In an elaborate update on the impact of COVID-19 on the global luxury industry, Bain & Company details how the luxury goods industry, has witnessed its sharpest drop in decades, estimated to reach recovery by 2022-2023.
Changing dynamics, such as little to no travel or tourism, changing spending patterns and beliefs and enduring restrictions are shaping the luxury industry of the future, which Bain believes is resilient enough to transform and redefine its purpose to remain relevant, especially towards new, young consumers.
A few key takeaways:
In their latest report Bain & C° takes a deeper look into the effects of the COVID-19 pandemic on the luxury segment. A few key take-aways;
The Antwerp World Diamond Centre (AWDC) and Bain & Company have released their ninth annual report on the global diamond industry: Strong Origins: Current Perspectives on the Diamond Industry.
The global personal luxury goods market grew by 6% in 2018, reaching €260 billion (more than $290 billion) in 2018, with similar growth forecasted for 2019, reports leading consultancy Bain & Co. in its “Bain Luxury Goods Worldwide Market Study, Spring 2019”. The strong growth, equivalent to that in 2017, was driven primarily by the acceleration in domestic spending of mainland Chinese consumers and an increase in European tourism. Bain & Co.
Bain & Company, together with the Antwerp World Diamond Centre (AWDC), has published their seventh annual report on the global diamond industry, "The enduring story in a changing world", covering industry developments in 2016 and the first half of 2017 as well as the challenges the industry faces and how it is turning them into opportunities. Their report looks at key issues along the value chain, from rough-diamond production and sales, to midstream performance and global diamond jewelry demand in major markets.
According to a new report from consultancy Bain & Co., after stalling in 2016, revenues from personal luxury goods are set to rise 6 percent in 2017 to 262 billion euros ($308 billion), thanks to thriving demand from Chinese and Millennial shoppers, writes Reuters. Earlier projections were for a growth rate of 2 to 4 percent, but as Bain opens its summary statement, "Luxury is back in fashion.
The recently published Global Diamond Report 2016 prepared by Bain & Company and AWDC covers industry developments in 2015 and early 2016 and takes a close look at the millennial generation (roughly speaking, people born between 1980 and the early 2000s) as a new category of diamond buyers.
Bain & Company together with the Antwerp World Diamond Centre (AWDC) has published their sixth annual report on the global diamond jewelry trade, with the lead insight being that in 2015 - not a banner year by any stretch of the imagination - retail sales grew 3% at constant exchange rates but declined about 2% in US dollar terms due to currency depreciation and slower demand in China. This followed a period of growth from 2012 through 2014, signifying that diamond jewelry consumption has entered "a moderation phase".
Jing Daily writes that according to Bain & Company’s annual industry "Bain Luxury Study" report, 2016 marks the first time in history that Chinese consumers contributed less to global luxury sales than they did the year before, despite China’s luxury market growth re-emerging into positive territory after two years of recession.
Against the lavish backdrop of Baselworld, "the glittery industry fair, where the latest innovations in timekeeping are unveiled and gem-encrusted baubles from the likes of Chanel, Chopard, Patek Philippe and Graff tempt buyers from around the world," Kati Chitrakorn writes for Business of Fashion that all is not well in the diamond industry backstage. "Acute pressure has been mounting on the industry’s $80 billion diamond market.
Bain & Co. has released its fifth annual report on the global diamond industry prepared by the Antwerp World Diamond Centre (AWDC) and Bain. This year’s edition takes a comprehensive look at the year’s major developments along the diamond value chain, focusing on the reasons for the recent drop in rough and polished prices against the background of continued but slowing growth in the macro economy.
According to Bain & Company's 2015 "Luxury Goods Worldwide Market Study", the overall luxury industry surpassed €1 trillion in retail sales value in 2015. Meanwhile, aided by global currency fluctuations and continued jet-setting of "borderless consumers," the personal luxury goods market, including jewelry, ballooned to €253 billion. This represents 13% growth at current exchange rates, while real growth slowed significantly to 1-2%.