Milan 13.06.2019

Personal luxury grows by 6% China continues to drive the growth of the global market

Presented in Milan the updates to the Altagamma Monitor on the Global Markets study, carried out by Bain & Company in association with Altagamma, and the Altagamma Consensus 2019, produced by Altagamma for the last ten years with contributions from the leading international industry analysts.

The New Normal phase of the market, which began in 2017, continues with positive growth and the new generations of consumers and beyond–physicalpurchasing methods enabled by digital technology playing an increasingly essential role. 

According to the Altagamma Monitor on the Global Markets study, the global personal luxury goods market was worth €260 billion in 2018 with a steady growth rate of around 6%. The positive trend continued in the first quarter of 2019: “China” and “growing tourism in Europe” are the key factors behind this upturn, only partially tempered by a temporary fall in US consumer confidence. Forecasts for the current year predict a steady growth rate of +4/6% (€271-276 bn). The long-term growth forecast, +3-5%at a steady rate in2025, remains unchanged.

The update to the Altagamma Consensus 2019, carried out together with 23 international analysts, largely confirmed the Personal Luxury consumption growth forecasts made for 2019 in October 2018. The biggest growing segments are expected to be bags, footwear and leather accessories (+7%). There is also continued solid growth in Jewellery and Watches (+4%) and Perfumes and Cosmetics (+5%). Forecasts for apparel have improved compared with seven months ago and are now around the +3% mark.