Boston Consultingresearch report

2022 luxury Outlook Report From Boston Consulting

The following is the 2022 luxury Outlook Report From Boston Consulting recommended by And this article belongs to the classification: Boston Consulting, research report.

Boston Consulting released the “2022 luxury outlook report”. In recent years, the luxury industry has shown its ability to withstand and overcome the crisis, which provides support for market forecasts. The report predicts that its value creation will return to the level before the new crown in 2022, and will increase by 6% between 2022 and 2026. Now, in the country with the most developed luxury goods, luxury goods have become the source of national pride more than ever before. For example, 85% of French respondents and 80% of Italian respondents have this idea.

Consumers believe that luxury goods are defined by quality, craftsmanship and creativity. They also believe that it bears certain social and environmental responsibilities.

However, the industry is now facing a paradigm shift within its scope of activities. For example, six out of ten consumers said that they incorporated sustainable development into their purchase decisions. Almost half of consumers were interested in the concept of virtual stores, and 80% of consumers believed that luxury fashion companies should focus on product life cycle management, not just production and sales.

After more than 40 interviews with Comit é Colbert members, directors of luxury fashion companies and industry experts, the report identified five challenges and opportunities facing the luxury industry in the future:

1. Resources and production. From excellent core expertise to the responsibility of the entire supply chain, given the scarcity of resources, the industry must maintain quality and accelerate innovation.

2. Life cycle. From symbolic products to responsibility for the whole product life cycle, it must take into account sustainability, usability, rarity and novelty

3. Customer relations. From physical experience to digital integration, the luxury industry must transform excellence into new experience.

4. Responsibility. From competitive advantage to collective imperative, it must lead the environmental, social and Governance (ESG) transformation in the alliance.

5. Globalization. From unreserved globalization to reassessing geostrategic dependence, it must explore new areas and predict risks.

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