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Luxury goods sales are expected to grow by at least 5%, according to the consultancy, thanks to increasing demand.
Despite the war in Ukraine and the instability of the markets, most notably in the United States, which is trying to curb inflation, demand for luxury goods is not weakening. “Consumption does not seem to be penalized for the moment,” notes Claudia d’Arpizio, analyst and partner at Bain & Company, in an interview with Reuters.
According to the consulting firm, sales of luxury goods should reach 305 billion euros this year if we take the lowest assumption and could exceed 330 billion euros, at best.
Instability
The reason for this wide range in forecasts is the risk of an economic slowdown, particularly in the United States, where equity markets could be impacted by recession fears. “We know that we are in a very turbulent environment,” says Claudia d’Arpizio.
According to Bain’s calculations, luxury goods sales accounted for 288 billion euros in 2021, better than the 283 billion expected, thanks in particular to a significant global increase in spending during the holiday season.
However, the firm points out that growth accelerated in the first quarter of 2022, despite the disruptions in China and the confinements, thanks to strong demand in Europe and the United States. “We were of course amazed by the resilience of consumption in the inflationary environment (…) Overall, local consumption is very strong,” notes Claudia d’Arpizio, highlighting efforts in Europe.
Read also > LUXURY : SECOND HAND IS GROWING FOUR TIMES FASTER THAN NEW, ACCORDING TO BAIN & COMPANY
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Luxury goods sales are expected to grow by at least 5%, according to the consultancy, thanks to increasing demand.
Despite the war in Ukraine and the instability of the markets, most notably in the United States, which is trying to curb inflation, demand for luxury goods is not weakening. “Consumption does not seem to be penalized for the moment,” notes Claudia d’Arpizio, analyst and partner at Bain & Company, in an interview with Reuters.
According to the consulting firm, sales of luxury goods should reach 305 billion euros this year if we take the lowest assumption and could exceed 330 billion euros, at best.
Instability
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Luxury goods sales are expected to grow by at least 5%, according to the consultancy, thanks to increasing demand.
Despite the war in Ukraine and the instability of the markets, most notably in the United States, which is trying to curb inflation, demand for luxury goods is not weakening. “Consumption does not seem to be penalized for the moment,” notes Claudia d’Arpizio, analyst and partner at Bain & Company, in an interview with Reuters.
According to the consulting firm, sales of luxury goods should reach 305 billion euros this year if we take the lowest assumption and could exceed 330 billion euros, at best.
Instability
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