Luxury goods market grows 9-11% in Q1 - Bain&Co.

The luxury goods market experienced a record growth of 19% in 2022, reaching €345 billion. In the first quarter of this year, it saw a growth of 9-11%. The market's prospects for further growth are linked to increased tourism and the lifting of pandemic restrictions in China.

Watches and jewelry emerged as the top-selling products. Analysts predict a sales growth of 5-12% throughout 2023, with a market value of €530-570 billion by 2030. The market is influenced by factors such as inflation, consumer sentiment, and tourism activity. While the US market shows some caution, the luxury goods sector adapts to societal needs, integrates online sales channels, and addresses sustainability and technological advancements.

Source: ISBnews