Emphasis On “Resilience, Relevance, And Renewal” For The Global Luxury Sector In 2024 - Skywire London
To say that the past year has been a turbulent one for our world would be quite the understatement, and there can be no doubt that high-end brands have had to be inventive and resilient in combatting the ups and downs of an ever-changing market. Nonetheless, a new Bain & Company report with the Italian luxury goods manufacturers’ industry association, Altagamma, has also drawn attention to the worldwide luxury industry’s continuing strength, with the market projected to reach €1.5 trillion in 2023. This figure, representing growth of 8% to 10% compared to 2022, would constitute a new record for the sector. This, in turn, indicates the extent to which – even amid tricky macroeconomic conditions – consumers around the globe are still determined to immerse themselves in new luxury experiences. Indeed, that word “experiences” seems to be very much a key one in 2023, as high-end brands look to the New Year in partnership with their chosen luxury advertisi...