According to a Bain & Company study, the luxury market is expected to grow between 6% and 8% this year, and China and the Millennials are the major influencers of this breakthrough.
The author of the study, Claudia D’Arpizio, estimates that the sector will move between 276 billion and 281 billion euros, reaching 390 billion euros in sales globally by 2025.
Find out the four trends for 2018:
- Chinese customers are in first place and will continue to be responsible for the luxury market growth. They are young and very interested in the Fashion segment;
- Clicks advance as online shopping gains more and more space, as well as social media, which has primarily influenced younger consumers;
- The streetwear category was highlighted in 2017 and will continue to attract new customers interested in Luxury;
- Volume boosts market growth, and exchange rate fluctuations redistribute spending among regions;
Federica Levato, also a partner at Bain & Company, adds: “luxury brands must see themselves as masters of their own destiny. Customers are responding to well-targeted strategies, but top-performing brands are already attracting the tomorrow’s customers”.
Source: Bain & Company – images: release (August, 2018)