.By revenue,the device split sits at 60:40 in favour of desktop.IntroductionContentsMarket context 03Market segments 05French luxury consumer:Behaviour 07French luxury consumer:Channels 10French luxury consumer:Sustainability 12Partner Perspective 14Largest 50 16Company Profile:Calvin Klein 18Company Profile:Herms 19Company Profile:Lacoste 20Company Profile:Lancme 21Company Profile:Pandora 22Company Profile:Vestiaire Collective 23Company Snapshots:Cartier,FarFetch,Fendi 24Company Snapshots:Mont Blanc,Ray-Ban,WatchFinder 25The road ahead 26End Matter 29Knowledge Partners 30In terms of why French shoppers buy luxury goods,the largest single cohort(27%)purchased as a gift for someone else.Meanwhile,18%were attracted by instore service,with the same proportion liking a product on social media with 6tually purchasing an item through social media.French luxury consumers are increasingly aware of the environmental impact of what they buy and,when asked,67%say that they are interested in buying sustainable luxury products,with 54%agreeing that they would like to buy more second-hand luxury.Only 22%are interested in renting luxury products,while 63%are interested in luxury repair schemes.17%say that they buy a significant amount of second-hand luxury goods,while 9%say more than half of the luxury goods they buy are second-hand.The European average is 6%.With a raft of luxury brands making forays into the metaverse,interest among French consumers is reasonably high,with 40%saying they are interested in this evolution of the internet.While the Largest 50 online luxury retailers selling in France features a veritable whos who of luxury brands Lacoste,Louis Vuitton,Herms,Dior and Chanel in the Largest 10 alone the largest retailer by traffic is Vestiaire Collective,a marketplace selling pre-loved luxury fashion.Similarly,the fifth-largest is FarFetch,a UK-based marketplace selling a rich variety of luxury brands large and small.3|RetailX|October 2023RXSLXFR23RP 2023 The French online luxury sector,like luxury worldwide,was hard-hit by the pandemic in 2020 and 2021,largely as a result of the travel restrictions put in place during those years.While domestic sales held up,the lack of tourists and the money they spent was keenly felt.However,the sector has seen remarkable recovery.In 2022,it turned over 13.8bn,up 8.6%on 2021 and significantly ahead of the 11.4bn sales during the worst of the pandemic in 2020.While the sector has rallied considerably,it has yet to reach its pre-pandemic,2019 level of 14.1bn itself a record for the sector.There are signs,however,that online French luxury sales could well hit or surpass that figure in 2023.Thats because French consumers are avid luxury buyers,outstripping the level of spend across all segments of the sector compared to European averages and only lagging behind US,Chinese and Japanese spenders.Revenue growth remains in positive territory following a huge surge in late 2021,with luxury eyewear,fashion and leather goods generating the most revenue growth for the sector.Watches and jewellery saw less growth during 2022.Although sales were hit by the pandemic,the French luxury sector has seen some remarkable recovery since,with plenty more to comeMarket contextRXSLXFR23-1-v1Annual revenue for the luxury market by segment(bn EUR),France,2018-2022Source:Statista Digital Market InsightsRetailX 202355455333343320182019202020212022051015Prestige Cosmetics&FragrancesLuxury Watches&JewelryLuxury Leather GoodsLuxury FashionLuxury Eyewear13.214.111.412.713.8RXSLXFR23-2-v2Annual change in revenue for the luxury market by segment(bn EUR),France,2018-2022Source:Statista Digital Market InsightsRetailX 202312%-20%6%-15%6%9%8%-21%9%6%-25%2%6%-19%7%-19%8 18201920202021202220020Luxury EyewearLuxury FashionLuxury Leather GoodsLuxury Watches&JewelryPrestige Cosmetics&FragrancesTotalSUSTAINABILITY REPORT|INTRODUCTIONFRANCE LUXURY SECTOR|MARKET CONTEXT4|RetailX|October 2023RXSLXFR23RP 2023 While the pandemic impacted tourist trade for French luxury throughout 2020 and into 2021,staggered reopening of travel during 2021 and early 2022 saw some of the key spenders from the US,China and Japan return to buy,both in person and online.However,the market then saw some increased drag on its recovery across 2022,with inflation across Europe rising sharply as a result of energy price rises caused by Russias invasion of Ukraine.This saw shoppers in Europe immediately rein in spending across all retail,with a particularly sharp impact on luxury sales.Despite the impact of inflation on consumer prices in France being less than in Europe as a whole,it still slowed luxurys recovery in the country.Late 2022 and the start of 2023 saw inflation in Europe start to ease and the consumer price index in Europe start to fall with a particularly dramatic drop seen in Western Europe which gives the retail industry as a whole cause to believe that spending will increase.For French luxury,though,the mood is mixed.With domestic French consumer prices continuing to rise albeit from a lower level local luxury purchases may remain slightly suppressed.Yet the improving situation in Europe,as well as in the US and Japan,is likely to offset this to a large degree,encouraging both tourism and ecommerce and,as a consequence,driving up sales of French luxury.RXSLXFR23-4-v4Luxury goods revenue by country(bn),2022Source:Statista Digital Market InsightsRetailX 202366.046.425.113.813.0United KingdomFranceJapanChinaUnited StatesRXSLXFR23RP-FR-CS-19-v5Annual percentage change in the Consumer Prices Index(CPI),France,2022-2023Figure for Western Europe calculated using the average for countries showcased in this reportSource:Diverse National Institutes of StatisticsRetailX 2023Jan 22Feb 22 Mar 22 Apr 22 May 22 Jun 22Jul 22Aug 22 Sep 22Oct 22 Nov 22 Dec 22Jan 23Feb 23 Mar 23510FranceWestern EuropeEuropeSUSTAINABILITY REPORT|INTRODUCTIONFRANCE LUXURY SECTOR|MARKET CONTEXT5|RetailX|October 2023RXSLXFR23RP 2023 French consumers buy more luxury across all segments than the average in Europe by a significant margin.In luxury fashion,for example,the average spend by French consumers sits at 75 against a European average of 39.In luxury leather goods it is 54 to 21,while in prestige cosmetics and perfumes,average spend sits at 39 to 18.Each segment is a major contributor to the overall European luxury market,with French luxury fashion accounting for 15%of total online European sales of fashion.This is repeated across all segments of the luxury market,with French sales contributing between 14.5%(watches and jewellery)to 20%(luxury leather goods)of total online sales.Luxury fashion encompassing apparel,footwear and non-leather accessories is the largest segment of the French online luxury market,accounting for 36%of the market.This is well ahead of the luxury leather goods segment,which is second largest,at 25%.All segments of the market in France remain below their pre-pandemic levels,with the exceptions of luxury eyewear and leather goods,both of which have managed in 2022 to regain and surpass their 2019 levels.All segments are now ahead of their 2018 revenues.Although luxury fashion leads the way,it is eyewear and leather goods that have surpassed their pre-pandemic peaksMarket segmentsRXSLXFR23-10-v5Average spending of the luxury shopper by segment(),France vs Europe,2022Source:Statista Digital Market InsightsRetailX 20231375542939639211618Luxury EyewearLuxury FashionLuxury Leather GoodsLuxury Watches&JewelryPrestige Cosmetics&FragrancesFranceEuropeRXSLXFR23-6-v3French luxury fashion revenue as share of theEuropean market(%),2022Source:Statista Digital MarketInsightsRetailX 2023Other countries85.1%France14.9%RXSLXFR23-7-v3French luxury leather goods revenue as share of theEuropean market(%),2022Source:Statista Digital MarketInsightsRetailX 2023Other countries80.1%France19.9%SUSTAINABILITY REPORT|INTRODUCTIONFRANCE LUXURY SECTOR|MARKET SEGMENTS6|RetailX|October 2023RXSLXFR23RP 2023 French brands dominate the prestige cosmetics and fragrances segment,with many such as Chanel synonymous with both luxury and perfume.French sales account for 17.5%of Europes total.This segment is more reliant than most on sales to tourists through transport hubs and has been one of the slowest to regain its 2019 position in the market.However,strong growth was seen between 2021 and 2022,while summer 2023 is likely to have generated even more sales from tourism.Luxury watches and jewellery also lag behind other luxury segments in the French market,with fewer French brands being associated with watches in particular and the fad for collecting designer watches seen during 2019-2020 starting to fade.This latter factor is likely the result not only of changing trends but also of the designer watch collection and resale market becoming somewhat saturated.Being an investment-led opportunity,it is likely that the rising cost of living has also seen a slowdown in spend on luxury watches.Luxury eyewear,however,is on the up.Accounting for the smallest segment of the French luxury market,the move towards buying eye and sunglasses with designer branding and cache continues apace.As a relatively new segment for many luxury brands,eyewear is bucking the overall luxury spend trend in France and worldwide.RXSLXFR23-5-v2French luxury eyewear revenue as share of theEuropean market(%),2022Source:Statista Digital MarketInsightsRetailX 2023Other countries83.3%France16.7%RXSLXFR23-9-v3French luxury prestige cosmetics and fragrancegoods revenue as share of the European market(%),2022Source:Statista Digital MarketInsightsRetailX 2023Other countries82.8%France17.2%RXSLXFR23-8-v3French luxury watches and jewellery goods revenueas share of the European market(%),2022Source:Statista Digital MarketInsightsRetailX 2023Other countries85.5%France14.5%SUSTAINABILITY REPORT|INTRODUCTIONFRANCE LUXURY SECTOR|MARKET SEGMENTS7|RetailX|October 2023RXSLXFR23RP 2023 For such a well-developed economy,French consumers are not as drawn to ecommerce generally as other markets in Europe such as the UK.Just 45%of French shoppers shop online more than once a month,with only 13%of these doing so weekly.Typically they say they do so to save time(42%),for direct home delivery(35%),for cheaper prices(34%)and for greater product range(26%).As many as 8%never shop online,with 39%saying they are unfamiliar with online purchases,significantly more than the 19%European average.Conversely,30%avoid online shopping because they like to shop instore,a figure in line with the European average of 39%.Of those who do shop online,as seen in most markets,they typically spend between 12 and 120 each month.This compares favourably with the European average.Where it gets interesting for the French online luxury sector is that a higher proportion of French Although French consumers are less drawn to ecommerce,they do tend to spend on luxury due to social media and giftingFrench luxury consumersSUSTAINABILITY REPORT|INTRODUCTIONFRANCE LUXURY SECTOR|FRENCH LUXURY CONSUMERSRXSLXFR23RP-FR-CS-1-v2Frequency of online purchase,France,2023Based on 500 individuals in France,aged 16-77,Mar 2023.Question:How often do you shop online?.Results have been strati?ed byage