A positive 2023 for Fashion & Luxury

Time for the inevitable early estimates on the close of the year, again positive for fashion and luxury.

Despite a complex global scenario characterized by several concerns, 2023 will close with positive results for Fashion & Luxury. These are the findings reached by both the 22nd Altagamma Observatory and a recent study by PwC.

Altagamma: luxury goods up by 4%

The picture provided by the 22^nd Altagamma Observatory is decidedly positive. The study has, in fact, estimated a growth of 8-10% over 2022 for the Luxury segment in the year coming to a close, with total sector revenues which should amount to Euro 1,500 billion. A new record, basically, three years after the crisis due to the pandemic.

The market of luxury personal goods grows, with turnover estimated to be approximately 362 billion by the end of 2023, +4% year-on-year. Regarding product categories, accessories are the “best in class” and continue with their positive trend: +6.5% for leather goods and +5% for footwear. In clothing, a growth of 4% is estimated, with a recovery in the less casual sector. Next, jewelry continues to grow, to +5.5%; good results for watches as well, with a +3.5%.

The growth of luxury personal goods in % in 2023 for product category:

• Leather goods: + 6,5%
• Jewelry: + 5,5%
• Footwear: + 5%
• Clothing: + 4%
• Watches: + 3,5%

Source: 22^nd Altagamma Observatory

PwC: luxury grows in the first nine months of 2023

The encouraging results of the report just reviewed are further strengthened by another study carried out by PwC, the well-known consulting company. “The Fashion Industry and the Challenge of the New Normal”, this is the title of the study, tells us, in fact, that for Q3 of this year, the main brands of Fashion & Luxury have recorded significant growth rates, +25% in the best-case scenario.

The study then concentrates on Black Friday and Cyber Monday, occasions when the average spending expectation increased from €172 for 2022 to €244 for 2023, with one consumer out of four who expects to purchase up to 25% of Christmas presents during these events. The information we are most interested in is how the “clothing, shoes and accessories” sector has represented the first category of spending, with 39% of preferences.

In this 2023 that has been so dynamic, Bizeta Retail Solutions too has not remained still, with new events, new partnerships and new solutions. So, our business is getting ready to accompany the companies of Fashion & Luxury also in 2024, more prepared than ever!