This is, in part, driven by a more precocious attitude towards luxury, with Gen Z consumers starting to buy luxury items some 3 to 5 years earlier than Millennials (at 15 years-old, versus at 18-20), and Gen Alpha expected to behave in a similar way. The growth was fueled by the greater emphasis consumers have been placing on their home lifeas both shelter and source of self-definitionsince the pandemic. Yet, they still require an infrastructure catch-up to facilitate the expansion locally. South Korea back to 2019 levels: full repatriation of local customers over-compensate for the lack of tourism. Although there will never be "another China" in terms of growth' contribution to the industry, India and emerging Southeast Asian and African countries have a significant potential nevertheless. Luxury sales to grow at least 5% this year - Bain | Reuters Monobrand stores were boosted by the willingness of customers to return to in-person shopping. Described as the core of the core in the luxury market, personal luxury came roaring back after experiencing a V-shaped recovery. Altagamma Studies | Altagamma Accessories remained the largest personal luxury goods category and grew by 21%23%. Demand for high-end furniture and fixtures in commercial spaces was driven by an increasing appetite for refined aesthetics and higher quality. Analysis of financial performance and operations for financial years ended through 31 December 2021 using company annual reports, industry estimates and other sources. Examples include: acceleration of middle class and consumption upgrade, pressure on uber-wealth, delayed spending given current uncertainty. China to be world's No 1 luxury market by 2025, Bain & Co forecasts
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