2022 global luxury retail Outlook Report From Colliers

The following is the 2022 global luxury retail Outlook Report From Colliers recommended by recordtrend.com. And this article belongs to the classification: research report, network marketing, Online shopping.

After the epidemic, luxury goods rebounded rapidly.

In 2020, the global luxury fashion market decreased by 12.6% year-on-year, equivalent to US $28billion, because the closure of stores and the reduction of international travel during the blockade seriously affected demand.

However, with the recovery of travel and social activities and consumers’ desire to invest in new clothing and accessories, the market rebounded rapidly. In 2021, sales exceeded the levels of 2020 and 2019.

The United States has the highest income, but the growth rate is not the fastest.

Driven by the strong economy and the demand generated by the affluent customer base, the United States remains the largest luxury market, with luxury sales reaching $63.3 billion in 2021. In 2019, Americans spent more on luxury goods than China, Italy and Japan combined. In addition, the United States is expected to maintain this expenditure scale by the end of 2022.

The fastest growing countries come from Asia. The instability of the past few years has made the United States a powerful opponent against Chinese consumers’ luxury spending. However, China is still the growth leader and is expected to become the world’s largest luxury market by 2025.

Merger, cooperation and acquisition.

Globalization makes it necessary for brands to expand beyond traditional markets. Emerging markets in the Asia Pacific region, including China and India, provide untapped time for brands rooted in the West.

In view of the difficulties in the transformation of today’s luxury brands, the prospects for independent luxury brands are bleak. Holding companies representing some of the largest brands benefit from strong capital and mature customer base, and can invest in promotion, technology and design capabilities, which luxury boutique brands cannot afford. In addition, in the case of survival of the fittest, brands are ready to take off, so it is extremely important to invest in expanding infrastructure and distribution networks.

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