FILE - A model displays the collection by Russian designer Slava Zaitsev during the opening of the Fashion Week in at Zaryadye Park with the Spasskaya Tower and St. Basil's Cathedral in the background near Red Square in Moscow, Russia, on June 20, 2022. , according to a new study by Bain consultancy released on Tuesday, Nov. 15, 2022.
D’Arpizio cautioned that the sector is not recession-proof but is more resilient than it was in the 2008-2009 financial crisis, when luxury sales tanked. Mature markets in the United States and Europe are the strongest performers, each growing by about a quarter. U.S. sales are projected to hit 113 billion euros this year, while Europe is the globe’s second-largest market at 94 billion euros in sales.
Chinese consumers are strong drivers despite the impact of ongoing COVID-19 lockdowns, but their overall weight has been reduced by the emergence of strong new markets, including South Korea andWhile Bain previously predicted that Chinese shoppers would represent half of all luxury consumers by the middle of this decade, the new study puts them at around 40% by 2030.
Yall got to get it together. Either we are on the brink of a recession or people are rich and throwin down on handbags. The media is trash.
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