Luxury spending is growing faster than ever, fueled by pent-up pandemic demand and shifting demographics as younger, more diverse consumers buy into tiny handbag and post-streetwear trends.
FILE - A model displays the collection by Russian designer Slava Zaitsev during the opening of the Fashion Week in at Zaryadye Park with the Spasskaya Tower and St. Basil's Cathedral in the background near Red Square in Moscow, Russia, on June 20, 2022. , according to a new study by Bain consultancy released on Tuesday, Nov. 15, 2022.
D’Arpizio cautioned that the sector is not recession-proof but is more resilient than it was in the 2008-2009 financial crisis, when luxury sales tanked. Mature markets in the United States and Europe are the strongest performers, each growing by about a quarter. U.S. sales are projected to hit 113 billion euros this year, while Europe is the globe’s second-largest market at 94 billion euros in sales.
Chinese consumers are strong drivers despite the impact of ongoing COVID-19 lockdowns, but their overall weight has been reduced by the emergence of strong new markets, including South Korea andWhile Bain previously predicted that Chinese shoppers would represent half of all luxury consumers by the middle of this decade, the new study puts them at around 40% by 2030.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Global Luxury Goods Market Seen Growing 21% in 2022 to 1.4 Trillion EurosAccording to the latest Bain & Company Study with Altagamma, the segment will continue to expand until 2030 despite the global economic and political uncertainties.
Read more »
Global luxury sales set to hit record this year, study saysLuxury spending is growing faster than ever, fueled by pent-up pandemic demand and shifting demographics as younger, more diverse consumers buy into tiny handbag and post-streetwear trends, according to a study.
Read more »
Buick Is Getting A Wildcat-Inspired Luxury Sedan In China | CarscoopsBuick's new luxury sedan is expected to slot above the LaCrosse in its Chinese range
Read more »
‘Living in the present’: What Chinese individualism means for luxury brandsThe market success of many established luxury names in China has traditionally been centered on peer approval.
Read more »
Banyan Tree Group's Renyung Ho: Luxury Woman to Watch 2023Meet Renyung Ho, senior vice president for brand HQ at Banyan Tree Group, Singapore. She is on Luxury Daily's prestigious Luxury Women to Watch 2023 honor roll.
Read more »
Buick Century Raises the Bar for Ultra-Luxury MinivansAvailable in four- or six-seat configurations, the latest Buick van for China features heated footrests, a fridge, and a 32-inch sliding entertainment screen.
Read more »