Luxury quantitative forecasts for 2022
The global growth of the luxury sector is valued at 1,140 billion euros for 2022, according to the Worldwide Luxury Market Monitor of Altagamma-Bain. Which markets will drive this growth? Our analysis.
By Bettina Bush Mignanego18 novembre 2021
121 Bn €
The global market for personal luxury goods in 2001
283 Bn €
The global market for personal luxury goods in 2020
Growth forecasts for the leather goods sector in 2022
For its anniversary edition, the 20th Altagamma Observatory presided by Matteo Lunelli gave the floor to luxury leaders and invited them to debate about future trends. On stage, the leaders that embody a certain conception of Made in Italy each deciphered the important changes they are facing. “Today we celebrate twenty significant years for our business, explained Matteo Lunelli, Chairman of the Altagamma Foundation, during which we have observed the luxury product market performances and trends which has grown significantly: it increased by 135% during the last two decades. In 2001, the global market of personal luxury products totaled 121 billion and is today valued at 283 billion euros in growth vs 2019. But beyond size, the market has fundamentally changed. Twenty years ago, China did not play such an important role, while it should be absorbing over half of the total luxury market by 2025.
Brands have become media-focused companies
Matteo Lunelli, president of the Altagamma Fondation
When we launched the foundation, digital did not even exist. The world of luxury went from exclusivity to inclusion. Before that, luxury essentially circled around products and distribution, while now, brands have become media-focused companies. They have to create value for shareholders, as well as the community.”
Brands: catalysts of social and cultural change
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