The personal luxury market is forecast to see a growth of at least 3 to 8 percent next year, even given a downturn in global economic conditions, and by 2030 the market value is expected to climb to around 550 to 570 billion euros, a rise of 60 percent or more compared to 2022.
“In the second half of 2008, consumer confidence in luxury was down and there was a dose of luxury shaming, while the customer attitude now is different, and sustained almost everywhere, with big tickets and an elevated choice of product,” said Federica Levato, partner at Bain & Company, leader of its EMEA Luxury Goods and Fashion practice, and co-author of the report.
She also noted that companies, having gone through COVID-19, are more prepared to directly engage customers and continue to invest in activations and marketing, in digital and physical technologies, even in the face of high inflation and rising costs, which lead their profitability to slightly decrease on the back of growing sales, following an unprecedented increase in 2021.
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Analysis: Unilever leads pack on price rises as consumer goods industry squeezedUnilever has raised prices faster than its biggest rivals P&G and Nestle since the middle of 2021, in a replay of its strategy during the 2007-09 financial crisis.
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