and genderSource:RetailX Consumer ObservatoryRetailX 202311%8%5%8%NeverLess than once a yearMore than once a yearMore than once every three monthsMore than once a monthMore than once a weekMore than once a dayRXSLXFR23RP-FR-CS-16-v5Monthly online shopping expense,France,2023Based on 430 individuals in France and 3210 individuals in Europe,aged 16-77,Mar 2023.Question:In the last 12 months,how muchhave you spent on average per month on online shopping?.Results have been strati?ed by age and genderSource:RetailX Consumer ObservatoryRetailX 20234G(%3%4%2I&%7%4%Less than 1212-120120-300300-600600-1200More than 1200FranceEurope8|RetailX|October 2023RXSLXFR23RP 2023 consumers(42%)spend between 120 and 600 per month online,which is more than the European average(38%).Luxury is a high-value market and while the proportion of the population in France spending at this level is relatively low,it leans them more towards spending on luxury items.LUXURY SPEND TRENDSSpend on luxury is relatively pronounced among French shoppers,with 51%spending between 101 and 500 per item significantly ahead of the 45%European average.92%of French shoppers spend up to 500 on a single luxury item compared to 87ross the whole of Europe.When looking at data for the whole French ecommerce market,49%of consumers are buying fashion or accessories and 31auty and cosmetics.This points to these being the prevalent segments for this luxury spend,which is backed up by the data seen on pages 4 and 5.Where luxury shopping in France deviates from general ecommerce is why French consumers say that they engage with luxury brands.The biggest driver for 27%of shoppers is in buying a gift for someone else.The next-most important factor lies in the instore experience offered by these brands.Luxury prides itself not only on the goods it sells but also the theatricality and performance that often accompany the purchase,with one-to-one service,complimentary drinks and other embellishments.While these are hard to replicate online,the factor still plays a role,with consumers expecting the online RXSLXFR23RP-FR-CS-9-v5Expense per luxury item(),France and Europe,2023Based on 411 individuals in France and 3210 individuals in Europe,aged 16-77,Mar 2023.Question:On average,how much do youspend on each luxury item you purchase(in GBP,)?.Results have been strati?ed by age and genderSource:RetailX Consumer ObservatoryRetailX 202365Q%5%3%48E%6%6-100101-500501-10001000FranceEuropeRXSLXFR23RP-FR-CS-4-v2Luxury brand contact in the past year,France,2023Based on 430 individuals in France,aged 16-77,Mar 2023.Question:In the last 12 months,have you had contact with a luxury brandthrough the following activities?.Results have been strati?ed by age and genderSource:RetailX Consumer ObservatoryRetailX 202327%7%6%5%4(%None of the aboveSent a private message to a brand on social mediaShared a product on social mediaMade a purchase through social mediaReturning an item you boughtRead a newsletter emailClicked on an o?er emailed to meFollowed a brand on social mediaLiked a product on social mediaIn-store serviceBuying a gift for someone else9|RetailX|October 2023RXSLXFR23RP 2023 experience to match an instore purchase,even if its without the drinks.Social media influence either through following a brand or seeing products on these platforms is also proving to be key.However,since its mentioned by just 16%of shoppers,its not as key as you might imagine and only slightly more compelling than the 14%who say they buy luxury by clicking on an offer in an email.6%have purchased through social media.DRIVERS OF LUXURY PURCHASEDespite many luxury brands having a marked aesthetic,high-quality feel and the attendant luxury shopping experience,these factors are only somewhat important to French luxury consumers.What drives them to buy luxury is very much what they want from any brand or retailer:reliability.According to data,75%of consumers in France rate the retailers reliability as very or somewhat important as a driver to shop with a luxury brand.This is matched by 75%who see product availability as a very or somewhat important consideration.The shopping experience registers as very important to just 25%,while the brands feel and aesthetic is valued by 23%.It is interesting to note that when looking at the broader French ecommerce sector and its consumers,none of these reasons figure as key drivers for shopping online.The main ecommerce market in France,like everywhere else,is driven by convenience and time saving,delivery options and price.RXSLXFR23RP-FR-CS-3-v2Drivers of online luxury purchase,France,2023Based on 430 individuals in France,aged 16-77,Mar 2023.Question:How important to you are the following factors whenpurchasing luxury items online?.Results have been strati?ed by age and genderSource:RetailX Consumer ObservatoryRetailX 202354FBA40%#!)53A6%8%8%The brands feel or aestheticThe shopping experienceThe retailer o?ering my preferred payment methodSpeedy deliveryDiscounts/reduced priceEasy return processProduct availabilityThe retailers reliabilityNot important at allSomewhat unimportantSomewhat importantVery importantLuxury,as a much more considered purchase,is viewed very differently by its consumers.Luxury isnt about price,but rather quality and value.It is the reliability of the products and services that sit around the purchase and product that attract shoppers to luxury brands.Even as a small but significant number of consumers turn to luxury brands for one-off,long-lasting purchases particularly as an antidote to throw-away fast fashion consumers view luxury brands as something outside the mainstream retail model and are attracted to shop with these brands for very different reasons to how they shop in other sectors.Since the personal touch builds on the feeling of reliability and quality and for many luxury brands,their focus will remain on the instore experience.However,in the internet age,these brands now face the task of how to blend online and offline to meet these consumer demands,which are different from the mainstream retail market.10|RetailX|October 2023RXSLXFR23RP 2023 As seen,the French luxury sector is one that is driven by reliability and customer service and,as a result,is driven by physical retail.For example,according to RetailXs research,43%of French luxury consumers have purchased luxury goods via a physical store.However,online and mobile,while individually less than physical retail,account for 57%of total luxury sales in France,with 29%of sales made online with a computer and 28%on mobile.This points to the growing omnichannel and hybrid nature of luxury retail generally.When the pandemic shuttered physical retail,the relatively un-digital luxury sector was hit hard.However,with deep pockets,many hastened their tentative forays into ecommerce in order to claw back revenue.For most retailers,this move was a success and the impetus needed to add ecommerce options.Post-pandemic,with stores and travel back up and running,the sector has found itself very much at the forefront of delivering true omnichannel retail,combining the instore,online and mobile facets of their branding to reach an ever more tech-savvy and increasingly younger audience.While dominated by physical retail,French luxury selling is slowly becoming a beacon of omnichannelChannels and devicesSUSTAINABILITY REPORT|INTRODUCTIONFRANCE LUXURY SECTOR|CHANNELS AND DEVICESRXSLXFR23RP-FR-CS-2-v2Channels used for luxury purchase in the past year,France,2023Based on 430 individuals in France,aged 16-77,Mar 2023.Question:In the last 12 months,through which channels have youpurchased luxury brands?.Results have been strati?ed by age and genderSource:RetailX Consumer ObservatoryRetailX 202343)(%5%Online-TabletOnline-MobileOnline-ComputerIn a physical storeRXSLXFR23-11-v2Device usage by revenue for luxury shopping(%),France,2018-2022Source:Statista Digital Market InsightsRetailX 202367daY369A 182019202020212022050100MobileDesktop100.0100.0100.0100.0100.011|RetailX|October 2023RXSLXFR23RP 2023 The data shows essentially a 50:50 split between instore and some form of digital purchase points,indicating that this move to attract a younger,more digital customer base is proceeding successfully.However,in revenue terms,the device split sits at 60:40 in favour of desktop over mobile.This points to luxury shoppers in France not only being drawn to physical stores but also doing so having researched online.When they come to purchase,it seems shoppers trust the big screen of desktop internet ecommerce over the small screen up-start that is mobile.Additionally,unlike mainstream fashion which is dominated by mobile-first Millennials and Gens Y and Z the luxury sector is more the preserve of slightly older shoppers who typically turn to their laptop to research and the store to buy.Where this older cohort does embrace ecommerce,it is again through the more tried and trusted old internet on a desktop.Luxury is a much more considered purchase,so the less immediate world of mobile shopping is replaced by more time taken to view in more detail.Buyers want to know what the luxury items look like,how and where they are made and so on.This again sees desktop gain the edge:the larger screen,often with a much better resolution than a phone or tablet,offers a better online way to explore luxury items in detail.However,as the younger shopping generation comes of age,it brings with it the desire to shop in a new way.Luxury retailers and brands need to be aware that this online/offline split and the accompanying desktop/mobile split are both set to change.RXSLXFR23-12-v2Revenue by channel for luxury multichannel shoppers(%),France,2018-2022Source:Statista Digital Market InsightsRetailX 202390 182019202020212022050100OnlineO?ine100.0100.0100.0100.0100.0Younger shoppers want a more immersive and technology-led experience of the brands they shop with and they want that both online and instore.As a result,the use of mobile is set to become more prevalent in luxury,with much of it centred,however,not around m-commerce per se,but around engagement and social within and without the store.Cutting edge tech such as augmented and virtual reality(AR and VR)are also set to play key roles across retail,as is the metaverse.Since luxury retailers are already at the forefront of these shifts,it is likely that we shall see a greater move towards the devices and channels used to shop luxury in France and beyond.SUSTAINABILITY REPORT|INTRODUCTIONFRANCE LUXURY SECTOR|CHANNELS AND DEVICES12|RetailX|October 2023RXSLXFR23RP 2023 To a growing number of shoppers worldwide,a draw for buying luxury goods is that they offer timelessness,longevity as an antithesis to ubiquitous fast fashion.Younger consumers in particular look to luxury as a more sustainable option for fashion.This is confirmed by RetailX survey data,which shows that 67%of French luxury shoppers shop with a sustainable mindset.Of these,68%look for luxury produced within France,thereby cutting down on international shipping and its environmental impact.French consumers are lucky in that many of the worlds luxury goods are produced by French brands and even in-country so it is hard to parse whether they shop