2022 was a record year for the luxury market, which decisively overtook i pre-Covid levels e is preparing to continue a trend of growth in 2023, despite the ongoing macroeconomic turmoil. The production chains of excellence are a driving factor for entire sectors: the top of the range becomes the driving force for the Italian economy
In the 2022, the global luxury market is seen to grow by 21%, reaching almost 1.400 billion, while it is estimated for i personal luxury goods a growth of 22% to 353 billion. The scenario unfolds positive also for 2023, when the margins (EBITDA) of high-end companies are expected to grow by 6%.
For companies whose target is made up exclusively of higher-end consumers, the Ultra High-Net Worth Individuals, EBITDA is estimated to be higher: +8%.
Luxury: Altagamma sees a growing trend until at least 2030
A trend that is part of a path that is also expected to grow in the long term: in 2030 the market value of personal luxury goods it is expected to rise to about 540-580 billion, an increase of 60% or more compared to 2022.
This is what emerged during the twenty-first Altagamma Observatory, held in Milan, where they were presented two reports: theAltagamma-Bain Worldwide Luxury Market Monitor, presented by Claudia D'Arpizio and Federica Levato, Senior Partners of Bain & Company and theAltagamma Consensus 2023, presented by Stefania Lazzaroni, General Manager of Altagamma, and created with the support of leading financial analysts.
Luxury can be the locomotive of the Italian economy
"The top of the range, after the strong rebound following the outbreak of the pandemic, has completed the recovery path, recording an all-time record in 2022 with a +21% worldwide" he said Matteo Lunelli, president of Altagamma. "We have to not just protect, but make ours grow National Champions and production chains of excellence which are a driving force for entire sectors. The top of the range can ultimately be a locomotive for the Italian economy" he said.
Also present were the leaders of some luxury companies: Francesca Bellettini, President and CEO of Yves Saint Laurent; Sabina Belli, CEO of Pomellato Group; Pier Francesco Nervini, COO Northern and Central Europe and Global Accounts of Global Blue; Cristina Scocchia, CEO of illycaffè; Daniel Talens, CEO of Alessi and Stephan Winkelmann, Chairman & CEO of Automobili Lamborghini.
The Minister of Enterprise and Made in Italy, Adolfo Urso: "The change of the name to the Ministry of Enterprise and Made in Italy is not only a lexical change, but a clear indication of the new mission that this government wants to give: to promote, protect and enhance our brand in the world", he said. "The excellent Made in Italy represented by Altagamma is the flagship of our manufacturing industry and has been able to maintain a leading role in a global context in an extremely difficult period, making a significant contribution to GDP".
From the side consumers, the macro-economic situation favors polarization between richer and less well-off sections of the population: worldwide the middle class suffers, with the exception of the Chinese which, thanks to the "Common Prosperity" policies implemented by Beijing, tends to strengthen and drive consumption: Chinese consumers will be the best performers in 2023 with a +10%.
At the level of product, we note the leadership of accessories which continue their positive trend: +8,5% for leather goods and +7% for footwear. Clothing (+6%) and cosmetics (+5,5%) confirm the growth rate of 2022.
As for the distribution channels, the retail channel will continue to thrive, both physical (+7%) and digital (+8%), which allows a direct relationship with consumers and greater control of all touchpoints, allowing brands to strengthen an omnichannel strategy.
