Bain & Companys latest report, released in collaboration with Fondazione Altagamma, states that the country has doubled its luxury market size since 2019 and now represents 21 percent ($69 billion) of global luxury spending. Global Powers of Luxury Goods 2022. The appetite of China and Chinese nationals for luxury remains insatiable and all customer nationalities are positively growing or on a recovery path. A Market Studythat shows how brands can build on their historic rebound. A new section in this year's report will focus on circularity strategies and the secondary/resell market, which has become increasingly important in the luxury sector. 1. The State of Fashion Report 2022 by McKinsey - China trends The national report illustratesa compilation of the top North American markets to review overall standards and trends. But they were already happening, and the pandemic merely accentuated or accelerated their path into mainstream purchasing habits. One negative was a fall in demand from affluent Russians following Moscow's invasion of Ukraine. The United States overtook Europe as the largest luxury market last year, Bain said in a previous report. Second Edition of the study focusing on the 2019 performance of the Altagamma Brands in more than 35 digital media channels, in 8 categories, with an insight on the Covid-19 phase. How young Chinese consumers are . 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. "):200==n.status?e("#nl2go_form").html("You are already subscribed. The industry leader for online information for tax, accounting and finance professionals. Fueling this online growth is Chinas lower-tier consumers, who lack convenient access to high-end brick-and-mortar stores yet yearn for premium products. But the Global State of the Consumer Tracker makes it easy for you to access consistent, high-quality data on consumer sentiment and behavior in retail, consumer products, automotive, and travel. Stay ahead in a rapidly changing world. Since our founding in 1973, we have measured our success by the success of our clients, and we proudly maintain the highest level of client advocacy in the industry. The 7% growth of jewels and watches is more unexpected. Human touch still matters: The pandemic catapulted luxury brands into the age of digital at an unforeseen pace. Thank you for reading us. Major luxury players that have established a strong presence in China over the years have been greatly rewarded in sales and stocks even during the tumultuous pandemic year of 2020. All categories have seen declines, with accessories showing the most resilience and watches declining the most due to a lack of online sales platforms to offset the shutdown of physical channels. Luxury Goods: trends and predictions for 2022 (Bain Report). Its clear that consumers still want to buy luxury goods, and this, along with the brands ability to adapt and innovate, is driving a return to growth in the market, said Claudia DArpizio, a Bain & Company partner and lead author of the study. In 2021, profits are already back at 2019 levels. The personal luxury goods market is currently valued at about $302 billion. Looking towards the future: what will the luxury market look like in 2025? It will take time for the market to recover. February 07, 2022. And the good news? Winners will need to stay closely in touch with the key trends shaping the new normal lifestyle all while remaining differentiated and creating a narrative that is true to their own culture.. Struggling Australia which only recently reopened after months of lockdown. 