locally for sustainability reasons,patriotism or simply because the items they desire just happen to be French.With 53%saying they would pay up to 10%more for sustainable luxury products,it may be that the former is the case,although 36%would not pay any extra.This is broadly comparable to the European average.63%of French luxury shoppers are also interested in repair schemes to extend the lives of their luxury investments,while 23%are keen to rent luxury.Both figures are further evidence that shoppers look to luxury for sustainability reasons.Luxury has tapped into the consumer desire to be more sustainable,creating new business models that include a thriving second-hand market Sustainable luxurySUSTAINABILITY REPORT|INTRODUCTIONFRANCE LUXURY SECTOR|SUSTAINABILITY13|RetailX|October 2023RXSLXFR23RP 2023 SUSTAINABILITY REPORT|INTRODUCTIONFRANCE LUXURY SECTOR|SUSTAINABILITYSECOND-HAND LUXURY The luxury as an investment approach to shopping is increasingly being validated by the rise in sales of second-hand luxury goods.According to the RetailX consumer survey,54%of French luxury shoppers are interested in buying second-hand luxury goods.Compared to the European average,French consumers show a growing propensity for this form of luxury shopping,with 34%buying up to a quarter of their luxury purchases second-hand,while a further 17%buy up to half.This is just ahead of the European averages of 33%and 15%respectively.Even the 39%of French consumers who buy no second-hand items at all is better than the 44%European average.Conversely,while only a tiny proportion of French shoppers 0.9%buy all of their luxury goods second-hand,they are still far more common than across Europe(0.5%).The move towards second-hand luxury is not peculiar to France since it has become a global phenomenon,with second-hand moving from 3%of the total luxury market in 2019 globally to almost 4%by the close of 20221.Initially driven by sustainability concerns and the hunt for vintage items,second-hand luxury has since seen a boost from the cost-of-living crisis that has swept across Europe in 2022 and into 2023.While the vast majority of shoppers using the luxury sector are relatively high net worth individuals who are seeking new and unique items,so who dont need the economic advantage of buying second-hand,there is a growing cohort of younger consumers that see the value in buying and indeed then selling on unique luxury items.This segment of the market is set to grow slowly and steadily.The market for second-hand luxury is also focused at the more affordable but trendy end of the market.Rare Adidas and Nike items are among the most popular on second-hand luxury sites in Europe generally,although French luxury brands Louis Vuitton and Chanel are also in the top 101.The burgeoning luxury repair sector is also entwined in the second-hand market.64%of European consumers say that they are interested in luxury repair schemes,with many seeing this as a means to extend the lives of their items thus protecting their initial investment in the goods as well as using such schemes to repair second-hand goods,either on purchase or as part of resale2.1 https:/ https:/ 2023RXSLXFR23RP 2023 Im sure it comes as no surprise to anyone to hear that France continues to lead the way in the purchase of luxury goods.Indeed,as a Frenchman,I must be responsible for at least some of those purchases myself.The YoY increase of luxury sector turnover is heartening,albeit still some margin behind its pre-pandemic levels.Its worth considering that the majority of luxury purchases were,and indeed still are,conducted in physical stores.Theres something to be said for the physical interaction and inspection of purchases,especially at this price point.As we all remember,the pandemic pushed us all to become online shoppers and this is still reflected in the slowly increasing number of shoppers willing to buy their luxury goods online.Indeed,with the increasing popularity of second-hand luxury purchases through sites like Vestiaire,online purchases are the only option since there are no physical stores to visit.Stphane Dehoche,CEO,imaginoMaking it personalSUSTAINABILITY REPORT|INTRODUCTIONFRANCE LUXURY SECTOR|PARTNER PERSPECTIVEWith the increasing number of shoppers engaging and purchasing through multiple devices and channels,the work for the luxury retailers marketing teams becomes ever more complex.These are customers who expect a level of care,personalisation and individualisation in their brand interactions that far surpass what we may expect from a high-street retailer.Where poor personalisation is likely to be forgiven or ignored from day-to-day brands,it is likely to have a far greater negative impact in the luxury sector.We also cant confine this detailed personalisation to digital-only channels.In no other sector is the combination of online and instore customer data so pivotal.In this sector,its simply unacceptable to send someone an email or target them through social media with an item theyve previously bought instore.So my advice to luxury brands is to invest in that marketing stack.But most importantly,make sure youve sensibly invested in a solution that can align and make all your customer data accessible,across all channels,ready for use in the moment that you need it.The number of channels that customers will expect to be able to interact with,and receive beautifully curated messaging through,is not going to decrease.The future is coming and luxury brands,above all others,must be ready.Who is imagino?imagino provides a composable Customer Marketing Platform,which allows companies to connect,unify and activate their customer data,providing wonderful customer experiences.Data is essential.It serves your entire organisation.All functions.All teams.We dont believe you should create another database of customer data to get value from it.You already have all the data you need.Leave it where it is.Draw on it when its required for the specific use case,then write it back to where it came from when youve used it,with the appropriate updates.Its about access to everything you need and nothing that you dont.These factors add up to a greatly reduced time to value,a lower initial investment and faster returns.We firmly believe that software should serve customers,not vendors.For marketers who think big but need to act fast.Any industry.Any journey.Any 15|RetailX|October 2023RXSLXFR23RP 2023 Here to Slay.the CDP MonsterThe only composable Customer Marketing Platform brings marketing flexibility,agility,and a ROI in 12 weeks.Scan me to find out more.16|RetailX|October 2023RXSLXFR23RP 2023 The dominance of French luxury brands in the French luxury market can be clearly seen in the 50 Largest sites shopped in the country,where 18 are French,reading like a veritable whos who of internationally renowned luxury.This makes French luxury a very local affair,with a further ten of the Largest 50 based in neighbouring Italy and nine just across the Channel in the UK.Only three are based outside of Europe US mega-brands Calvin Klein,Michael Kors and Coach.As earlier data shows,the list is dominated by apparel and accessory brands,augmented by a host of jewellers and cosmetics sellers.However,this is somewhat misleading.Many of the Largest 50 are owned by just two parent companies.LVMH Mot Hennessy Louis Vuitton owns 75 houses including Tiffany&Co,Christian Dior,Fendi,Givenchy,Marc Jacobs,Stella McCartney,Loewe,Kenzo,Celine,Sephora,Princess Yachts,TAG Heuer and Bulgari.Similarly,Richemont is owner of,among others,Cartier,Chlo,Dunhill,Jaeger-LeCoultre,Montblanc,Van Cleef&Arpels and Delvaux.LVMH is Paris-based,while Richemont is Swiss.In a list dominated by French brands,the top site for luxury in France is actually a marketplaceLargest 50SUSTAINABILITY REPORT|INTRODUCTIONFRANCE LUXURY SECTOR|LARGEST 50 COMPANYVESTIAIRE COLLECTIVEPANDORA(JEWELLERY)LACOSTEFARFETCHLOUIS VUITTONHERMESDIORLYSTCHANELMYTHERESAHUGO BOSSGUCCICALVIN KLEINSWAROVSKILONGCHAMPCARTIERMICHAEL KORSRAY-BANMATCHES FASHIONTISSOTOMEGAYVES SAINT LAURENTLANCMEGUERLAINCELINE BURBERRY HEADQUARTERSFRANCEDENMARKFRANCEUKFRANCEFRANCEFRANCEUKUKGERMANYGERMANYITALYUSAAUSTRIAFRANCEFRANCEUSAITALYUKSWITZERLANDSWITZERLANDFRANCEFRANCEFRANCEFRANCEUKDOMAINVESTIAIRECOLLECTIVE.COMPANDORA.NETLACOSTE.COMFARFETCH.COMLOUISVUITTON.COMHERMES.COMDIOR.COMLYST.COMCHANEL.COMMYTHERESA.COMHUGOBOSS.COMGUCCI.COMCALVINKLEIN.FRSWAROVSKI.COMLONGCHAMP.COMCARTIER.COMMICHAELKORS.FRRAY-BAN.COMMATCHESFASHION.COMTISSOTWATCHES.COMOMEGAWATCHES.COMYSL.COMLANCOME.FRGUERLAIN.COMCELINE.COMBURBERRY.COMTRAFFIC4,714,5073,436,6363,372,7053,271,0302,681,8872,404,0402,249,4581,747,0621,468,0721,236,2911,128,1611,051,460923,894851,525833,831816,175748,820740,733711,635679,825664,657638,720611,055539,088471,775454,894 SEGMENTAPPAREL&ACCESSORIES JEWELLERAPPAREL&ACCESSORIES APPAREL&ACCESSORIES APPAREL&ACCESSORIES APPAREL&ACCESSORIES APPAREL&ACCESSORIES APPAREL&ACCESSORIES APPAREL&ACCESSORIES APPAREL&ACCESSORIES APPAREL&ACCESSORIES APPAREL&ACCESSORIES APPAREL&ACCESSORIES JEWELLERAPPAREL&ACCESSORIES JEWELLERAPPAREL&ACCESSORIES APPAREL&ACCESSORIES APPAREL&ACCESSORIES JEWELLERJEWELLERAPPAREL&ACCESSORIES COSMETICSCOSMETICSAPPAREL&ACCESSORIES APPAREL&ACCESSORIES Largest 5017|RetailX|October 2023RXSLXFR23RP 2023 Yet despite this,the leading luxury site by traffic in France isnt one of the world-renowned luxury brands at all but is actually a marketplace.Vestiaire Collective tops the chart by traffic with 4.7mn visits.The rise of this site,which connects buyers and sellers of second-hand luxury items,goes to the heart of a new market for luxury that is attracting an increasingly young audience looking for unique luxury design at a more affordable price that,through better reuse of fashion items,is also more sustainable.This is driving the huge success of the site not only in France but also worldwide.This is further exemplified by the Largest 10 luxury sellers in France also including FarFetch and Lyst,both of which offer pre-loved garments and which act as marketplaces for smaller boutiques and brands.Second place in the list is also something of an outlier Denmark-based jeweller Pandora.Being neither French,nor apparel-related,it sits outside Frances broader luxury trends due to its affordable luxury approach.Pandora has pioneered mass production of personalised jewellery with its charm bracelet that allows owners to add charms to suit their mood.This,combined with an affordable price,sees it outstrip traffic to the more niche and exclusive sites that make up the bulk of the Largest 50 in France.The rest of the Largest 50 list features many of the brands that are more commonly considered luxury,with the likes of Lacoste,Louis Vuitton,Herms,Dior and Chanel completing the Largest 10.All these have HQs in France,bar Chanel,which manages to ooze French charm despite being based in the UK.COMPANYBALENCIAGAPRADAMONT BLANCVERSACEWATCHFINDER&CO.MONCLERARMANIJIMMY CHOOCHLOETAG HEUERCHRISTIAN LOUBOUTINKENZOVALENTINOCOACHFENDIVANCLEEF&ARPELSGIVENCHYJAEGER-LECOULTRETED BAKERPAUL SMITHBALMAINBVLGARILOEWEBOTTEGA VENETA