Asia and Europe Are Propelling Luxury Through 2023

The 22nd edition of the Bain & Company Luxury Study, released in collaboration with Italian luxury goods body Fondazione Altagamma, shows growth amid macroeconomic and geopolitical turbulence. Asia is setting the pace, thanks to domestic demand and a renewed influx of Chinese tourists in the region. Europe is on track to post a robust gain for the year, while the Americas are experiencing a drop in sales.

All categories grew, led by jewelry and apparel. Despite short-term uncertainties, we expect that solid fundamentals will produce continued growth in the overall personal luxury goods market in the coming years.