Chinese both at home and abroad are seen boosting their spending at sites like Hong Kong's Time Square mall.
Shutterstock / saiko3p
MILAN — Luxury goods makers beware: your industry is changing faster than you think, from a massive shift in favor of casualwear (to the detriment, obviously, of formal wear) to increasing demand for customization and the need to soothe angry consumers who feel that the price increases of the past few years have gone a little too far.
These were some of the observations shared during Altagamma’s Consumer and Retail Insight 2017 held here. Introducing the fourth annual “True Luxury Global Consumer Insight” — carried out with BCG — Altagamma vice president Armando Branchini set the pace with some key figures: in 2016 there were some 415 million luxury goods consumers in the world who spent a total of 860 billion euros, or $920.2 billion at current exchange. By 2023 luxury consumers are expected to total some 490 million and account for some 1.185 trillion euros, or $1.27 trillion, in sales.
"I think that all anyone really wants in life is to have people understand us for who we actually are, despite everything," says Ruth Negga. The actress talks "Preachers" season 2 and more on WWD.com. #wwdeye (📷: Dan Doperalski)
"That's something that resonates with me too because I'm so locked into a number. If I go over that number it completely ruins my day so it's nice to get detached from the number on the scale." - Chelsea Handler on Kelly LeVeque's book "Body Love." #wwdeye (📷: John Salangsang)