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Luxury products market experiences initial decline since 2008 crisis
(MENAFN) The market for personal luxury products is expected to see its initial decline since the financial crisis, apart from the Covid lockdown period, based on a new statement by consulting firm Bain & Company.
The yearly statement was published on Wednesday in collaboration with the Italian luxury products manufacturers’ industry association Altagamma. It proposes a 2 percent decrease for the division this year, to 363 billion euros (USD384 billion), amid macroeconomic doubt and a decline in China, all of which is weighing on consumer spending.
The trend is mainly serious between the Generation Z, or zoomers (born between 1997 and 2012), based on the report, as higher costs and decreasing customer loyalty led customers to cut back on high-end brands.
About 50 million luxury consumers “have either opted out of the luxury goods market or been forced out of it in the last two years,” the statement said.
The yearly statement was published on Wednesday in collaboration with the Italian luxury products manufacturers’ industry association Altagamma. It proposes a 2 percent decrease for the division this year, to 363 billion euros (USD384 billion), amid macroeconomic doubt and a decline in China, all of which is weighing on consumer spending.
The trend is mainly serious between the Generation Z, or zoomers (born between 1997 and 2012), based on the report, as higher costs and decreasing customer loyalty led customers to cut back on high-end brands.
About 50 million luxury consumers “have either opted out of the luxury goods market or been forced out of it in the last two years,” the statement said.
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