New boom in the luxury market

26-01-23

Bain & Company research revealed several surprises. While Wall Street fell 20% in 2022, luxury spending rose by the same proportion, fuelled by the younger generation. And it was not China that was the main driver, but the US.

We may be entering a global recession, but there is one group of people who can't seem to stop spending: the world's richest. Although overall retail sales have been declining, and the stock market fell 20% last year, spending on luxury goods and experiences actually grew by roughly the same amount in 2022, as wealthy individuals unleashed their "spirit animal".

The data, which comes from a new study of the luxury market by Bain & Company, challenges much of our conventional wisdom about spending on luxury goods and the wealthy in general..