HEADQUARTERSFRANCEITALYGERMANYITALYUKITALYITALYUKFRANCESWITZERLANDFRANCEFRANCEITALYUSAITALYFRANCEFRANCESWITZERLANDUKUKFRANCEITALYSPAINITALYDOMAINBALENCIAGA.COMPRADA.COMMONTBLANC.COMVERSACE.COMWATCHFINDER.FRMONCLER.COMARMANI.COMJIMMYCHOO.COMCHLOE.COMTAGHEUER.COMCHRISTIANLOUBOUTIN.COMKENZO.COMVALENTINO.COMCOACH.COMFENDI.COMVANCLEEFARPELS.COMGIVENCHY.COMJAEGER-LECOULTRE.COMTEDBAKER.COMPAULSMITH.COMBALMAIN.COMBULGARI.COMLOEWE.COMBOTTEGAVENETA.COMTRAFFIC389,559385,039369,110326,189292,637292,308272,029265,953241,057240,106206,941202,869199,486180,202179,574177,717163,947152,299148,843145,625140,160129,681124,248121,326 SEGMENTAPPAREL&ACCESSORIES APPAREL&ACCESSORIES JEWELLERAPPAREL&ACCESSORIES JEWELLERAPPAREL&ACCESSORIES APPAREL&ACCESSORIES APPAREL&ACCESSORIES APPAREL&ACCESSORIES JEWELLERAPPAREL&ACCESSORIES APPAREL&ACCESSORIES APPAREL&ACCESSORIES APPAREL&ACCESSORIESAPPAREL&ACCESSORIES JEWELLERAPPAREL&ACCESSORIES JEWELLERAPPAREL&ACCESSORIES APPAREL&ACCESSORIES APPAREL&ACCESSORIES JEWELLERAPPAREL&ACCESSORIES APPAREL&ACCESSORIES Largest 5018|RetailX|October 2023RXSLXFR23RP 2023 Calvin Klein With its HQ in the US,Calvin Klein in one of only three brands in Frances Largest 50 luxury sellers that isnt European.Yet it warrants a mention because this US behemoths biggest market lies in France.The brand is globally recognised particularly for its signature monochromatic underwear and this chic styling aesthetic has long proved attractive to style conscious French shoppers.The brand grew its popularity in France during the 1980s and 1990s,a time when US fashion became a byword for style among that eras youth market.While this has maintained Calvin Kleins position in the French luxury apparel market for almost 30 years,it does mean that todays youth market does not imbue the brand with the same fashion and cultural significance,so sales were starting to slow.Web traffic,revenues and profits hit a nadir in 2020 and 2021,with the pandemic closing stores and online shoppers turning away from the brand.This was followed by something of a renaissance starting in 2022,as the now retro chic nature of Calvin Klein has started to appeal to a whole new generation of younger shoppers.Part of this has centred on how Calvin Kleins new CMO Jonathan Bottomley,who took up the post in May 2022,has reinvented the brands reach by recruiting a range of new ambassadors for the brand.The global approach is using youth favourites Alexa Demie,Kid Cudi,Kendall Jenner and K-pops Jennie and Jungkook to model the latest ranges in a campaign shot by in-demand creators Inez&Vinoodh.The company has sought to focus on underwear,jeans and basic apparel to create a range of essentials.This is hoped to see sales increase worldwide as shoppers look to the brand for luxury basics to complement their existing wardrobes.The use of these social media savvy ambassadors is also likely to help tip sales once again towards the affluent youth market and continue to revive Calvin Kleins fortunes in France and beyond.Calvin Klein SUSTAINABILITY REPORT|INTRODUCTIONFRANCE LUXURY SECTOR|COMPANY PROFILE19|RetailX|October 2023RXSLXFR23RP 2023 SUSTAINABILITY REPORT|INTRODUCTIONFRANCE LUXURY SECTOR|COMPANY PROFILERetailX 2023HermsFeatures in:Europe Brand Index Top500,Europe Top1000,Global Elite Top1000,UKGrowth 2000Retail website:Most signi?cant retail market:FranceRetail HQ:FranceCorporation:Hermes International SCA,PA:RMSTwitter:hermes_parisWebtra?c(visits):11.2mn5.0mnShareprice:1301.1426.0Revenue:11.6bn6.0bnPro?t:8.2bn4.2bn20182022Researched 14-08-2017 to 08-06-2023Sources:RetailX,SimilarWeb(web tra?c),Yahoo Finance(?nancial records).Green andred dots represent the highest and lowestrecorded data point respectivelyHermsHermsAs with many luxury brands,Herms took a hit during the early days of the pandemic in 2020 and 2021.Sales slumped,revenues declined and even web traffic dropped.Again,like many luxury brands,the retailer managed to salvage the situation rapidly,deploying a state-of-the-art transactional website and starting to grow orders even before the all-important travel sector reopened to once again allow physical retail.Sales then rocketed across 2022,while the first quarter data for 2023 shows no sign of them slowing down,rising 23%by March 2023.With physical retail worldwide now fully re-opened,the super-rich appear unperturbed by the cost-of-living crisis gripping most markets and have,in fact,upped their spending.Much of the companys growth has come from Asia,with the Chinese New Year the first since lockdown ended driving especially high growth.The company is also seeing growing sales in France,Italy and the UK,driven by the influx of Asian and US tourists to these countries.This is expected to generate even more growth for full year 2023 figures.As a result,the companys share price hit an all-time high in 2023,with the company currently valued at some 200bn.Not bad for a business that started life in rural France in 1837 making horse harnesses.While the brand is now synonymous with highly decorative scarves,it is its leather handbags that have seen the most growth,with its Kelly and Birkin models inspired by Grace Kelly and Jane Birkin respectively generating such increased sales that the company has had to open a string of artisan factories to ramp up production.The most recent addition was a new facility in Louviers,Normandy,which employs 140 leather workers.The company is also building new factories at Sormonne,in the north-east,and Riom,central France,which are slated to open next year in a bid to increase leather goods production by 7%.It has even opened a leather working school to train the next generation of leather workers in order to sate what it sees as an ongoing global demand from high-end customers.20|RetailX|October 2023RXSLXFR23RP 2023 SUSTAINABILITY REPORT|INTRODUCTIONFRANCE LUXURY SECTOR|COMPANY PROFILERetailX 2023LacosteFeatures in:Europe Brand Index Top500,Europe Top1000,Global Elite Top1000,UKTop500Retail website:Most signi?cant retail market:FranceRetail HQ:FranceCorporation:Twitter:lacosteWebtra?c(visits):19.6mn14.1mn20182022Researched 02-09-2015 to 03-07-2023Sources:RetailX,SimilarWeb(web tra?c),Yahoo Finance(?nancial records).Green andred dots represent the highest and lowestrecorded data point respectivelyLacosteLacosteFounded by former tennis champion Ren Lacoste,the brand with the distinctive crocodile logo has long been a staple for high-end sportswear,in tennis,unsurprisingly,as well as in Rens other passion,golf.However,the high-quality products,air of exclusivity and price all mark Lacoste out as more than just a sportswear brand,sitting it firmly in the world of luxury.Spilling out into leather goods,accessories and even luggage,Lacoste is now a staple of the affordable luxury market and generates significant sales,with revenues hitting 2.6bn in 2022.A refresh under French designer Christophe Lemaire,along with tie-ups with tennis stars Andy Roddick,John Isner and Stanislas Wawrinka,reinvigorated the brand.2017 saw Novak Djokovic become its brand ambassador and Lacoste collaborated with popular streetwear brand Supreme until 2019 to bring its wares to a younger,more fashionable audience.Like all luxury brands,Lacoste saw sales drop during the pandemic years of 2020 and 2021,although it has returned to strong growth in 2021.Since then,web traffic has dipped as sales shift back to stores,driven by Lacostes focus on selling through franchises in high-end stores such as Saks Fifth Avenue,Neiman Marcus and Bloomingdales in America,and JD Sports and John Lewis Partnership in the UK.It continues to produce casual wear,sportswear and leather goods,as well as branching out into watches,footwear and eyewear in an attempt to corner more of the market.Across all these ranges,the brand targets the affordable luxury end of the market and,as such,is carving out in impressive,international niche for itself among a new,young audience alongside its older and more established customer base.This niche,however,is increasingly attractive,so Lacoste is facing increasing competition from brands such as Calvin Klein and Michael Kors.Both of these are US luxury brands yet both have become increasingly popular in France.21|RetailX|October 2023RXSLXFR23RP 2023 SUSTAINABILITY REPORT|INTRODUCTIONFRANCE LUXURY SECTOR|COMPANY PROFILERetailX 2023LancmeFeatures in:Europe Growth 3000,UK Growth2000Retail website:lancome.frMost signi?cant retail market:FranceRetail HQ:FranceCorporation:LOreal SA,PA:OROther brands in the group:Stylenanda,LOreal Paris,Kiehls,NYX Professional Makeup,UrbanDecay,It Cosmetics,MaybellineTwitter:lancomeukWebtra?c(visits):1.4mn0.9mnShareprice:361.2162.5Revenue:38.2bn26.9bnPro?t:27.7bn19.6bn20182022Researched 07-05-2015 to 04-07-2023Sources:RetailX,SimilarWeb(web tra?c),Yahoo Finance(?nancial records).Green andred dots represent the highest and lowestrecorded data point respectivelyLancmeLancmeFrench cosmetics company Lancme was established in 1936 and has been an innovator in luxury skincare products and make-up since its inception so much so that it featured at the Brussels World Fair that year.In 1955,Lancme created a skincare line called the Ocane with seaweed ingredients and today,its skincare,make-up and fragrances are sold in more than 140 countries,across Europe,Asia,and America.Owned by LOral Corporate since 1964,Lancme shared in its parents stellar growth in 2022 and 2023,which the company says came across all regions and all products.Asia,Latin America and Europe have all proved particularly strong markets for Lancme growing 20%or above in each while sales growth has been slowed in the US.Lancmes fortunes are closely linked to it brand name,which is known as one of the most popular luxury cosmetics brands.However,it is the companys close links to anti-ageing skincare products that acts as one of the biggest sales drivers.Who doesnt want to look younger other than my 15-year-old daughter?Its Rnergie Lift Multi-Action Night Cream Skin Rejuvenating Treatment is one of the most popular,addressing multiple ageing concerns in tests and being of the most recognised brand names in anti-ageing one that has also defied the whiff of quackery that often accompanies such products.This has helped the brand to corner the market in anti-ageing luxury cosmetics and taps into an elderly,but often wealthy,customer base.Aside from these cosmetic products,Lancme is also a perfumier.Its fragrance,La Vie Est Belle,is the best-selling fragrance in Lancmes historic market,France.Lancme is a key part of LOrals Luxury Division,which also includes Armani and Yves Saint Laurent.With over 20%year-on-year growth,this is edging out the consumer goods division,which includes cosmetics brands Garnier and Maybelline,the latter growing by 5.6%.Post-pandemic,LOrals recovery has largely been driven by the exceptional bounce back from its luxury products.22|RetailX|October 2023RXSLXFR23RP 2023 SUSTAINABILITY REPORT|INTRODUCTIONFRANCE LUXURY SECTOR|COMPANY PROFILERetailX 2023PandoraFeatures in:Europe Brand Index Top500,Europe Top1000,Global Elite Top1000,UKTop500Retail websites:,Most signi?cant retail market:FranceRetail HQ:DenmarkCorporation:PANDORA A/S,CPH:PNDORATwitter:pandora_naWebtra?c(visits):11.7mn8.4mnShareprice:90.932.9Revenue:3.6bn2.5bnPro?t:2.7bn1.9bn20182022Researched 