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All of the Top 5 companies saw their luxury goods sales rebound in FY2021, as the impact of the COVID-19 pandemic on consumer demand, retail and supply chain constraints reduced. But with the future of the luxury market now on the shoulders of next-generation customers, expected to represent 70% of global purchases by 2025, and these customers keen on sustainability, a shift from firsthand to secondhand luxury goods can be expected. There are sectors that were affected by the pandemic much more, and one of them is experiences. One can argue that the secondhand luxury goods buyer isnt the same as the primary market buyer. Not all sectors can enjoy stable recovery, however. While US luxury market is still strong, and Europe managed to recover beyond 2019 thanks to solid local demand alongside an extra-boost from US and Middle Eastern tourist shoppers, new markets are surprising the industry. (Photo by Hollie Adams/Getty Images), Cinco De Mayo Is Only One Day, Yet Latino Consumers Deserve Attention All Year, Retail Alert: Philippines May Talk Trade As President Marcos Arrives In The USA, Gebr. Department stores declined by 8% and went from 18% SOM to 15% in 2021. Meanwhile, China itself, which remains crucial to the long-term of the luxury market, continues to confront a challenging phase due to Covid lockdowns and is still performing below 2021 figures. Sales of fine wines and spirits hit 96 billion, up 16% on 2021. Casual categories, such as fussbett sandals and Wellington boots, are on the rise. We work with ambitious leaders who want to define the future, not hide from it. The spending of US tourists in Europe doubled between 2019 and 2022; about two-thirds of that gain reflected an increase in transactions while the other third came from an increase in average transaction size, according to Global Blue data. For any questions or to arrange an interview, please contact: Gary Duncan (London) Email: gary.duncan@bain.com, Orsola Randi (Milan) Email: orsola.randi@bain.com Tel: +39 339 327 3672. Bain: China's Luxury Market Contracted 10 Percent in 2022 The luxury market now appears better equipped to cope with economic turbulence with its consumer base both larger and more concentrated, and customer-centricity and a multi-touchpoint ecosystem set to provide resiliency amid disruptions, the report finds. Global luxury goods market to grow 21 percent in 2022 to 1.4 trillion Opportunities include entering a growing market, developing a network-based business model, showing commitment to sustainability, gathering data on customers and more. Now, brands are multi-price points to answer to different customer needs. The overall luxury industry tracked by Bain & Company encompasses both luxury goods and experiences. These domains are rich with opportunities for luxury brands but investments for future growth are crucial.". ESG activities correlate to stronger financial performance - bain.com Luxury Sales Set to Grow by 5 to 15% This Year, Bain Says The global luxury market accelerated sharply in early 2022, the consultancy found, but risks slowing due to macroeconomic pressures and Covid-19 lockdowns in China.
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bain and company luxury report 2022