However, headwinds remain heading into the fourth quarter, including fragile consumer confidence, macroeconomic tensions in China, and sparse signs of recovery in the US. The key segment, personal luxury goods, has experienced continued growth in 2023 and is projected to reach €362 billion by end of year, 4% higher than 2022 at current exchange rates. This is consistent with last year’s growth rate and translates to a ~€160 billion increment in spending across luxury categories.Īmid pronounced geopolitical and macroeconomic shifts, the luxury market has proven unparalleled resilience this year. Spending on experiences, particularly, recovered to historic highs, fueled by a resurgence in social interactions and travel.ĭespite challenging macroeconomic conditions, the market registered robust growth of 11-13%, at constant exchange rates. These are among the findings of the latest Bain & Company report with Altagamma, the Italian luxury goods manufacturers’ industry association. MILAN-November 14, 2023- The global luxury market is projected to reach €1.5 trillion in 2023, an 8-10% growth over 2022, setting a new record for the industry and proving its unparalleled resilience.
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