2022 Mid-Year Luxury Trends Report. Global Wealth and Luxury Report 2022 - Euromonitor 30% of total luxury consumption around the world (900bn, +6%) is made by only 18 million elite consumers. The market recovery reflects several global efforts, one being Europes growing local demand and consumer eagerness to return to shopping in a post-pandemic landscape. As consumers slowly emerge from lockdowns, the way they see the world will have changed and luxury brands will need to adapt, said Bain & Company partner and report co-author Federica Levato. 1 LUXURY OUTLOOK 2022 We would like to thank all stakeholders who contributed to this report: Steering Committee of the report Etienne Bizot, Chairman and CEO of Bollinger Laurent Boillot, President and CEO of Hennessy Christophe Caillaud, CEO of Liaigre Marc Chaya, Cofounder and CEO of Maison Francis Kurkdjian Anne Dellire, Group Marketing and Strategic Planning Director at Richemont Given that companies must constantly innovate to lure this target, those that bore will quickly be forgotten. What other changes can we expect looking at consumers age? The second-hand luxury market, valued at $38 billion, is now also worth luxurys attention, as it is growing more than twice as fast as first-hand luxury. In order to extend the lifetime of luxury products, the second hand market will be booming in the years to come. Key Findings Wealthy and affluent consumers as drivers of luxury. Milan - May 7, 2020 - Faced with a global collapse driven by lockdowns and the shutdown of tourism in all key markets, the luxury industry faces a challenge like never before. With 2022 already knocking on our doors, its time to step into another year full of new and interesting trends, figures and actions for the Luxury Goods market. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Both LVMH and Kering have seen their luxury goods sales more than double. What's behind Bain & Altagamma's global luxury market 21% growth forecast for 2022? Fine art market rebounding thanks to gradual reopening of public auctions and art fairs. Download. The estimated value for the whole market in 2021 is B 1.140. Best performing categories of 2020 are already beyond 2019 in 2021, watches and beauty on par, apparel is still lagging. PDF Bain & Company study underlines strength of luxury market rebound and These numbers leave many wanting to know: How can brands best leverage this expected growth? This article is a preview of the Top 5 companies listed in the upcoming Global Powers of Luxury Goods 2022, which will be published in late 2022. There will be some changes in the growth in luxury spending by nationality. An overview on the Digital Luxury Market, with insight on the importance of Omnichannel, the new luxury channel ecosystem, theBrand storytelling in a digital age andthe new technologiesto guaranteeauthenticity and provenance. The Herms Shoes Boutique in Osaka, Japan. Since 1992, Altagamma Foundation gathers High-End Italian Cultural and Creative Companies, recognized globally as authentic ambassadors of Italian style. China to be world's No 1 luxury market