Podcast Center
Video Center
Webcasts
Resource Center
Events
By 
December 03, 2021 at 03:13 PM
Related: 10 Cool Holiday Gifts for Clients Under $100
The personal luxury goods industry roared back this year, experiencing a V-shaped recovery from a sharp contraction in 2020, according to a recent report from Bain & Co., a global consultancy, in collaboration with Fondazione Altagamma, the Italian luxury goods manufacturers’ industry foundation.
Gift-givers this holiday season won’t want for luxury products to lavish on their nearest and dearest.
The personal luxury goods market grew by 29% to hit $320 billion, increasing the size of the market by 1% over 2019 levels. Bain & Co. estimates that the market could reach $407 billion to $430 billion by 2025 with a sustained growth of 6% to 8% annually.
The overall luxury market, which encompasses both wider luxury goods and experiences, is still below 2019 levels, at approximately $1.2 trillion, the report said. A shift from experiences to goods and experience-based goods has compensated for just half of the gap versus 2019.
The revived luxury goods market has been powered by the resumption of local consumption, the dual engine of China and the U.S. and consistent strength of the online channel.
Millennials and Gen Z customers continue to drive growth, and together will make up 70% of the market by 2025, Bain predicted.
“The changes in the luxury industry over the past 20 years have been remarkable, and the emergence from the COVID crisis comes as a renaissance for luxury brands,” said Claudia D’Arpizio, a Bain & Co. partner and lead author of the study.
“Where once it was all about status, logos and exclusivity, luxury brands are now actors in social conversations, driven by a renewed sense of purpose and responsibility.”
See the gallery for 15 luxury items that are nice to have and to give as holiday gifts.
Slideshow
