Global personal luxury goods market reaches €288 billion in 2021

Worldwide
Published:  23 June, 2022
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According to the latest report from Bain & Company, the global personal luxury goods market reached €288 billion in value in 2021.

Among the key findings of the Rerouting the Future report, Bain & Company also found that the market benefited from a strong holiday shopping season, with a 7% increase over the same period in 2019 (pre-pandemic).

Additionally, China continued to see double-digit growth last year and Western markets experienced sustained local demand with the U.S. seeing strong momentum even after federal stimulus cheques ended.  

Looking forward, Bain & Company estimates that market growth for this sector could reach €360-380 billion by 2025.

“In the last few months, luxury brands have been forced to reroute their futures” said Federica Levato, a Bain & Company partner and co-author of the report.

“Winners will rapidly embrace the changes, ensuring they fully understand the implications of new geopolitical dynamics and cultural trends for all of their stakeholders: consumers, investors, employees and society at large.

“Those that come out ahead will take advantage of the opportunities presented by the virtual world, the sustainability transformation and preferences of younger generations.”