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Asia, Europe are propelling luxury through 2023: Bain & Company Luxury Study

The 22nd edition of the Bain & Company Luxury Study, released in collaboration with Italian luxury goods body Fondazione Altagamma, shows growth amid macroeconomic and geopolitical turbulence. Asia is setting the pace, thanks to domestic demand and a renewed influx of Chinese tourists in the region. Europe is on track to post a robust gain for the year, while the Americas are experiencing a drop in sales.

The value of the personal luxury goods market is set to hit a record €362 billion this year, up 4% from 2022.All categories grew, led by jewellery and apparel. Despite short-term uncertainties, we expect that solid fundamentals will produce continued growth in the overall personal luxury goods market in the coming years.

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