Additionally, China continued to see double-digit growth last year and Western markets experience sustained local demand—the United States, in particular, maintained momentum, even after federal stimulus cheques ended.
These are the key findings from Bain & Company, the world’s leading advisor to the global luxury goods industry, in its Luxury 2022 Spring Update – “Rerouting the Future.” The study was released today in collaboration with Fondazione Altagamma, the Italian luxury goods manufacturers’ industry foundation.
“Despite significant macro-economic challenges, including hyperinflation, slowing GDP growth and the Russia-Ukraine conflict, the personal luxury goods market proved resilient once again,” said Claudia D’Arpizio, a Bain & Company partner and lead author of the study. “Luxury goods brands started this year showing especially strong growth while also playing a leading role in the world’s ongoing sustainable and digital transformation.”
2022 started strong, with the US and Europe leading growth
The personal luxury goods market experienced remarkable performance in the first quarter of 2022, growing by 17-19%, at current exchange rates (1315% at constant exchange rates), over the same period in 2021 for several reasons:
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