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Luxury Sales To Grow at Least 5% In 2022: Bain & Company June 21, 2022 (0 comments)
Paris, France--The U.S. and Europe will continue to be solid markets for luxury items as luxury goods sales are expected to rise at least 5% in 2022.
[Representative by Wikimedia Commons]
The report by consulting company Bain, highlighted by Reuters, comes amid soaring inflation and the ongoing conflict in Ukraine. High-end watches, shoes, and jewelry will continue to sell.
According to the Reuters report, Bain estimates that global sales of personal luxury goods would cross 305 billion euros ($320 billion). Amid optimistic scenarios, the figure could reach 330 billion euros. The report added that this indicates a rebounding market post lockdowns.
“Despite significant macro-economic challenges, including hyperinflation, slowing GDP growth and the Russia-Ukraine conflict, the personal luxury goods market proved resilient once again,” Claudia D’Arpizio, a Bain & Company partner and lead author of the study, said in the press release. “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.”
Per Reuters, Bain had highlighted in a previous report that the U.S. overtook Europe as the largest luxury market in 2021.
Read more in the Reuters report.
Read Bain's report.