"The year 2022 will mark the entry into the era of "multi-luxury" or the end of global luxury dictated from Europe" Claire Gallon, The Salmon Consulting.
In 2021, luxury has succeeded in renewing itself to remain more prosperous than ever. We have seen the establishment of the Chinese market as the first market of purchasing power and consumption, the radicalization of the woke movement from the United States among the luxury goods whose exemplarity is expected, a competitive hyper-aggressiveness everywhere to retain the local clientele, the boom in "little treats" such as Bottega Veneta's Lugs at the same time as the return to basics, such as the Chanel 11.12. A situation that has undoubtedly favored the rise of second-hand and the activity of luxury auction houses. We have also witnessed the diversification of luxury in homes, imposed by confinements and the rise of inequalities. This has given rise to new signs of social distinction at home.
Where luxury is often judged as "conservative", it has been fascinating to see how quickly players have integrated these developments into their system. You can now buy and sell your vintage pieces directly at Gucci, take care of yourself with Dior, play sports with Hermès Fit, follow the performance in open data of Kering's commitments...
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How much longer will this prosperity last? The smallest political move in China can trigger geopolitical risks, affecting the state of luxury for years to come. The increase in the debt in the United States can be the origin of a global economic shock. Technological platformization with Alibaba, Amazon Luxury Store or Farfetch and its first label "There Was One" opens up a new competitive field still underestimated in the industry - in the experience, the disintermediation of the customer relationship, and even the creation of tomorrow.
