The luxury sector will suffer a slowdown next 2023

A report of the consulting 'Altagamma' has published a report, beside 'Bain Company' in which they offered data on the behavior of the sector of the luxury in this 2022. In this year, the personal articles of luxury have increased 22%, what supposes 26% with regard to the 2019.During the year 2022, the market of the goods of luxury has showed resistant to macroeconomics variables like the inflation, that experienced a growth of the double with regard to the past 2021, especially during the last three quarters of the year derived of the geopolitical unsteadiness and the increase of the costs of first matters and the energy. In spite of all this, the sector of the luxury reborned in the middle of a global situation loaded of uncertainty after the turn to the normality.Source: Bain-Altagama The 'drivers' that have allowed that during this year the sector of the luxury have not experienced a fall in hammered, how if they have experienced other sectors have been: the savings of the pandemia, the culture of the YOLO (You Only Live Eleven), the capacity of adaptation to some surroundings TUNA (Turbulent-Uncertain-Novel-Ambiguous) by an impact that has been minor to the of the financial crisis lived in the years 2008 and 2009 and also because purchase an article of luxury has turned into a species of investment thanks to the platforms that afterwards devote to resell.Whereas in Europe and United States during the third quarter of 2022 improved the consumption of the luxury in the period on holiday of summer, reaching 23%, 15% more than the same period of 2021, in China grow underneath of the levels of 2021 owing to the quarantines, the politics zero-covid and the tensions of the Chinese market. It foresees that this last quarter, with the arrival of the Christmas and the shopping during these festivities, reach 24% in the best of the cases.They have surfaced new markets of luxury like South Korea, that has reduced to the existent gap with Japan. Also it has appreciated a solid growth in countries of Latin America like Mexico, that is in command, followed of Brazil.The most consumed categories in the sector of the luxury, in this 2022 have been the products of leather, jewelry, clocks, shoes, beauty and pieces to dress.But… What will happen in 2023? And in the future?In this 2022, with an increase of 22% of the sales related in personal articles of luxury and a figure that will reach the 353 trillion euros, expects that in 2023 grow, but no to the same rhythm that this year. In the report show two stages: the realistic and the optimist. In the first case, will grow between a 3-5% with regard to the 2022, and in the optimist, between a 6-8%. The inflation, a stage of economic recession and the energetic crisis will put brake to the current numbers of the sector of the luxury in Europe and United States. In China it is necessary to add to this the prolongation of the restrictions and quarantines that will prevent the normality in his markets will make impossible a growth like the lived in 2022. In the Asian country until mediated of 2023, does not expect that they recover the optimum levels that indicated in 2021.In how much to the origin of the consumer of the luxury, those that more buy and consumptions personal articles of luxury are European, American and the Asian region reign the appetite of luxury; China and the Chineses will keep on being fundamental for the sector on a long-term basis. In 2022, between the 32-34% of the consumers of 'personal Luxury goods' were American, a 22-$24 Europeans, a 17-19% Chineses, between a 6-8% Japanese and a 13-15% other nationalities of the Asian continent.For 2030, it expects that the market of personal articles of luxury have a value from among 550 and 570 million euros, roughly an increase of value of twice and average during the next decade, predict 'Bain'. The technology also will arrive to the sector of the luxury during the next years, although there is some that show reluctant to them, the NFT's and the metaverse will habituate increasingly to this type of sector, with virtual shops, digital assistants of purchase and the digital control of the platforms of buying and selling.The luxury in SpainOn the other hand, Kantar Division Worldpanel, offers some data in how much to the consumption of the luxury in Spain (excluding Canary Islands) having also the account the tourism that buys in Spanish territory. The marks that takes into account Kantar Division Worldpanel are those devoted to the scents, make up and skincare and offers the following data: Increase of consumers with regard to the 2021: in the mobile year, November21 October 22, there has been 7.9 million buyers of this type of marks (2,5 more than same period 2021 and 1,5 more than in 2019). Above values of pandemia: the market of luxury today in 2% bigger that in 2019, with 2.7% more than units sold. The turnover with regard to the previous year has grown 7.6%, growth more moderate that in year precedent (+15.9%). This indicates also that begins to moderate the growth after the two last years . The sector of the scents leads the luxury: inside this segment the scents suppose 80% of the turnover, and is the category that grows, since the facial cosmetic, still has not reached the levels of 2019, although it is near. And the Make up, although in the two last years has gone recovering, today is a segment 33% smaller that in 2019.Still like this, from 'Kantar Division Wordpanel' signal that "the campaign of navidad will be key to see if it keeps the rhythm of growth or the consumer, in front of the uncertainity of the economic situation prefers to allocate his money to other things. Also it will be key the evolution of the price and of promotions and discounts so that the purchase do not wane, although we know that this will be by the expense of a lower turnover" declares the director Rosa Pilar López.

The luxury sector will suffer a slowdown next 2023

According to report elaborated by 'Altagamma' and 'Bain Company' this year the consumption of personal articles of luxury has increased 22%