Examples include: acceleration of middle class and consumption upgrade, pressure on uber-wealth, delayed spending given current uncertainty. Before Covid, emerging luxury brands had hope to find traction online where the power brands were reluctant to venture, but thats all changed. The industry is poised to see further expansion next year and for the rest of the decade to 2030, even in the face of economic turbulence. Among the rising stars, India stands out; its luxury market could expand to 3.5 times todays size by 2030. You may opt-out by. Luxury Sales Set to Grow by 5 to 15% This Year, Bain Says Bain & Company expects the industry to recover by 2022 or 2023. Spending on experiences will be the last luxury outlay to recover historical highs given its reliance on the resumption of international tourism and business travel. (Photo by Hollie Adams/Getty Images), Cinco De Mayo Is Only One Day, Yet Latino Consumers Deserve Attention All Year, Retail Alert: Philippines May Talk Trade As President Marcos Arrives In The USA, Gebr. Bain & Company, Altagamma Luxury Study Predicts Global Growth Drivers Here it comes: the second stage of our E-commerce Germany Awards 2022! Southeast Asia and South Korea have been excelling in both growth and future potential. Three of the Top 5 companies are based in France. Iconic models and new hero products were the most desirable items. The coming years will see a further blurring of the boundaries between mono-brand and ecommerce, which will increasingly push brands to take an Omnichannel 3.0 approach, enabled and enhanced by new technologies. Post-streetwearis emerging as the new look. A deliberate (and effective) elevation strategy has driven a progressive price increase across the industry (driving around 60% of the 2019-2022 growth) without damaging volume growth. Among the rising stars, India stands out for growth potential, which could see its luxury market expand to 3.5 times today's size by 2030, propelled by an increasing interest and evolving attitudes and behaviors among (young) customers towards luxury goods. With 2022 already knocking on our doors, it's time to step into another year full of new and interesting trends, figures and actions for the Luxury Goods market. This trend has also been reflected in product categories, through the shift to the 'post-streetwear' era, which maintains some elements of so-called streetwear (such as gender fluidity, occasion-less apparel, inclusivity and sports-driven inspiration) but goes beyond its style codes through new and enhanced techniques, materials and functionalities. All personal luxury goods categories performed well in 2022, with double-digit growth rates across the board. "The nouvelle vague thenew wave of the luxury goods market will demand evolution amid disruption, adaptation amid uncertainty, and an expansion of creativity in all of the basics all while new trends and concepts develop",said Claudia D'Arpizio, a Bain & Company partner and leader of Bain's Global Luxury Goods and Fashion practice, the lead author of the study. Monobrand websites gained further ground, raising their share to about 45% of the online segment, up from 43% in 2021. Across 65 cities in 40 countries, we work alongside our clients as one team with a shared ambition to achieve extraordinary results, outperform the competition, and redefine industries. Uber-luxury jewelry outperformed globally, as did iconic pieces and lines. Demand for high-end furniture and fixtures in commercial spaces was driven by an increasing appetite for refined aesthetics and higher quality. Luxury spending trends in 2022 The overall luxury market tracked by Bain & Company comprises nine segments: luxury cars, personal luxury goods, luxury hospitality, fine wines and spirits, gourmet food and fine dining, high-end furniture and housewares, fine art, private jets and yachts, and luxury cruises.
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