Bain & Company

As consumer confidence waivers and economic and geopolitical tensions persist, luxury brands are reporting polarised performance, consultancy Bain said.

The global luxury market accelerated sharply in early 2022, the consultancy found, but risks slowing due to macroeconomic pressures and Covid-19 lockdowns in China.

Bain’s annual market study shows an uneven recovery with new brands, regions and distribution channels taking the lead. Some of these shifts are likely to stick.

Luxury sales overall won’t likely get back to pre-pandemic levels before 2022. But a few brands are already surging ahead of the pack.

Consumers in their late teens and early 20s are rapidly taking center stage in China, the average shopper is reportedly younger than anywhere else in the world.