{"id":15920,"date":"2022-06-24T12:43:49","date_gmt":"2022-06-24T07:13:49","guid":{"rendered":"https:\/\/gjepc.org\/solitaire\/?p=15920"},"modified":"2022-06-24T12:43:53","modified_gmt":"2022-06-24T07:13:53","slug":"bain-global-luxury-market-sees-remarkable-performance-in-q1-2022","status":"publish","type":"post","link":"https:\/\/gjepc.org\/solitaire\/bain-global-luxury-market-sees-remarkable-performance-in-q1-2022\/","title":{"rendered":"Bain: Global Luxury Market Sees Remarkable Performance In Q1 2022"},"content":{"rendered":"\n<p>After its worst dip in history, the personal luxury goods market has experienced a V-shaped rebound, reaching \u20ac288 billion ($303.5 billion) in value, according to the key findings from Bain &amp; Company\u2019s <em>Luxury 2022 Spring Update<\/em> \u2013 <em>Rerouting the Future<\/em>. The market benefited from an exuberant 2021 holiday shopping season across regions, with a 7% increase over the same period in 2019. Additionally, China continued to see double-digit growth last year and Western markets experience sustained local demand\u2014the United States, in particular, maintained momentum, even after federal stimulus cheques ended.&nbsp;&nbsp;<\/p>\n\n\n\n<p>The study was released in collaboration with Fondazione Altagamma, the Italian luxury goods manufacturers\u2019 industry foundation.&nbsp;<\/p>\n\n\n\n<p>\u201cDespite significant macro-economic challenges, including hyperinflation, slowing GDP growth and the Russia-Ukraine conflict, the personal luxury goods market proved resilient once again,\u201d said Claudia D\u2019Arpizio, a Bain &amp; Company partner and lead author of the study. \u201cLuxury goods brands started this year showing especially strong growth while also playing a leading role in the world\u2019s ongoing sustainable and digital transformation.\u201d<\/p>\n\n\n\n<p>Bain said 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 over the same period in 2021 driven by booming local demand in Europe, unprecedented growth of the US luxury market, strong momentum in China during the Chinese New Year and through March 2022, and South Korea\u2019s increased cultural relevance and local demand.<\/p>\n\n\n\n<p>In addition to growth delivered by traditional luxury products, digital assets and the virtual world\u2014the metaverse, social media and gaming\u2014will play an increasingly relevant role in luxury brands\u2019 value propositions, Bain noted. By the end of 2030, digital assets and the metaverse will comprise 5-10% of the luxury market, it added.<\/p>\n\n\n\n<p>Despite the challenges and disruptions that happened in early 2022, the mid-term direction of the luxury market remains unchanged. Bain &amp; Company estimates market growth to reach \u20ac360-380 billion by 2025, highlighting two possible trajectories for 2022:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>An optimistic scenario, where the first half of 2022 growth path continues throughout the entire year. In this scenario, the market would reach around \u20ac320-330 billion by the end of 2022, growing 10-15% over 2021.&nbsp;&nbsp;<\/li><li>A slower pace scenario, which projects a potentially reduced growth pace due to a slower recovery of mainland China and challenged spending in mature markets caused by inflationary pressure and macroeconomic slowdown. According to this scenario, the market will reach \u20ac305-320 billion by the end of 2022, growing 5-10% over 2021.&nbsp;&nbsp;<\/li><\/ul>\n\n\n\n<p>\u201cIn the last few months, luxury brands have been forced to reroute their futures\u201d said Federica Levato, a Bain &amp; Company Partner and Co-author of the report. \u201cWinners will rapidly embrace the changes, ensuring they fully understand the implications of new geopolitical dynamics and cultural trends for all of their stakeholders: consumers, investors, employees and society at large. Those that come out ahead will take advantage of the opportunities presented by the virtual world, the sustainability transformation and preferences of younger generations.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After its worst dip in history, the personal luxury goods market has experienced a V-shaped rebound, reaching \u20ac288 billion ($303.5 billion) in value, according to the key findings from Bain &amp; Company\u2019s Luxury 2022 Spring Update \u2013 Rerouting the Future. The market benefited from an exuberant 2021 holiday shopping season across regions, with a 7%&hellip;<\/p>\n","protected":false},"author":1,"featured_media":15921,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-15920","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bain: Global Luxury Market Sees Remarkable Performance In Q1 2022 - Solitaire magazine is a International jewellery magazine - India\u2019s leading B2B gem and jewellery magazine<\/title>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gjepc.org\/solitaire\/bain-global-luxury-market-sees-remarkable-performance-in-q1-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bain: Global Luxury Market Sees Remarkable Performance In Q1 2022 - Solitaire magazine is a International jewellery magazine - India\u2019s leading B2B gem and jewellery magazine\" \/>\n<meta property=\"og:description\" content=\"After its worst dip in history, the personal luxury goods market has experienced a V-shaped rebound, reaching \u20ac288 billion ($303.5 billion) in value, according to the key findings from Bain &amp; Company\u2019s Luxury 2022 Spring Update \u2013 Rerouting the Future. 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