A year and a half after the onset of the pandemic, the 8th edition of the ALTAGAMMA CONSUMER INSIGHT online conference takes a deep look into the evolution of the high-end consumer behavior.
After a year in which the only increase in consumption was recorded in the upper part of the luxury consumer pyramid, whose market share doubled compared to the previous year, the global market is gradually recovering and is estimated to return to pre-pandemic levels by 2022.
The push comes above all from US consumers, whose luxury purchases have restarted more quickly than expected, thanks to the strong government support, and from Chinese consumers, who confirm the trend towards the repatriation of purchases, started during Covid-19.
Millennials and Gen. Z are the other growth drivers and will account for 60% of total consumers by 2025. Among the major trends in consolidation: the increasing virtualization of luxury (new digital tools for engaging the consumer), the polarization of values between Western and Eastern styles, an omnichannel-centered distribution system and a growing attention towards the values of brands, in terms of environmental sustainability and inclusiveness.
The evidence emerged from the True-Luxury Global Consumer Insight, (Sarah Willersdorf and Filippo Bianchi, Managing Directors & Partners, Boston Consulting Group) were commented by Matteo Lunelli (President of Altagamma); Laura Burdese (President and CEO, Acqua di Parma), Lelio Gavazza (Executive Vice President Sales and Retail, Bulgari), Nicola Pianon (Managing Director & Senior Partner, Boston Consulting Group), Paolo Riva (GM Brand Partnerships & Merchandising, Neiman Marcus) and Luca Solca (Senior Research Analyst, Global Luxury Goods Bernstein), moderated by Stefania Lazzaroni (General Manager of Altagamma).
