MILAN — Could the sluggish growth in luxury in recent years have resulted in a healthier sector?
According to the 12th True-Luxury Global Consumer Insights study by Boston Consulting Group and Altagamma, as the industry prepares for a moderate bounce back with sales projected to increase between 2 and 5 percent this year, that’s most likely the case.
Assessing consumer sentiment among 10,000 respondents from the 11 countries that contribute the most to the luxury sector, the consultancy depicted a complex but more focused scenario.
Consumers’ appetite for luxury goods is picking up despite ongoing macroeconomic and geopolitical headwinds. They are also more ready to embrace AI in their shopping journey than brands are currently allowing. And despite the global creative reset that has dominated headlines for the past two years, they may not be driven to any of the luxury brands because of a new creative director.
The report highlights how the sector’s underperformance in the 2023 to 2025 period has a silver lining, having potentially given way to renewed organic growth — with sales estimated to increase between 4 and 7 percent by 2029 — albeit following different rules.
