The 2018 edition of the Altagamma Monitor Conference was held in Milan, Thursday, November 15th.
Despite significant international uncertainty, luxury goods repeated the 5% growth recorded in 2017, thanks in particular to the Chinese market and new generations of consumers.
Total market value is around EUR 1,200 billion in 2018.
The Personal Luxury segment recorded even bigger growth of 6%, and is worth a total of EUR 260 billion.
The forecasts for 2019 also point to growth in theconsumption of personal luxury goods, with an estimated average increase of 5%.
Despite solid growth, the global picture is marked by ups and downs: China, the major driver of growth in the segment over the last decade, has bolstered and increased domestic consumption, while the growth in purchases in Europe has slowed, due to a drop in tourism. In this context, note should be taken of the increasingly greater weight of the online channel (10% of the total)and new generations (Y and Z), the only ones to generate actual growth in consumption.
The current situation in the luxury industry and markets was illustrated by the Altagamma Worldwide Market Monitor 2018 (presented byClaudia D’Arpizio, Bain & Company), the Tax-Free Consumption in the European Union 2018 (Pierfrancesco Nervini, Global Blue) and the Altagamma Consensus 2019 (Armando Branchini, Altagamma Foundation) studies.
Present and future scenarios and prospects were then discussed by Javier Fernández Andrinoof El Corte Inglés, Armin Broger of B&B Italia, Philippe Plein, Vittorio Radice of Rinascente, Pietro Ruffini of Archive, andPaolo Vitelli of Azimut Benetti Group,in a session of talks moderated by Armando Branchini and Claudia D’Arpizio.