Studies show the growth of the luxury market in 2018

Earlier this year, surveys conducted by various institutes specializing in the study of the luxury market pointed to a positive expectation regarding the growth of the segment. What was once just a possibility has now become concrete with the release of studies highlighting that 2018 was indeed a positive year for the high-end industry.

According to the 17th edition of the recently released Bain & Company Luxury Study, the global marketplace, which includes products and services, grew approximately 5% and all niche markets benefited from this increase. The highlight of the year was luxury personal goods, which exceeded the average, had an increase in turnover of around 6%.

And, it seems, the perspective is that growth will remain the reality of the market in the coming years. According to the report that was produced in partnership by Fondazione Altagamma, by 2025 the market development estimate is 3% to 5% per year.

And as it could not be, the Chinese market was one of the main highlights in the world. According to the study, only between the years 2015 to 2018 has luxury consumption in China doubled, and currently about 33% of world consumption of premium goods and services is the responsibility of the Chinese.

While physical retail sales rose 4 percent, e-commerce again consolidated as the industry’s biggest bet and was responsible for a 22 percent increase in sales results compared to last year. In this area, the United States led the global market accounting for 44% of the total.

“New technologies are at the same time enriching online and mobile shopping experiences while potentially putting the role of physical channels at risk.” The path of luxury store opening is slowing, leading to channel consolidation in the future. brands should therefore rethink their physical channels and evolve their point-of-sale function to the point of contact and use new technologies to improve customer experiences in stores, “concludes Federica Levato, one of the editors.

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