The global luxury goods market has kept on growing as 2022 nears its end. And the sale of such goods and experiences remains poised for further expansion for the rest of the decade, even in the face of present economic turbulence, according to the just-released 21st edition of the Bain & Company – Altagamma Luxury Study.
The global luxury goods industry overall is projected to achieve a market value of nearly $1.45 trillion in sales revenue this year, up a whopping 21 percent from 2021, according to the latest report by the consulting firm and the Italian luxury goods manufacturers’ industry association.
As for the coming decade, generational trends are expected to be a powerful driver in the luxury market, with spending by Gen Z (the generation of Americans born from 1997 to 2012) and its succeeding Gen Alpha to grow some three times faster than for other generations until 2030, by when they will make up a third of the market.
“The nouvelle vague – new wave – of the luxury goods market will demand evolution amid disruption, adaptation amid uncertainty and an expansion of creativity in all of the basics – all while new trends and concepts develop,” said Claudia D’Arpizio, leader of Bain’s Global Luxury Goods and Fashion practice.
For more on the study, click here.