Bernstein-全球奢侈品：消费两极化-高净值群体引领需求 Global Luxury Goods Consumer Polarisation - Wealth Takes the Lead

alix.turnerabernsteiandhere).Buthowpotest,lookingacrossincome,discretionaryspending,wealthandsentimenttoundincomehouseholdsaccumulatedincofargreaterinwealththaninincome,leavingiThiscauseddiscretionaryspendofthetothetop.Realdiscretionaryexpenditureincreasedformostconsumerstraightforwardattheverytincreasinglyimportantalongsideannontheeconomy.Affluentconsumerswerenotimmmarketwerenotmarkedlydifferentfromothercoparticular,asapotentialbuffer:forafarelessdependentonthenextpaycheckthanfisalsoconsistentwithwhatthehighend,particularlconsumersandstrongermomentumforbrandsofferiwww.bernsteinresearch.cRel.AdjustedEPS M0000M0M00000M0-Outperform,M-Market-Perform,U-Underperform,NR-NotRated,CS-CoverageSocio-demographicfundamentalsconfirmthatthecontinuedwealthgrowthacrosscohofloomingartificialintAttheriskofstatingtheobvious,AmastructuralpenetratiLucaSolca+41582723126luca.solca@bemsteinsgcom·Wedrawondifferentdatasetsforincome(BLS),expenddefiningeachgroupalsochange.Ouranalysistherefodistribution,rathertbetweennecessityanddiscretionaryspendingusingbeinterpretedasadirectionalmeasureofdiscretionthatinflationcouldvarysig44.1%44.1%ll23.1%ll23.1%24.1%IIII Source:FED,Bernsteina LucaSolca+41582723126luca.solca@bemsteinsgcomRealAverageIncome LucaSolca+41582723126luca.solca@bemsteinsgcomSource:FED,BernsteinaSource:FED,Bernsteina一TotalAverageLowestQuintSource:BLS,BernsteinanalyQuintileSource:BLS,BernsteinanalyRealAverageIncomeSource:BLS,BemsteinanaAverageAnnualHousehSource:BLS,BernsteinanalysisSource:FED,BernsteiThisistheoverallmeasureofconsumerconfidence,combiningconsumersassessmentofteircurentfinancial/economicsitutionandSource:UniversityofMichThisisconsumers'assessmentofcurrentconditions,basedontheirSource:UniversityofMichLucaSolca+41582723126luca.solca@bemsteinsgcomThisistheforward-lookingconsumerconfidence,capturingexpectationsforhouseholdfinanSource:UniversityofMichigan,ThismeasuresexpectedchangeinhousehSource:UniversityofMichLucaSolca+41582723126luca.solca@bemsteinsgcomThismeasurestheexpecteddirectionofthebroaderlabormarket,caSource:UniversityofMichigan,ThismeasurestheexpecteddirectionofthebroaderecoSource:UniversityofMichLucaSolca+41582723126luca.solca@bemsteinsgcomWenotethattheactualproportionofdiscretionaryandnecessarcohort(e.g,costsassociatedwithmultiplehousing),Source:BLS,Bernsteinanotherwise,forpurposesoftheseReferencesto"Bernste(April1,2024onwards),SanfordC.Bernste2024onwards),SanfordC.Bernstein(HongKong)Limited盛博香港有限公司，SanfordC.Bernstein(Canada)Limited,SanfordC.Bernstein(India)PrivateLimited(SEBIregistrationno.INHO00006378),SPleasevisit:/sellside/Disclosures.actio(ex-Japan)exchanges-u·Market-Perform:Stockwillperfoaresuspendedtemporarilpredicted,atthepresentoneventsanddevelmarket).TheAutonomousbrandhasthreecategoriepredicted,atthepresenttiAutonomousbrand-preferredTheAutonomousbrandhasthreecategorioperatinginsimilarsectorWherethisreportcontainsinvestmentsecuritiesoftheissuer(s)refeauthor(s)ofthisreportmaydifferfromthepublishedTheAutonomousbrandhasthreecategoriLucaSolca+41582723126luca.solca@bemsteinsgcommaintainsandreliesowithintheFirm,andintooMarket-Perform(BernsteinNeutral(AutonomousB*ThesefiguresrepresenttheprovidedinvestmentbankingservicAsofSeptember30,2026.AlliguresThisresearchpublicationcoverssixor/sellside/Disclosures.actionoryoucanwritetotheDirectorofInstitutionalServicesLLC,245ParkAvenue,NewYoissuedsharecapitalofaclassofcommonequiBernsteinand/orafiliateshavereceivedBernsteinhasreceivedcompensationforBernsteinand/oraffiiateshavereceivedcompensatiprevioustwelvemonthsfromthefollowingcBrunelloCucinelli,BurberryGroupPLC,CAfiliatesofBernsteiThelegalentity(ies)employingtheanalyst(s)listedin+65SanfordC.Bernstein(Singapore)PrivateLimited;SbesubjecttoFINRA'srestrictionsregardingmarketingactivitiesreWherethisreporthasbthatalloftheviewsexpressedinthispublicrecommendationsorview·Bernsteinproducesanumberofdiffquantitativeanalysisunderboththe“researchproductmaydifferfromrecommdifferingtimehorizons,methodologiesorounderonebrandmaydifferfromBernsteinAutonomousLLP,SanfordC.Bernstein(HongKong)Limited盛博香港有限公司andSanfordC.Bernstein(India).Forinformationrelatigeneratinginvestme(Withdrawal)Act20andExchangeCommission(“"SEC")andamemberoftheU.S.FinanciallndofanyspecificindividSanfordC.Bernstein(Canada)Limited,whichislicensedandreg+44(0)20-7170-5000.RegisteredinwithinArticle19(5)oftheFinancialSerPromotionOrder",(i)arepersonsfallingwittoengageininvestmentactivity(withinthemeaningofsectandregulatedbytheAutoritédeContheSFCPublicRegister(https://www.sfc.hk/publicregWeb/corp/AXC846/investors,asdefinedintheSec("SFA').RecipientsinSingaporeshouldcontacorinconnectionwith,thisecuritiesandcollectiNo.20213710Wandlocatedat8MarinaBoulevard,#12-01,MaorsoldwithinthePRCbymeansofthisdC·ー>ス夕イン株式会社),whichisregisteredinJapanasaFinancialInstrumen("Daiwa",youraccesstothisdocumentshouldnotbeconstruhasneitheranycontractualrelationshipwiToourreadersinAustralia:SanfordC.Bernstein(HongKong)Limited盛博香港有限公司isresponsiblefordistributingresearchU.K.laws,whichdiffersfromAustralianlaws.SanfordC.Bernstein(HongKong)Limited盛博香港有限公司isexemfollowingfinancialservLucaSolca+41582723126luca.solca@bemsteinsgcom(ResearchAnalyst)Regulations,2014,havingregistrationwww.bernsteinresearch.informoreinformaCentre,PlotNosC-54Maharashtra,India(PhoneNo:+91-ofdistributionofthisrese·Disclaimer:Registrationgintermediaryorprovideanyassurulebook).PersonsotherthrecipientsofourcommunicationsorseAllresearchpublicationsaredandautonothird-partyvendorsorredistributedtoclientsthrougAvenue,NewYork,NY10167.Additionaldisclosuresawww.bernsteinresearch.cpermissionprofileisnotconsistentwithorresidentof,orlocatedinanylocality,statwouldbecontrarytolaworregulationtheirspecificcircumstances.Thevalueofinvestmentsmayfluctuate,andinvestmentmayfluctuateinvalueasaresultofexposuretoexchangeratederivativeworks,resell,reverseen