02-09-2015 to 19-06-2023Sources:RetailX,SimilarWeb(web tra?c),Yahoo Finance(?nancial records).Green andred dots represent the highest and lowestrecorded data point respectivelyPandoraPandoraPandora is one of the few luxury brands in the RetailX Largest 50 in France that isnt based in France.However,it is one of the biggest-selling luxury brands in that market a position mirrored worldwide,where Pandora sits as the third-largest jewellery company,behind Cartier and Tiffany&Co.The key to Pandoras success is its positioning in the affordable luxury end of the luxury jewellery market.Its patented charm bracelet design allows users to add a range of charms to their bracelet,marking it out as both a unique and high-quality gift,but also one that offers an affordable way for shoppers to stay engaged long after their initial purchase.The brand has come out of the pandemic with strong growth and its model appears to still be attracting new users,with revenues and profits continuing to grow.As of 2022,21%of the brands revenues came from its online presence,just shy of the 28%garnered from third-party and wholesale distribution.The companys 6,500 stores worldwide bring in the remaining 51%of sales.Launching into ecommerce in 2011,Pandora has more recently instigated a company-wide programme its so-called Phoenix Strategy thats built around the four pillars of brand,design,personalisation and core markets.This will offer customers around the world an omnichannel experience in which they move seamlessly between online and instore as they both research and purchase.What marks the company out as a business is its extremely cost-efficient design and production model.With low production costs and an efficient supply chain.This is centred around a production facility in Gemopolis in Thailand which employs 13,200 of the companys 26,000 employees.With this in place,Pandora has been able to expand to sell in more than 100 countries on six continents.In May 2021,Pandora announced it would phase out mined diamonds in favour of gems manufactured in a laboratory.Its new diamond jewellery was first sold in the UK in 2022,before being rolled-out for sale globally in 2023.23|RetailX|October 2023RXSLXFR23RP 2023 SUSTAINABILITY REPORT|INTRODUCTIONFRANCE LUXURY SECTOR|COMPANY PROFILERetailX 2023Vestiaire CollectiveFeatures in:Europe Top1000,Global EliteTop1000,UK Growth 2000,UK Top500Retail website:Most signi?cant retail market:FranceRetail HQ:FranceCorporation:Twitter:vestiairecoWebtra?c(visits):25.2mn17.6mn20182022Researched 26-01-2016 to 25-06-2023Sources:RetailX,SimilarWeb(web tra?c),Yahoo Finance(?nancial records).Green andred dots represent the highest and lowestrecorded data point respectivelyVestiaire CollectiveVestiaire CollectiveVestiaire Collective is part of a new breed of pureplay online luxury sellers which are,in essence,marketplaces.What sets Vestiaire apart is that its mainly a purveyor of second-hand luxury goods.Launched in Paris in October 2009,V now has more than 7mn members across 50 countries,with offices in Paris,London,New York,Milan,Berlin and Hong Kong.More than 30,000 new items are submitted by its community of sellers every week,which enables buyers to access around 3,500 luxury items every day.This places the company at the vanguard of a wave of consumer interest in pre-loved fashion.Vestiaire Collective raised 178mn in new financing in 2021,backed by global French luxury group Kering and US investment firm Tiger Global Management.Through investment and by being represented on the companys board of directors,Kering is hoping to add the kudos of selling second-hand luxury to its vast empire.While Vestiaire Collective only have generated a little more than$210mn in revenues in 2021,this belies its growing popularity.In recent years,it has grown at an accelerated pace in North America,which has become its largest market,growing its US GMV at a 75%year-on-year rate since 2022.It has achieved this partly by partnering with US fashion resale site Tradesy.To best serve its expanded customer base and cement trust at the core of its business model,Vestiaire Collective has opened a new authentication centre in Los Angeles its fifth such authentication centre globally and the second in the US.With this strategic scale and operational setup,the combined company will be very well positioned to grow its share of environmentally friendly local-to-local transactions in the US.In Europe in 2022,the company signed a 75mn sustainability linked revolving credit facility with Crdit Agricole CIB,Socit Gnrale,HSBC Continental Europe,Bank of America and Goldman Sachs.This new type of loan sees businesses secure interest rate discounts for credit based on environmental performance.Money raised will be used to continue expansion in Europe and make deeper inroads in Asia,where it has recently launched in South Korea.24|RetailX|October 2023RXSLXFR23RP 2023 SUSTAINABILITY REPORT|INTRODUCTIONFRANCE LUXURY SECTOR|MARKET CONTEXTFRANCE LUXURY SECTOR|COMPANY SNAPSHOTSOne of the worlds best known jewellery brands,Cartier is currently part of the Richemont Group of luxury brands and sells high-end jewellery,watches and leather goods.It turned over around 6bn in 2022,its highest ever.Employing around 650 people,Cartier operates more than 200 stores across 125 countries and has a long history of supplying watches and jewellery to royalty,with King Edward VII referring to Cartier as“the jewellery of kings and king of jewellers”.For his 1902 coronation,he ordered 27 tiaras from the company and issued it a Royal Warrant in 1904.Cartier is also a favourite of the courts of Spain,Portugal,Serbia and Russia,while its biggest single order was from the Maharaja of Patiala for the Patiala Necklace worth 2.6bn in todays money.Royalty aside,Cartier is increasingly seen by consumers as investment luxury,with many of its pieces costing a lot to purchase but often increasing in value with age.The brand has seen strong,continued growth and,in 2018,was ranked second out of 15 Swiss watchmakers for its environmental performance,making it one of the first high-end jewellers to seriously address its environmental footprint.Current owner Richemont retains Elle Pagels,the great-granddaughter of founder Louis-Francois Cartier,on its board.Founded in 2007 by the Portuguese entrepreneur Jos Neves and headquartered in London,FarFetch is one of the growing crop of marketplaces dedicated to servicing the luxury sector.It has also opened a series of stores across the globe to tap into the luxury shoppers penchant for physical retail.The retailers unique selling point is that it aggregates the wares of more than 1,400 brands,boutiques and department stores across 190 countries,creating a single platform for shoppers to buy luxury goods anywhere in the world.Increasingly popular with French consumers and sitting within the Largest 50 luxury sites by traffic in the country FarFetch hit a record turnover in 2022 of 2.5bn,up 3%on the previous year,which itself was a record.The results could well have been higher,with the company seeing online sales decrease slightly due to macroeconomic headwinds impacting its sales at the tail end of 2022.A strategic review and rationalisation has positioned the company well for growth in 2023,a year in which Neves sees as the execution phase of his vision to make FarFetch the luxury ecommerce platform of choice for consumers.Fendi is one of the most popular non-French luxury brands in France,with the Italian company trading in fur,ready-to-wear,leather goods,shoes,fragrances,eyewear,timepieces and accessories.Part of its attraction to French shoppers is that,although it was founded in Rome in 1925,since 2001 it has been part of the distinctly French luxury conglomerate LVMH Mot Hennessy Louis Vuitton Group.While rooted in the traditional world of furriery,Fendi is something of an outlier for using technology and new business models.In 2014,for example,it used drones at a fashion show,while in 2016,it signed a 2.8mn per annum lease on modernist architectural marvel Palazzo della Civilt Italiana also known as the Square Colosseum.Here,it not only set up its new global HQ,but also turned part of the building into a luxury,Fendi-branded five star hotel.In 2017,it partnered with online luxury marketplace FarFetch to offer users a made-to-order handbag design service.To meet the growing interest in sustainability among its younger clientele,Fendi now champions the fact that all its products have always been made from natural products typically leather and fur which are ethically sourced.It also remodels up to 50 fur pieces each year,while much of the material leftovers from garment production are upcycled into the next years collections.25|RetailX|October 2023RXSLXFR23RP 2023 SUSTAINABILITY REPORT|INTRODUCTIONFRANCE LUXURY SECTOR|MARKET CONTEXTFRANCE LUXURY SECTOR|COMPANY SNAPSHOTSBest known for its luxury pens,Montblanc also designs and sells bags,leather goods and watches.Although HQ-ed in Hamburg,Germany,the company is owned by Richemont Group.In 2022,it turned over 106mn.Montblanc makes several models of pens,with the Meisterstck,or fountain pen,its key model.Each Montblanc pen is slightly different and unique,with Meisterstck models created after 1990 having a serial number located on the ring at the top of the clip.Under the clip had been engraved“Pix”,although this has been phased out in recent production and replaced with“Made in Germany METAL”.The black resin from which the pens are made also glows red under very strong light a trait that channels its first ever pen,the Rouge et Noir,and which can be used to check whether a Montblanc is genuine or not.In 2014,in an attempt to create a more contemporary feel,Montblanc teamed up with actor Hugh Jackman,who acted as a brand ambassador outside the US market.In 2022,it also collaborated with streetwear brand BAPE and lifestyle brand Maison Kitsun to broaden its leather goods portfolio and attract a younger audience.At the time,CEO Nicolas Baretzki told Vogue Business that he believes leather goods will become one of the companys biggest categories,possibly even eventually overtaking pens.Popularised by Peter Fonda in the 1969 movie Easy Rider,Ray-Ban Wayfarer sunglasses are the epitome of studied cool.So too are the firms Aviators,worn by countless movie stars including Tom Cruise in Top Gun and sported by WWII General Douglas MacArthur.Ray-Ban hit its fashion zenith in the 1980s and was sold to Italian eyewear company Luxottica in 2010,which itself was bought by French lens maker Essilor in 2017 for 22.8bn,creating one of Europes largest eyewear makers.Yet the group was dogged by problems,with much of the management,R&D and marketing of Essilor and Luxottica operating in parallel,leading to conflicting marketing and huge operating costs.It wasnt until 2021,when Luxottica founder Leonardo Del Vecchio agreed to share power with the Essilor board,that some 300mn of annual cost savings were unlocked,setting the company up to grab 20%of the global eyewear business.For Ray-Ban,this has seen a shift to incorporate smart glasses technology into its range of luxury eyewear.New models,based on existing frame styles,feature