by 2025, Bain & Co forecasts Please read and agree to the Privacy Policy. The second-hand luxury market, valued at $38 billion, is now also worth luxury's attention, as it is growing more than twice as fast as first-hand luxury. Additionally, brands are pushing circular initiatives and looking to measure and improve sustainability performance (see story). Chief engineers in aerospace and defense (A&D) face mounting market pressures. Spirits driving maret recovery thanks to growth in local consumers interest for Asian spirits, increasing interest for status spirits and better ability vs ine brands in catering interest of younger generations. The United States overtook Europe as the largest luxury market last year, Bain said in a previous report. Luxury should continue to focus on pop-up stores, special collaborations, and drop sales because millennials and Gen Zers will increasingly account for a bigger proportion of luxury consumption. Delivery. Our 10-year commitment to invest more than $1 billion in pro bono services brings our talent, expertise, and insight to organizations tackling todays urgent challenges in education, racial equity, social justice, economic development, and the environment. ALTAGAMMA PARTNERS and members of BCG luxury ecosystem generating the best consumers insights and revealing "New Era" of luxury industry key trends. Recovery will come by 2022-23, estimates Bain. This report capturesthe top 2020 trends and shifts impacting luxury resale value. PDF Actualidad - Ediciones Sibila (Prensapiel, PuntoModa y Textil y Moda) Across 61 offices in 38 countries, we work alongside our clients as one team with a shared ambition to achieve extraordinary results, outperform the competition, and redefine industries. Luxury Sales Set to Grow by 5 to 15% This Year, Bain Says We also use third-party cookies that help us analyze and understand how you use this website. The 2021 holiday season proved successful across several regions, reflecting a 7 percent increase from the same period in 2019. Those that come out ahead will take advantage of the opportunities presented by the virtual world, the sustainability transformation and preferences of younger generations., 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5A8alnHB2if0r\/vm4wLqY3lLnvlbcy8ZHTNrdWr4a3UMedkuzBNrtfYN2sDjwof8Wj+hHlrYt4ijjZalsKMNEX8kE36Rl0v8a01rxDPOdNqgy1hH4utW0Tjh5l1J5TisTjWLlz8O3MIyDkxg79P+MvmpRxFXjV75qAmjudhMA6KrfruFmG\/88z+38+6M5iDPVUlvbkdbCk\/SJbQ7lRREtr5k9mjuWv5kpoUq296KgjJDopDwlMSWdg+tLXgZI2aMQV7DjXsTZjVMa36ZWd7V9eYmndR+3YzZPF1fCRKf9iz8iCHCnOu9q0xMlIpCpvvV7lZfEmvJ6rRo+xRyX8JE7iTh+wC7YrcbRcPps1mZpRnF8dsv+oUkWAeg5ma+wuNsXsZCS18No5UJynMLWWZZso3XvMV+ldifmNaOti1+vahmHQb+\/NvevMeHQz1seEuKh8QinyfN6p7JcxcdvFxf9BweyArFU2YsG+g2ZlPkyjyxwmeC6BkWV0r66f0Tva3fmnYVbDuqtHfo9Deqhs988oT18D\/sxs\/OFysDUAUTHXncyZN2JIzl52dhBQ6hVc354GDAdlSEWFBEagGWHd8L62REaEueg2QMgv9Ul93ZG\/o18EfuSZhd4YKXnOory49Ota3mklYc+RTuBb4VVAHnswsLd4hDgefnuzaHZytLhO7i1g5iYPM6HGr9m3mppkL+MFWKi+j4+9jalnZxCYGoy1GiPbCa2vTPU90fi6Lpalbzftg+udBGOS7sYtlZdEwkmfu3eeUc8e4MP56MH89OUmOfvunFXmrutZXm9tT1W99YGc93H5a\/35BwEF4C0lzDpGCvsPMwfmvNwHey1\/Q3HtTL8gX1qSHjjN33EqRTPsNZkSVe+jIHIvED+YQzmbh3BBi7bv1tN2fv+Lknp8uC7LpPmJuILsUvw\/ilYROVE4q3zqT\/vExRkW+Ze+DUt8v\/qNwl6cxm8XRqgcc8m1Qicq9XW5vejS5+RKVawSLCxhis3MyfAh9ZKrH4phBrWwf6+F4rTAp4MO4d81gcDH8zvs9rP0iM+dLu\/E7QVjxwqNmezmlrNlwW4lznhFgzi8vQk6WUNOTkmU5u5tvF06r9vRaKol9gAO7bmL6G7yYxJvwTSbU6fu4c4TzyIW\/+fXfT1DKAoOOoNDPQNLV3D30aD+yaSACBgvM4+LfUOvEw0KsfIkwPG\/BK1KIUuJffI0wcuPgxAuEb8qjxMJTDyIEkL60qC+WiwEIQop4GrBZaVSNUW+GveLV79BqUoSKV5x4foBUVyEbAhlfydKBRAgywCSAbMu7AA\/nQ2CBtokfbh2DkrDHzsq7paC4USXBFWraOA8OddPuHR\/NcgWBmDMsLwmFXcjK5ib7OkxgeUaUpyMFbZbv5KpXQmaa4BxI7dk4+DsL7BvE+oKPF1iy016mvNB5fubA4q3phs7X1E6osq9qR+vGo5tgYol10v9CWSG4gq9dqMso9idvbLcHLEWoWT6y2k9Znj3GQPQk98fpwxZkZ5vxCbAZ5bXcWK2G5\/Tw1pzg0vw\/uJXmgB7GJ\/JLMNABAvVKEhujJ4Vqi3usSiqQtt5FGxSfhkPJjg7yvjBvEZmnu2Moc62CpcRWQcXNw70gM2LkUxZa4J5bhpVJ0U9+EqwaK53i0CdOZIAJ\/E737uSgni5OtEZbgNXd2h4gtWptppbH07BjTzK8\/wjeeIsW8ruTNn39wn3D\/+IwKpJC4rC9G+cicTWLZCXlaIVasAq6Ist4Rdtgw5QaWmfAD7QmHZNubrblcr06+uIcu1Zzll83cwKjLqDuKFwOfAXY5zyAjFm1Gw7Nwl9Mfc+JLWufZdpip4YOPiCp41LdgMQN9UbuLQKJAuoYFt3AUd1HbTtMxNrVN5ECP+QJ3KT7byIsL4GnmqmSe4AJjZN5SYS20jwPYX\/wP8jXCEnaIcwRgAcVMZu5m19Up8wnL2VVX5Ds7\/VJPnC3FK5NX8+yU9c7bmG4ashOaM\/rTUhJdMT04NKaBJlrOGZmwLTkj3W5BEUznwCBjJ36LIZJ9YBHJC0IzmWJW\/1iHlL4mybF9B\/G72dn4LGqPSQDus4LI4c3n1z1ka\/fvBIU98Q82rq8oiLpjKfpFLnIxp9p6UpwPOtKbofj5IUn008+npUpvZ+xItrf0HQIWUiY\/\/PR\/KkNPe6dzv4Q1aVHqQPCN7ekOfBs9i5UXBA68qQup3pCJJhzcbIEamJzqLfpyOyQ3x8pRVs5AUhn+vGlaT2JITtDxgrrmWNqifLhekbofQqaiyGn80bIHlFWj8REuhYIDf6jwZ0pf42Fq4mz+RmxUa3T3rXFUTH8ezE7yUydxyjmvGJ\/9oI\/f5c1DPp2qdAqqOx4O81RSQZoBSU+3+srwkSJ4rB7IJr7HNvNQdEnO1UDwa\/juyxpMFqFrPHuRv++2SpON676ePox6imhHP12Tl09lRq7GlRZWpbxAff4AqKluQ+ka5uHzyo0FcSJvGZEifc8aaUXjtSXXIqStBMiJbwswmnFKb1NvGq+FGAV3bMGPQODR1Gi5JJud2JsRMYkAswEY4K7tMfc4o4hgTAKB7Hw7pwiN\/N6NHqOldyI9K2invJhBUlgUJ5dNk4yh6MA2NMGmJPUKfLp2YnZxRFiqZHXqFD9i4Iu84E\/E2H6HU6DGP5EJn8wyb\/qVsUwZVCy3U5tIYguPUIwzAmu6o7x1\/ZvwUEOh9MigwIMyMkHEoyO7YY+juxojOCqpqjETf0aNng\/qqxAwZQsTx\/ekIz6Ib7CH1TvpbNtty5JGuD06V3i+7Sc2wot+4R3ZJ9uR4q\/LJkGQvhA8o6udzI+nJcOMq+wEqKKdTrQqfCTi7ySeNgsMwDOWdLQP01HIYDQxesI4wUEmZgGDvTtHoBeLa4aRKl1t7Rgo9o7vVZ4Oiy7qPIsUuUxDZY7Od9yP0CdmYBDOBl347KXwr8s+SPwaWqc1GqZttlZAyZM+eReWuL6N0fasz+YIVuFRhW+C7vir6Zf4EUjEpBFfDXEKFs2OFMTAOY5iVmryGE88dGBfXWTTi7p7Q+onJqlb98zQ6ffRI1aZ2emDwaVNN1QxnaDsFXW2JC+VE3Tv47aWJSWoaieYSuOGmVDpIG74NHkBmnUPF+q7DcQ2\/2mguQ0ou1q9bmrfwIxkzmawe8MPMDlWuckkpmnzyDt4KQwuVfgVAAZu\/pMZKEaj00XM6\/vNE+7nfn3s2V9sbLoeLQZ6+Zy6h862Dh+ajZIql3HufpTjAxJKECVzXFa91K4u\/8C+GdZY\/kh39ctR4+HCy2kJ2raiCPjHD9UlfFKTDYsGVEu\/XBXwK8hOXSffKB5KHw64cGBBtpqpx8yBwyJaJ9kXtmJ461e+122XatV29hj6V3HJw\/bWcKKLO7sq6PwiqkBzKcGGACvlVfMEft2XXk0w4kyYmlamUhrg+D1xTbry3btfHD0G77e3lWWhMkRUjwj\/u7vgQcQ8DqKg9TVv7KtGRBTqrS35GkkxNuOaby5o3RHnuLEPLqXyG7aMpcA7B+oeyqS3ER2kjU4ayt\/RY9pcIOCvnHmgGjGmZ62jONzrmpCH5FHhBjmkNBHRFy2meUXKI0UAZ4i9x5\/tByaWGQQi5EhdDgVx\/\/Kfhx9ldST5dCEd5ZyfE7JzPGV4yny7Qik9KIxbaJ4AS7YrHpR5B\/\/mNe3spNA30Xwsx8e74yHLP\/2XWLZcfKHRkJ\/IqGOZBcooTR98\/3m09lmWmkir\/nvztl8YFYWNPe0w0GlSKjPE282jlunW94xPMPeem3TSyNkdWDQ\/QkU3bzcSAniGZZbAUafPw3KcscYC\/WxpQdYGMlz3qX4cmxZXswoM9mxNh1z3jDYsMelFuTixDoXPRtVo5MVQqGzZ3Ah3iOtklp8XiX9BDHh7mS0o8K2tFDtdw23NwoVH\/rhBqI9laoScHrQBXvZYVrA7gkX1tjIjjFILKH0rR8PPfL5JmtWhObzYIhmJpNePAdoCnDsZ08\/RJRIm0Cl+\/dGqWH0DQ1indd\/O18HlkUS\/m+HtLEbROPv7yM3d5wu2tBymMPzUZIEJF8IMbZzLcg6ms0ha8SaU41d3344U4UzCrPxHKfC8mxT8FYxNjdwM61eoy9uOxTCDfnH699QbWhUq58HEB6vX0deaEvDxXa1pU2gMTZyIpGXIVw+h8CtUqmak5Sc8wEPqanoX3EY92WFM9BTc2xp8PR1hrjwdVxD\/OnbcgBV6+8V6gs0JF69ChMmY6Dq3VW0VejmzrE","iv":"18cd003fa0f299179b295d5c02f72c88","s":"0b0086e9c5f2d342"}, 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