Fashion & Luxury know no crisis

Not even the most complicated international scenarios slow down growth for Fashion and Luxury, which continue to recover regardless of the unsure situation

The latest analyses presented during these summer months ratify the definitive recovery post-Covid for Fashion and Luxury, which seem to really not know crisis. Fashion and Luxury, in fact, grow currently and in a future viewpoint and accessories even become a safe-haven asset.

The growth of luxury in 2022

Numbers of +17-19% in the first quarter of 2022 compared to the same period in 2021 and a forecast of +5-15% by the end of the year: so say the updates from the Monitor Altagamma Bain on the global markets for luxury personal items. The study was presented by late June, and it is evidence of the incredible resilience the sector has shown.

A progressive trend that will continue all year, with the global sector destined to surpass the limit of Euro 300 billion. Matteo Lunelli, CEO of Altagamma, states in this regard: “in a framework characterized by strong macro-economic uncertainties, the rapid recovery, started in 2021, is confirmed. The growth in consumption will be encouraged by the strong demand from the American consumer and by an acceleration in the recovery in Europe, despite the war in Ukraine. Overseeing digital spaces and brand positioning on sustainability values becomes increasingly relevant”.

Record levels for the industry of Fashion & Luxury in 2026

The industry seems to have left the pandemic behind once and for all. The recent report by Comité Colbert, French association of luxury goods, also calls for a further rebound between this year and 2026, with the segment reaching 517 billion dollars.

The analysis was carried out in collaboration with the Boston Consulting Group, interviewing 40 high-end company executives and conducting a survey of 2,000 consumers. Among the most interesting insights coming to light is the relevance of the digital world and the conviction that the fashion industry must do more in terms of responsibility, launching a real environmental and social transition.

Accessories as a safe-haven asset

This relaunch of Fashion and Luxury is finally set off by a never-before-seen event. During recent years, accessories, especially handbags, have become real investment pieces. The main auction houses have therefore widened their offer on the market and consumer interest increased. The result, handbag models auctioned at over Euro 100,000 and record sales destined to be surpassed by in a short amount of time.

Indicators in growth, the confirmation for digital and the arrival of sustainability: all trends that we have been covering in the Bizeta blog for some time now, witnesses of this period of intense innovations.

Published on 20/07/2022 in Trends & Markets