dual cameras for hands-free photography,discreet speakers mounted in the arms,voice and touch control and a charging case.These glasses sync with Facebook and use Meta technology to sync with the users phone.One of luxurys newest growth areas,pre-owned watches have attracted many buyers looking for not just a nice timepiece,but also an investment.During the pandemic,sales increased considerably and the crop of second-hand luxury watch sites did booming business.One of the standout players has been the UKs Watchfinder&Co,which has seen turnovers as high as 200mn,with almost 7mn unique visitors hitting the site.Set up in 2002,the company was the UKs first online second-hand watch marketplace,offering a unique guarantee where it would buy back used watches after two years if they were in good condition.This not only encourages repeated reuse but also demonstrates its commitment to the investment potential of luxury watches.The company grew strongly and was purchased by Richemont in 2018,which tapped into the burgeoning second-hand luxury market in the pandemic.By 2023,however,the bottom has fallen out of the luxury watch resale market,with prices for Rolex,Patek Philippe and Audemars Piguet falling by some 31tween March 2022s peak and March 2023.It has since invested in physical stores and continues to operate a lucrative repair service,yet turnover has dropped under 100mn.26|RetailX|October 2023RXSLXFR23RP 2023 CHANGING HABITSLuxury sales worldwide have seen remarkable growth post-pandemic.While the sector was growing strongly before,it has emerged from the dramatic falls in sales of 2020 and 2021 to be almost as strong as it was before Covid-19 struck.Older,entrenched luxury shoppers many of them well off and immune to the cost-of-living crisis continue to shop the luxury brands and products that they always have,while well-heeled tourists continue to service the sector in droves.These are the lifeblood of the sector.Younger shoppers who have increasingly looked to luxury as an antidote to rapacious fast fashion and its inherent environmental impact,as well as looking for something unique and not from the high street,have continued to add to the sectors growth.However,in France at least,could this post-pandemic surge be coming to an end?Data from RetailXs consumer survey suggests that 61%of French consumers questioned about their luxury shopping habits say that they plan to buy less luxury in 2024.Only 5%intend to buy more.This places the sector in France in a delicate spot.Post-pandemic recovery was rapid but it was from a nadir.It also has yet to reach the level the sector Changing shopper habits and the march of technology are reshaping French luxuryThe road aheadwas at just before the pandemic struck locally in France,in Europe,or anywhere else in the world.With the cost-of-living crisis still dogging Europes economies,domestic spending is weak,particularly on high-cost items.This is likely to have shaped French consumers attitudes to luxury spending in the year ahead.There is also the possibility that the younger shoppers attracted to luxury as a green and hip alternative to mainstream fashion may have moved on not least to buying their luxury fashion second-hand and vintage.For the French luxury market,however,this drop in confidence among French shoppers is of little concern.Their main trade is from the entrenched luxury buyers and the tourist trade,both of which are going strong and continuing to deliver high revenues for brands.Even the rise of new businesses in the sector such as Vestiaire Collective and FarFetch is unlikely to dent sales.They may attract more traffic than many well-known French luxury brands,yet neither can operate without these same,well-known brands.FarFetch sells many of them on its site,while Vestiaire relies on them selling the original,new items into the market so they can then become second-hand.So,while some consumer segments may be changing their luxury shopping habits,the sector is still in robust health.LUXURY BUILDS THE METAVERSEWhile the metaverse has garnered many column inches it has so far failed to make any inroads into mainstream use apart from in the luxury sector.SUSTAINABILITY REPORT|INTRODUCTIONFRANCE LUXURY SECTOR|THE ROAD AHEAD27|RetailX|October 2023RXSLXFR23RP 2023 There are two ways in which luxury brands or any brand or retailer come to that can tap into the metaverse:selling virtual goods and selling real goods.The former has so far been the limit of brand involvement in the metaverse,with luxury brands looking to sell virtual designer outfits and goods for their characters to wear within VR games.The model works pretty much as it would in real life:the luxury brand releases a limited number of outfits or items as non fungible tokens(NFTs)on the blockchain.These can then be bought and either worn or traded(creating a new second-hand market in virtual luxury goods,but thats another story).Luxury brands were quick to jump on this virtual world,with brands including Gucci,Louis Vuitton,Prada,Tommy Hilfiger,Burberry,Balenciaga and Dolce&Gabbana all doing something in the space in 2021,at the start of interest in the metaverse.French consumers have prodded at this nascent metaverse,with 39%claiming to be familiar with it.7%claim to be using it for retail purposes more than once a week.While 56%never use it,a growing number clearly are so those early adopter brands within the luxury sector must be reaping the rewards.The next stage in metaverse development will involve using the virtual world as a more realistic and interactive ecommerce platform.Here,brands will aim to create rich and immersive experiences that lead directly to sales of goods,factoring in virtual try-ons and more.SUSTAINABILITY REPORT|INTRODUCTIONFRANCE LUXURY SECTOR|THE ROAD AHEAD28|RetailX|October 2023RXSLXFR23RP 2023 LUXURY BRANDS WORKING IN THE METAVERSEGucci A pop-up on Roblox allows users to explore Guccis mythical Gucci Gardens immersive themed rooms,try on and purchase Gucci NFTs to be worn inside the game and even sold a single bag for more than$4,000 in real-world money.Louis Vuitton Celebrating what would have been founder Louis Vuittons 200th birthday,the French fashion house released a mobile game in partnership with digital artists Beeple.It featured seven different virtual worlds inspired by famous fashion capitals.Burberry A string of playable NFT creations called Sharky B live in Blankos Block Party from Mythical Games.The characters included accessories such as armbands,jetpacks and pool shoes a collection that sold out quickly for almost$400,000.Prada One of the more creative takes on the metaverse was Pradas team-up with Adidas Originals to task 3,000 creatives from across fashion,design and the world of cryptocurrency to create individual NFT tiles.After minting,these tiles were compiled into one NFT world by digital artist Zach Lieberman,before then being auctioned.Balenciaga A fashion collection of clothes was sold for characters within the popular online shooter Fortnite.While these outfits were purchased using V-Bucks,the Fortnite in-game currency,V-Bucks themselves are purchased with real money.Dolce&Gabbana A nine-piece Collezione Genesi collection on the digital luxury marketplace UNXD sold for$5.7mn.MARKETPLACES,SOCIAL AND SUPER APPSConsumers are increasingly shopping for everything they want on marketplace sites from Amazon through to specialised luxury marketplaces such as FarFetch and Secret Sales.This is forcing luxury brands to not only embrace ecommerce but to look at how to take the leap into not necessarily owning the customer themselves.While this comes with a range of brand identity challenges not least diluting in some instances literally hundreds of years of heritage it is increasingly the place that younger shoppers are heading to buy luxury.Some brands,such as Kurt Geiger,have approached the issue by creating their own marketplace ranges,while others use them more judiciously to clear the previous years stock.While marketplaces may be a problem they are working on,social media sites morphing into quasi-marketplaces perhaps presents an even bigger iteration of the same problem.Gen Alpha may well be the future of luxury sales,yet they are very much social media animals.They are going to want to buy their luxury goods and talk about them on social media.For example,TikToks 1.2bn active users are 70%Gen Z.This age range has$143bn in total spending power and,by 2025,Millennials and Gen Z will contribute 130%of the growth in the personal luxury goods market.This move towards social media and marketplaces along with the growing sales of luxury in China also puts super apps on the radar.A prime example is Chinas WeChat.Ostensibly a social media and messaging platform,WeChat also now allows users to shop and pay for things,as well as communicate with brands.Over the Chinese New Year in January 2023,WeChat saw sales of travel,catering,retail and movies increase 76%,40%,32%and 27%respectively,compared to 2022.This,coupled with the rise of Conversational Commerce where brands use the messaging elements of platforms such as WeChat to engage consumers in a conversation that leads to a sale is going to be a strong presence across all ecommerce in 2023 and beyond.With luxury users often at the cutting edge of tech uptake,it follows that luxury brands will not only have to take on marketplaces and social media,but must also adapt their operations and attitude towards this new world of engagement-led selling.SUSTAINABILITY REPORT|INTRODUCTIONFRANCE LUXURY SECTOR|THE ROAD AHEAD29|RetailX|October 2023RXSLXFR23RP 2023 End MatterSUSTAINABILITY REPORT|INTRODUCTIONFRANCE LUXURY SECTOR|END MATTERThis report may not be stored in a retrieval system,distributed or sold in whole or in part without the publishers express permission.Fair quotation is encouraged,with a link to the reports URL on RetailX.net.All charts and figures marked with RetailX 2023 are provided under the Attribution-NoDerivatives 4.0 International(CC BY-ND 4.0)license(https:creativecommons.org/licenses/by-nd/4.0/).You are welcome to use these in full with a link to this report,retaining the copyright notice This report is based upon our reasonable efforts to compile and analyse the best sources available to us at any given time.Opinions reflect judgment at the time and are subject to change.RetailX at InternetRetailing Media Services Ltd27 Clements LaneLondon,EC4N 7AETel: 44(0)20 7062 2525 Printed in Great B RetailX 2023RESEARCH:Researcher Anna Segarra FasFor questions about our research and to send feedback,please email the team via:Research Director Martin ShawCEO Ian JindalEDITORIAL:Editor Paul SkeldonProduction Editor CamWinstanleyManaging Editor Jonathan WrightDESIGN:Art Editor Laura RossCover Design Freny AntonyMARKETING:Marketing and Circulation Addison Southam SALES:Commercial Director Andy James Group Creative Solutions Director Marvin Roberts We hope you have found our research and analysis to be of interest and value.We would be very pleased to hear from you with questions,suggestions or comments.In particular,do let us know of any areas of research that you would like us to investigate for possible inclusion in the 2024 report.Please get in touch via 30|RetailX|October 2023RXSLXFR23RP 2023 SUSTAINABILITY REPORT|INTRODUCTIONFRANCE LUXURY SECTOR|KNOWLEDGE PARTNERSTHANK YOUOur thanks go to our title sponsor Imagino for helping us to bring our insights and findings in this report to professionals working in ecommerce and
