The Global Luxury Market Is Expected Grow up to 12 Percent This Year: Report

lifting Covid-19 restrictions ahead of Chinese New Year, and intraregional tourism in Japan and Southeast Asia. New York and California were also said to be returning as luxury hubs, though destinations typically booked for holidays such as Hawaii and Las Vegas are still lagging from their 2019 peaks.

“The luxury industry is experiencing a new phase after its post-pandemic growth, with renewed drivers of resilience establishing winners and losers,” the study’s author, Bain & Company partner Claudia D’Arpizio, says. “Brands who want to succeed need to focus holistically on consumers; balance their exposure across geographies; offer a high value proposition with elevated entry clienteling and experientiality at scale; and push on icons, timeless, and statement pieces.

The industry experienced promising results in the first quarter of 2023, augmenting 9 and 11 percent compared with 2022, according to the report. Looking into the future, the analysis laid out two different scenarios: a combination ofand continued expansion in Europe and the Americas will lead to a growth of 9 to 12 percent over the previous year. Or a more realistic scenario sees a more sluggish recovery that still leads to 5 to 8 percent growth.

These anticipated numbers would come after a successful 2022 in which the industry thrived despite geopolitical disagreements and economic uncertainty. Last year, the industry saw a market value of 345 million euros and may even reach between 530 billion and 570 billion euros by 2030—which would be about 2.5 times its size in 2020.

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