The global luxury market expected to reach 340 billion euros by 2025

The global luxury market is expected to reach 310/340 billion euro in 2025 as indicated by a Bain & Company study, presented by Claudia D’Arpizio at the summit organized by the CNMI in Milan. In 2015, the global luxury market recorded 250 billion euro.

Leading the future growth will be the world’s population travel and the increase in tourist flows. Asia as region but also globetrotter Asian consumers will continue to strengthen their leadership in 2025 absorbing over 50% of luxury purchases globally, against the current 30%.

For the next few years Claudia D’Arpizio foresees a considerable increase in the number of international travelers from the current 1.23 billion to 1.6 billion of 2025. “The shopping done from home will become increasingly important and, consequently, the purchase will be motivated more and more by savings, thanks to currency exchange fluctuations or tax free. Sales at discounted prices already account between 30% and 40% of global luxury consumption.”

It is crucial to revise the offering and provide value for money : the price differences between countries have to be eliminated as much as possible. “Every aspect of this industry is becoming more fluid : the barriers between genders and those between casual and formal wear” said Claudia D’ Arpizio .

‘Investments in retail will have to be rethought , as the multi-channel approach is essential. Everything must be in ongoing dialogue and part of the same experience , because the purchases will be increasingly driven by Millennial , which today are worth 25 % of the market , but we must not forget that in 2025 generation X and Y together will have 80% of the purchasing power”

Bulgari store

 

 

Crucial then review the offer of products , starting with the value for money : the price differences between countries for the same item will go as far as possible eliminated . "Every aspect of this industry is becoming more fluid : the barriers between genres , to those between casual and formal wear , " Goodman said Claudia D' Arpizio .

'Investments in retail will be rethought , as the multi-channel approach is essential - he concluded - . Everything must be in ongoing dialogue and part of the same experience , because the purchases will be increasingly driven by Millennial , which today are worth 25 % of the market , but we must not forget that in 2025 generation X and Y together have 80% purchasing power "

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