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20221Annual Craft Spirits Economic Briefing December 2022No part of the document may be circulated,quoted,or reproduced for distribution without prior written approval from Park Street or ACSA.This material was used during an oral presentation;it is not a complete record of the discussion 2022Table of ContentsExecutive SummaryKey Findings Craft Spirits Research DefinitionUS Craft Distiller CountCraft Spirits Category OverviewLarge Craft Producer TrendsMedium Craft Producer TrendsSmall Craft Producer TrendsCraft Growth ForecastEmployment TrendsAppendix234578182124272836 2022Executive Summary The U.S.craft spirits segment is one of the most exciting and resilient segments within the spirits category,driven by consumer demand for innovative drink options and an affinity for locally made products.2021 was a story of rebound for the U.S.craft spirits segment following a slowdown in growth during the pandemic.Growth rates for the count of active craft distillers,as well as the total case volume and value sold,all surpassed the growth rates during the early phases of the pandemic.The U.S.craft spirits market is fairly concentrated with large craft producers making up just 1.7%of the total number of craft producers but responsible for 55.9%of the cases sold.Meanwhile,89.2%of U.S.craft producers are classified as small producers and are responsible for just 10.9%of the cases sold annually.As a whole,craft spirits sales were almost evenly split between the home state(46.7%)and other states(53.3%)in 2021.Large craft producers shifted resources to focus on sales in their respective home states as well as exports with shares gained in each segment.medium-sized craft producers increased sales in other states to further build brand awareness,while small craft producers focused primarily on increasing home state sales,gaining shares accordingly.Despite economic headwinds,craft producers have consistently found value in reinvesting in their businesses.In 2021,the average amount invested by each craft producer decreased slightly(-2%)year-over-year to$337,100.However,the sharp uptick in craft producer count bolstered the total amount invested in the U.S.craft spirits segment by 9%year-over-year to$826 million.The primary motivation for investment listed by those surveyed was for additional production to meet demand,followed by construction to increase visitor space.Given the positive growth rates,it is unsurprising that the vast majority of craft distillers reported being optimistic about the future of their business.3 2022Key FindingsThe number of active craft distillers in the U.S.grew by 17.4%to reach a total of 2,687.The U.S.craft spirits market volume reached over 13.2 million 9-liter cases in retail sales in 2021,representing an annual growth rate of 10.4%.In value terms,the market reached$7.5 billion in sales,representing an annual growth rate of 12.2%.U.S.craft spirits market share of total U.S.spirits reached 4.9%in volume and 7.5%in value in 2021,up from 4.7%in volume and 7.1%in value in 2020.Exports of U.S.craft spirits increased by 58%,reaching 164,000 9-liter cases.Employment numbers within the U.S.craft market bounced back to a total of 24,255 full-time domestic employees,though not quite back to pre-pandemic levels.2*Active craft distillers:licensed US distilled spirits producers,removed 750k proof gallons(or 394,317 9L cases)or less from bond,market themselves as craft,are not openly controlled by a large supplier,and have no proven violation of the ACSA Code of Ethics.Craft Spirits Market DataNew picture Craft Spirits Market Data 2022ACSA CODE OF ETHICS DEFINITIONU.S.Craft spirits are distilled spirits that are produced in the U.S.by licensed producers that have not more than 750,000 proof gallons(or 394,317 9L cases)removed from bond,market themselves as craft,are not openly controlled by a large supplier,and have no proven violation of the ACSA Code of EthicsCraft Defined for Purposes of the Research4SIZE REQUIREMENTSNot more than 750,000 proof gallons(or 394,317 9L cases)removed from bond by licensed producer(DSP)OWNERSHIP STRUCTURENo more than 50%of the DSP is owned(directly or indirectly)by a producer of distilled spirits whose combined annual production of distilled spirits from all sources exceeds 750,000 proof gallons removed from bond.We operate in an honest,transparent and non-deceptive fashion.We inform consumers truthfully and accurately about the sources and methods used to make our spirits through our labels,materials and communications.We expect fair dealing and respect amongst members.We obey all federal,state,and local laws.20225Sources:TTB,ACSA,State ABC Boards,State Guilds,Team AnalysesDSPs by Segment as of August 2022004,7240000Not operational or non-craftResearch universeIn planningBottlers/industrialLeading suppliersDuplicates/multiple locations of any supplierAll licensed DSPsActive craft distillers359772418133,0552,687Identifying Active Craft Distillers368The list of DSPs is broken down into segments to distinguish the number of distillers that are not considered craft e.g.,duplicates,leading suppliers,bottlers,and/or non-craft/non-operational.The list of active craft distillers is generated bottoms-up through individual assessment 2022Active Craft Distillers by State as of August 2022Active Craft Distillers by State6Sources:TTB,ACSA,State ABC Boards,State Guilds,Team AnalysesThe top five states with the most active craft distilleries represent 32.4%of all active distilleries,and the top 10 states make up nearly half of all active craft distilleries in the U.S.2251991731561174791,338The top 5 states make up 32.4%of craft distillersTotalNext 55.WAAll other1.CA4.PA3.TX2.NY2,687The next 5 states make up 17.8%The remaining states represent 49.8 22135117135180190117156173199225WAPATXNYCA20222021Top 5 States by Active Craft Distiller CountAugust 2021 to August 2022%Growth18.4.6(.13.3%-13.3%Number of Active Craft DistillersAugust 2021 to August 202220212022 17.3%Number of Active Craft Distillers Has Grown 17.3%Since Last Year7Sources:TTB,ACSA State ABC Boards,State Guilds,Team Analyses2,2902,687In August 2022,there were 2,687 active craft distillers in the U.S.,up 17.3%from 2,290 active distillers in August 2021.2022Active Craft Distillers by State and Region as of August 2022351517117862222514362211226228101413635028561037458701731712346268551449371707615619929362849225846212520.31.5 .4.8tive Craft Distillers by State and Region8Sources:TTB,ACSA,State ABC Boards,State Guilds,Team Analyses9WESTSOUTHMIDWESTNORTHEAST2,687Craft Distillers 2022Number of Active Distillers Continues Strong Growth Rate9Number of Craft Spirits Producers 2016 to 2021Sources:TTB,IWSR,Team AnalysesNumber of Craft Spirits ProducersDecember 2021 to August 2022 CAGR13.3%Annualized Growth9.7%1,4391,7482,0012,1972,2792,4502016201720182019202020212,4502,4732,4922,5162,5432,576261626562687DecJanFebMarAprMayJunJulAug 2022Craft Spirits Sales by Volume,2016 20219L Cases(000)Craft Spirits Sales Returned to Double-Digit Growth Rate in 202110Sources:TTB,ACSA,IWSR,State ABC Boards,State Guilds,Team Analyses5,8427,1609,02111,18912,00613,2602016201720182019202020213.03.74.86.16.77.5201620172018201920202021Craft Spirits Retail Sales by Value,2016 2021$Billions 10.4% 12.2 22Craft Spirits Market Share Has Nearly Doubled Since 2016U.S.craft spirits has an estimated market share of 4.9%in volume and 7.5%in value,up from 2.6%and 3.8%in 2016.2.6%3.2%3.9%4.6%4.7%4.9%3.8%4.6%5.8%6.9%7.1%7.5 162017201820192020202111Craft Distiller Sales as a Share of Total U.S.Spirits Volume and ValueSources:TTB,ACSA,IWSR,State ABC Boards,State Guilds,Team Analyses%Share Value%Share Volume 2022Average Volume of U.S.Craft Distillers Continues to Increase 12Sources:TTB,ACSA,IWSR,State ABC Boards,State Guilds,Team Analyses4,0604,0964,5085,0935,2685,412201620172018201920202021Number of Cases of Average U.S.Craft Distiller 2016 2021The volume of the average U.S.craft producer has consistently increased over time.In 2021,the average number of cases produced reached 5,412 9Liter cases,up 2.7%over 2020.9L CasesNumber of Cases 2021Sources of Case Sales Total U.S.Craft Spirits Industry,Domestic and Export 2021More Than 53%of the U.S.Craft Business Takes Place Outside the Home State13Sources:TTB,ACSA,State ABC Boards,State Guilds,Team Analyses3,2652,9327,06213,26016413,424Home state,but outside premisesExportSales at DSPTotal U.S.businessTotal businessOther U.S.states24.6.1S.30.0%1.21.2F%of the total U.S.craft business takes place in the home state of the craft distiller.Craft spirits exports saw a 58%increase over 2020,reaching 164,000 9L cases.9L Cases(000)2022Total Craft Spirits Industry,Sources of Case Sales,2019 20219L Cases(000)Craft Spirits Growth is Driven by Domestic Sales14Sources:TTB,ACSA,State ABC Boards,State Guilds,Team Analyses2,8242,9983,265201920202021Sales at DSPHome StateOther StatesExport2,3402,5602,9322019202020216,0256,5237,0622019202020211551041642019202020217.5GR11.9GR8.3GR2.9GR20.9%of total U.S.business%of total U.S.business21.2.1%.2$.8$.6%1.4%0.9%1.2S.9T.0S.3% /-0.6% /-1.2% /-0.2% /-0.6 22Craft Distillers and Case Volumes by Producer Size,2021Craft Spirits Market Is Fairly Concentrated 15Sources:TTB,Distiller Surveys,Team Analyses*Small:0-5,258 9L Cases,Medium:5,258-52,576 9L Cases,Large:52,576-394,317 9L CasesNumber of cases55.93.2,26010.9%Large producersSmall producersMedium producers9.1%Number of producers1.7%2,45089.2%#of Producers,9L Cases(000)The U.S.craft distilling market is fairly concentrated with less than 2%of producers responsible for over 55.9%of the cases sold,while 89.2%producers are classified as small producers.They are responsible for just 10.9%of the cases sold.2022Volume of Large Craft Producers Experienced Growth in 202116#of Large ProducersExact Number242834363741201620172018201920202021#of Cases of Large Producers9L Cases(000)3,3274,0965,2426,3966,8017,413201620172018201920202021Average#of Cases of Large Producers9L Cases(000)139146154178184181201620172018201920202021The number of large craft distillers has grown from 24 in 2016 to 41 in 2021,a 71%increaseThe number of cases of large craft distillers has grown from 3.3 million 9L cases in 2016 to over 7.4 million 9L cases in 2021The average number of cases produced by large craft distillers has increased from 139,000 9L cases in 2016 to 181,000 9L cases in 2021Sources:TTB,Distiller Surveys,Team Analyses11.3GR17.4GR5.4GR 2022Sources of Case Sales Large U.S.Craft Spirits Producers,Domestic and Export 2021Large Craft Producers Do Vast Majority of Business Outside the Home State17Sources:TTB,ACSA,State ABC Boards,State Guilds,Team AnalysesHome state,but outside premisesExportSales at DSPTotal U.S.businessTotal businessOther U.S.states9567,5617,4131,3055,15214817.6.9i.50%2.02%Large craft producers are more likely to drive growth