By  on February 17, 2017
Chinese both at home and abroad are seen boosting their spending at sites like Hong Kong's Time Square mall.

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.

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