The Key Trends For The Luxury Goods Industry In 2018

Luxury brands should devote particular attention to millennials and Chinese consumers in the coming years, according to True-Luxury Global Consumer Insight, the fifth edition of an annual study by The Boston Consulting Group (BCG) and Altagamma, presented today in Milan. Millennials are the generation that will contribute the most to the market’s growth: some 130%, to account for 50% of the market in 2024. Chinese consumers represent the nationality driving the most growth: about 70%, to account for 40% of the 2024 market. The overall luxury goods industry, including products and services, is worth approximately €915 billion today and will reach about €1,260 billion in 2024.

Altagamma (which gathers high-end Italian cultural and creative companies) and BCG are releasing today their latest survey on luxury goods, which covered 10,000 consumers of luxury goods across ten countries. This survey notably focuses on millennials and Chinese consumers.

The Attractiveness of Casual Style Is Confirmed

Formal dressing is on the decline: 73% of consumers are turning away from it, a 7-percentage-point increase since our last survey. This trend is encouraged by wardrobe saturation among the eldest consumers and their “forever young” behavior. Younger generations, for their part, feel that casual style better represents their personal branding. The rise of affordable luxury and numerous collaborations between classic brands and streetwear brands are also stimulating this trend.