Bain-Altagamma Spring Update
Bain & Company and Altagamma have just released their Spring update, confirming the early observations of 2021. Overall, it seems that the industry has returned to its pre-Covid19 level (2019 numbers), led by China and the US markets - Europe left behind, showing once again some difficulty to bounce back without the international luxury travelers and tourists.
“It’s clear that consumers still want to buy luxury goods, and this, along with the brands’ ability to adapt and innovate, is driving a return to growth in the market."
- Claudia D’Arpizio, a Bain & Company partner and lead author of the study.
As in their last 2020 update (Nov 2020, available HERE), Bain & Company present 2 possible scenarii depending, mostly, on our ability to return to travel in 2021 (and seem quite cautious, rather than optimistic).
In regards to industry trends, they confirm what we have seen developing in 2020 in the context of a new pandemic/post-pandemic luxury:
- a growing emphasis on suburban areas (city centers not being so attractive anymore)
- the cultural influence of GenZ consumers
- the predominance of digital - combined with a human interaction, whatever that means
- the rise of second-hand luxury market for either personal consumption or collection/investment
Credit : Therealreal.com
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