Bain & Company has teamed up with Positive Luxury to offer a vision of sustainable luxury for 2030, highlighting five key areas of focus for brands hoping to implement sustainability strategies over the next 10 years.
This year has increased the importance of Chinese consumers to the luxury sector as the overall market has shrunk while China’s purchases have surged. And there's more to come in the next few years too.
Luxury puffer jacket maker Moncler is betting heavily on younger consumers and the Chinese market to help sales bounce back from the coronavirus crisis, its boss said, seeing scope for a recovery in late 2021.
Since the pandemic’s outbreak, luxury sales in China have boomed, accounting for up to 80% of the global market in 2020. A position that will stay dominant for years to come, according to Jefferies and Bain & Company.
Faced with consumers who are increasingly demanding in terms of brand values, luxury labels are undergoing a sea change, extending their vision beyond products. Gucci more than others, through its unique initiatives.
Gen Z and Millennial consumers will account for two thirds of the luxury market in 2025, forcing labels to adapt their strategies to their young clientèle’s “activist” vision, said the latest study by Bain & Co.