Sumary of New Bain Report: Despite Challenges, Personal Luxury Market Again Proves Its Resilience:
- Federica Levato, a partner at Bain & Company and one of the report’s authors, said: “Over the past few months, luxury brands have been forced to reimagine their futures, and the winners will quickly embrace these changes to ensure they fully understand the new geopolitics.
- Claudia D’Arpizio told Reuters in an interview: “So far, consumption doesn’t appear to be affected.
- In addition, the Chinese market continued to maintain double-digit growth last year, and local demand in Europe and the United States continued to be strong – especially the US market, which maintained its growth momentum even after the government’s consumption stimulus ended.
- The impact of dynamics and cultural trends on all stakeholders (i.e.
- Claudia D’Arpizio, partner at Bain & Company and lead author of the study, said: “Despite significant macroeconomic challenges, including hyperinflation, slowing GDP growth and the Russian-Ukrainian conflict, the personal luxury goods market has once again proved Thanks to their resilience, luxury brands started the year with strong growth, while also playing a leading role in the ongoing digital transformation around the world.
- Benefiting from the strong holiday shopping season in various regions in 2021, the market value of personal luxury goods increased by 7% compared with the same period in 2019 (before the epidemic).
- — The growing relevance of DTC (direct-to-consumer) Technological disruption will help luxury brands adopting a super-channel strategy to create new intimacy with customers by constantly establishing new touchpoints.