What: According to Bain & Company and Altagamma’s most recent study, the luxury goods segment will continue to expand until 2030 despite global political and economic uncertainty.

Why it is important: The study concluded that the global luxury goods industry is projected to achieve a market value of 1.4 trillion euros in 2022, up 21% compared to 2021.

Revenues are projected to climb to 353 billion euros, a 22% increase between 2021 and 2022. However, personal luxury goods are expected to see slowing market growth of around 3-8% in 2023. Analysts remain positive that luxury will be resilient to recession unlike during the 2009 financial crisis with growth of 60% by 2030 and a potential increase of 550 billion to 570 billion euros compared to 2022.

China will be a key factor for the fourth quarter performance of 2022 and the growth of the luxury market. As well, brands and retailers focused on this segment will need to prioritise ESG, creativity, agility, technology and data.

Global luxury goods market to reach 1.4 trillion in 2022