The Global luxury goods market has taken a new leap forward in 2022 despite the great uncertainty of economic conditions and the consumer market. This trend will continue to develop next year and for the rest of the decade, despite the current economic tensions, according to the 21st edition of the Bain & Company–Altagamma Luxury Study.
The report predicts that this industry will reach a market value of about 1.4 trillion euros in sales revenue this year, implying a growth of 21% compared to 2021. The personal luxury goods sector, in particular, experienced a further rise, following the V-shaped rally of 2021. In fact, the boosted by the good performance of the market in all quarters, despite the decline in global macroeconomic indicators, as well as the specific problems in China, will make the value of sector sales reach 353,000 million euros in 2022, 22% more than last year.
Furthermore, the analysis notes that even with a possible global recession next year, the impact on the industry could be different from the global financial crisis of 2008-2009. Thus, Bain & Company establishes two scenarios for 2023, with growth in sales in the personal luxury goods market that will be between 3% and 5% or 6% and 8%. By 2030, he expects the market value to be between €540 billion and €580 billion, which is an increase of 60% or more compared to 2022.