Report urges luxury brands to “rethink their strategies”
31/05/2017
The report, which was commissioned by Italian luxury goods association Fondazione Altagamma, said greater local consumption in China and increased tourism and consumer confidence in Europe will see the market grow to €254-259 billion this year.
It urged brands to “rethink their strategies and adapt to millennial state of mind”. Among the steps it suggested was increased personalisation of products and service, and the development of more one-to-one relationships with local customers. This will be key to pushing the global personal luxury goods market to sales of €290 billion by 2020.
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