US: Gucci’s CEO to step down - Are consumers big on splurging on luxury items?

President and CEO of Gucci Marco Bizzarri will make an exit from the company on September 23, 2023. Bizzarri, who took charge as the luxury brand’s chief executive in 2015, will be replaced by parent company Kering’s managing director Jean-François Palus on a transitional basis.

The leadership shuffle at Gucci comes as the brand reportedly faces declining sales, with sales growth behind those of rival luxury brands. We look at YouGov data to see how likely Gucci’s current customers in the US are to buy luxury items this year.

According to YouGov Profiles - which covers demographic, psychographic, attitudinal and behavioural consumer metrics - 69% of Gucci’s current customers say they do not expect to purchase luxury goods or services this year. By comparison, the general US population is more likely to say they don’t expect to buy luxury items or services this year (85%). While 16% of Gucci’s customers expect to spend the same on luxury this year as they did last year, 9% expect to spend more.

While a significant proportion of Gucci’s customers do not expect to buy luxury goods this year, 71% of them agree that luxury goods are a good investment, Profiles data shows. By comparison, just over a third (34%) of the general population agrees with the statement.

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Methodology: YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Profiles data for the US is nationally representative and weighted by age, gender, education, region, and race. Learn more about Profiles.

Photo by Dima Pechurin on Unsplash