One of the post pandemic trends is on society’s investment in products that add personality and are aligned with a production style considered sustainable. One of the markets that contributes to this concept the most and promotes the growth and development of products that meet this need is the luxury market.
Despite a larger quantity of consumers of luxury goods belonging to the United States – Europe axis, other countries show sales growth for products such as shoes, bags, watches and luxury jewelry. Among those, some that stand out are Oriental Asia, the Middle East, and localities in South America and Oceania.
A study done by Bain consultancy points out that the sales growth of luxury goods should finish 2022 with growth of at least 5% worldwide. It’s worth noting that this consumption trend occurs even in countries and regions with a rising inflation and political uncertainty.
In terms of numbers, according to Bain, sales should finish the year between 305 billions of Euros (BRL 1,680 trillion) and 330 billion euros (BRL 1,815). This estimate points towards a fast recovery in the luxury market after restrictions and economic fluctuations during the pandemic.
Last year, sales hit 288 billion euros, surpassing Bain’s expectations, heavily influenced by the end of year parties and the proximity to the end of the sanitary crisis during the second semester. The consultancy also highlighted that the end of the lockdowns in China should also boost the sale of personal luxury goods in 2022.
Courovale directly contributes to the most varied segments of the global market, providing innovative and high quality goods to industries worldwide for the manufacturing of high added value products, such as bags and shoes. Contact us and learn more details about our collections on our website or on our social media.