The growth in total spending was consistent with the growth rate in 2022 and translated to a nearly €160 billion increment in spending across all luxury segments. [...] The market for personal luxury goods—the “core of the core” of luxury segments and the focus of this analysis—continued growing and is likely to have reached €362 billion in 2023, 4% higher than 2022 at current exchange rates (8% at constant exchange rates). [...] However, the market performance softened quarter by quarter, and uncertainty remained heading into the fourth quarter, with diverging signals coming from a reaccelerating Chinese market and decelerating markets in the US and Europe. [...] Generations X and Y are in their peak income years, representing the bulk of luxury purchases and the key pool of income growth in the near future. [...] The most likely outcome in the fourth quarter of 2023 is a stabilization of sales compared with the last quarter of 2022.
- Pages
- 32
- Published in
- United States of America
