The luxury goods market – think watches, jewelry, and high fashion brands – is growing at a remarkable rate, with the global market expected to reach up to €570 billion by 2030, which is double its worth in 2020.
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Luxury Goods
The US and Europe are still leading while new luxury markets are emerging. In 2022, the luxury market generated positive growth for 95% of brands.
The global luxury market is projected to grow by 21% in 2022, reaching €1.4 trillion; the personal luxury goods market is expected to show accelerated growth of 22% to €353 billion
The personal luxury market is projected to see further growth of at least 3-8% next year, even given a downturn in global economic conditions, and to 2030, by when the market value is expected to climb to around €540-580 billion, a rise of 60% or more compared to 2022
Generational trends are a powerful driver, with ‘Gen Y’ and ‘Gen Z’ continue leading the growth this year, and spending by Gen Z and ‘Gen Alpha’ set to grow some three times faster than for other generations until 2030, by when they will make up a third of the market
Bain and Company and the Italian trade association Fondazione Altagamma are out with their 2021 study of the global luxury market.