Luxury spending continued to skew toward products, with steep growth in personal luxury goods and more moderate growth in experience-based goods. After a severe contraction in 2020 due to the Covid-19 pandemic, the market grew back to €1.15 trillion in 2021 and surprised everyone in 2022 by further growing 19%–21%, according to our estimates. It comprises nine segments, led by luxury cars, luxury hospitality, and personal luxury goods, which together account for more than 80% of the total market. The overall luxury industry tracked by Bain & Company encompasses both luxury goods and experiences. These are key findings from the 21st edition of the Bain & Company-Altagamma Luxury Study, a collaboration between Bain & Company and Fondazione Altagamma, the trade association of Italian luxury goods manufacturers. ![]() The industry is poised to see further expansion next year and for the rest of the decade to 2030, even in the face of economic turbulence. ![]() The global luxury goods market took a leap forward in 2022, despite uncertain market conditions.
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