outside of their home state and saw the greatest increase in export rates in 2021.9L Cases(000)2022Large Craft Spirits Producers,Sources of Case Sales,2019-2021 9L Cases(000)Large Craft Producer Sales Driven Outside of DSP18Sources:TTB,ACSA,State ABC Boards,State Guilds,Team Analyses1,2091,2171,305201920202021Sales at DSPHome StateOther StatesExport7047629562019202020214,4834,8225,152201920202021141951482019202020213.9GR16.5GR7.2GR2.5GR11.0%of total U.S.business%of total U.S.business11.2.9.9.9.6%2.2%1.4%2.0p.1p.9i.5% /-1.3% /-1.9% /-0.2% /-0.6 22Medium Craft Producers Numbers Rapidly Increasing19Number of Medium-Sized ProducersExact Number91106124178188223201620172018201920202021Total Number of Cases of Medium-Sized Producers9L Cases(000)1,7652,1272,6163,4793,9664,398201620172018201920202021Average#of Cases of Medium-Sized Producers9L Cases(000)192021202120201620172018201920202021Sources:TTB,Distiller Surveys,Team Analyses19.6GR12.4GR1.0GRThe number of medium craft producers has more than doubled,from 91 in 2016 to 223 in 2021The total case count for medium craft distillers has grown from 1.7 million 9L cases in 2016 to over 4.3 million 9L cases in 2021 The average number of cases produced by medium craft distillers has remained consistent from 2016 to 2021 2022Sources of Case Sales Medium U.S.Craft Spirits Producers,Domestic and Export 2021Medium Craft Producers Do the Majority of Business in the Home State20Sources:TTB,ACSA,State ABC Boards,State Guilds,Team AnalysesHome state,but outside premisesExportSales at DSPTotal U.S.businessTotal businessOther U.S.States1,3244,4124,3981,2751,7991429.00.1.90%0.30.3Y.1%of the total U.S.business of medium U.S.craft producers takes place in the home state of the craft distiller9L Cases(000)2022Medium Craft Spirits Producers,Sources of Case Sales,2019 20219L Cases(000)Medium Craft Producer Sales Have Remained Largely Consistent in Recent Years21Sources:TTB,ACSA,State ABC Boards,State Guilds,Team Analyses9931,1541,275201920202021Sales at DSPHome StateOther StatesExport1,0451,2101,3242019202020211,4401,6021,7992019202020211281420192020202113.3GR12.7GR11.8GR8.0GR30.0%of total U.S.business%of total U.S.business30.50.1(.6).10.5%0.4%0.2%0.3A.4.4.9% /-1.9% /-0.1% /-0.1% /-0.5 22The number of small craft producers has grown from1,324 in 2016 to 2,186 in 2021Small Craft Producers Have Been Growing Well22Number of Small ProducersNumber1,3241,6141,8431,9832,0542,186201620172018201920202021Total Cases of Small Producers9L Cases(000)7499381,1631,3141,3671,449201620172018201920202021Average Number of Cases of Small Producers9L Cases566581631663666663201620172018201920202021Sources:TTB,Distiller Surveys,Team Analyses10.6GR14.1GR2.6GRThe number of cases of small craft distillers has grown from 749,000 9L cases in 2016 to 1.4 million 9L cases in 2021 The average number of cases produced by small craft distillers has increased from 566 9L cases in 2016 to 663 9L cases in 2021 2022Sources of Case Sales Small U.S.Craft Spirits Producers,Domestic and Export 202192%of the Business of Small Craft Producers Takes Place in the Home States23Sources:TTB,ACSA,State ABC Boards,State Guilds,Team AnalysesHome state,but outside premisesExportSales at DSPTotal U.S.businessTotal businessOther U.S.States6521,4511,449685112247.3E.0%7.70%0.20.2%Over 47%of the total business of small craft producers comes from sales at the DSP.Less than 8%of the total business comes from sales outside the home state.9L Cases(000)2022Small Craft Spirits Producers,Sources of Case Sales,2019 20219L Cases(000)Small Craft Producer Sales Are Slowly Growing Outside of The Home State24Sources:TTB,ACSA,State ABC Boards,State Guilds,Team Analyses622627685201920202021Sales at DSPHome StateOther StatesExport591589652201920202021102991122019202020212122019202020214.9GR5.0GR4.8GR0.0GR45.0%of total U.S.business%of total U.S.business44.8E.0G.3G.7G.3%0.1%0.1%0.1%7.8%7.5%7.7% /-0.0% /-0.0% /-0.0% /-0.1 22The Potential Trajectory of Craft Spirits Through 202625U.S.Market Size Scenarios for 2026 Scenarios 2021 2026 CAGRsSources:IWSR,Team Analyses1.513.315.020.430.239.9202120102026 EGrowth at CAGR of previous 5 yearsreaching 6.6%market shareCraft beer market share today,13.0!.9%Growth with a constant market share of 4.9%2.4.8%9L Cases(millions)Growth with constant CAGR of previous 5 yearsreaching 9.8%market share8.9$.6 2114.07.49.9201920202021Employment in the U.S.Craft Industry has Showed Initial Signs of a Rebound Post-Covid26Full-Time Domestic Employees of U.S.Craft Spirits Producers30,84916,86524,255201920202021Sources:Distiller Surveys,TTB,Team AnalysesAverage Full-Time Domestic Employees of U.S.Craft Spirits ProducersThe pandemic resulted in a nearly 50crease in full-time domestic employees in the craft segment for 2020,but as the category returned to growth rates more typical to pre-pandemic conditions so too did the number of employees working in the segment.-15.9GR-11.3GR 2022Investment in the U.S.Craft Continues to Increase27Total Investment of U.S.Craft Spirits Producers$MillionsSources:Distiller Surveys,TTB,Team Analyses.*Investments for expansions.Average Investment of U.S.Craft Spirits Producers$ThousandsThe total amount invested in U.S.craft spirits continues to increase regardless of pandemic impact on individual producers.In 2021,the top reason listed for reinvesting was the expansion to meet consumer demand and increase visitor space.$317.9$343.4$337.1201920202021$698$759$8262019202020213.0GR8.8GR 2022Contact Information28For more information on the data and analysis included in this presentation,please contact Emily PenningtonPark Street C305 967 7440Alexandra S.CloughGATHER PR516 428 7210 2022Appendix29Project Background and Craft Spirits Definition 2022Project Background and Research MethodologyTHE PROJECT SERVES TO:Quantify the number,size,and impact of craft spirits producers in the U.S.Create a deeper understanding of the U.S.craft spirits landscape among four key groups:DSPs,wholesalers,retailers,and consumersProvide findings on craft supplier best practices and success factorsTHE FOLLOWING INFORMATION WAS COLLECTED(all information was collected with the assurances of full confidentiality):Data on craft distiller production size and patterns,sources of revenue,and the categorys overall economic impact within the spirits industryData on craft spirits business size,patterns,and outlook on the wholesaler and retail levels(both on-and off-premise)Input on craft spirits brand perceptionsTHINGS TO REMEMBER:When estimating the number of producers behind the U.S.craft spirits production,the Project team relied on a combination of official data released by regulatory authorities,survey data,other industry data sources both national(e.g.,NABCA,ACSA)and regional(e.g.,guilds),as well as interviews and team assessments using the craft distiller definitionIn the accompanying data sets,the team assumes independent ownership as having equal or more than a 75%equity stake and/or operational control of the DSP.The team has set up a process that asks industry members to notify the ACSA of all ownership or strategy changes away from craft so the changes can be reflected accordingly in the database31 2022The American Craft Spirits Association(ACSA)is the only registered non-profit trade association representing the U.S.craft spirits industry.Its mission is to elevate and advocate for the community of craft spirits producers.Membership in ACSA is open to anyone.ACSA is governed by a Board of Directors elected by the eligible voting members of the Association.Voting members must be independent,licensed distillers(DSPs)annually removing fewer than 750,000 proof gallons from bond(the amount on which a federal excise tax is paid.)ACSA was founded in 2013 by 23 founding craft distillers.Project Organizer:American Craft Spirits Association(ACSA)32 2022Project Partner:Park Street 33Park Street delivers productivity-enhancing and cost-saving back-office solutions,advisory services,and working capital to more than 18,000 alcoholic beverage brands from the U.S.and around the world.Established in 2003,the company provides a fast and reliable conduit to the U.S.and EU markets and a cost-effective operating platform.Park Street works with suppliers at all stages of growth and its clients range from entrepreneurial craft distillers to multi-brand global portfolios 2022Project Supporters:Broad Industry Collaboration34TTB:Provided Beverage Spirits Producers and Bottlers by Average Taxable Removals;agreed to change annual reporting moving forward to enable consistent fact basis NABCA:Provided in-depth view of craft distillers using control state data 2022What Constitutes a Craft Spirit?There is no universally accepted definition of craft spirits in the industry,and the expression“craft spirit”is not protected in any wayGiven the positive trends for craft spirits from a consumer perspective(e.g.,premium to other spirits,rising demand),there is a natural incentive for brands to utilize craft spirits cues and position themselves as a craft spiritThe industry has responded with different definition attempts based on criteria for the producer of the craft spirit including production steps at the location,ownership and operational control of the distillery,subscription to an ethics code based on honesty and transparency,production methodology,and size of productionMany of the criteria used or suggested by industry members would require a formal certification or peer approval process in order to be used as a universal base for quantification purposes As long as a universally accepted craft spirits certification or approval that could be used as an industry wide criteria remains unavailable,the quantification has to rely on certain verifiable quantitative metrics which are complemented by estimates to bridge gaps Looking at the manufacturer,size of production,ownership/control,and production specifics are criteria that could possibly be measurable and verifiable.However,the consistent collection of the data is not without barriers and could be very cumbersome,which suggests the potential use of a pragmatic approachU.S.craft spirits,as defined pragmatically for the purposes of the research,are distilled spirits that are produced in the U.S.by licensed producers that have not more than 750,000 proof gallons(or 394,317 9L cases)removed from bond,market themselves as craft,are not openly controlled by a large supplier,and have no proven violation of the ACSA Code of Ethics35 202236Large craft distillermedium-sized craft distillerSmall craft distillerRange of gallons removed from bond annually*Range of 9L cases removed from bonds annually*CharacteristicsOften only locally distributedIf no on-premise business,typically cash flow negativeOften nationally distributedIf negative cash flow,then by choice in favor of investmentOften regionally distributedOften still cash flow negative100,001 750,00052,577-394,317 5,259 52,57610,001-100,0001-10,0001-5,258Sources:TTB,Team Analyses*Assuming on average 80 proof alcohol content;for purposes of the analysis removed from bond equals salesCraft Distillers by Size Classification Definition
2023-11-14
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