{"id":21883,"date":"2021-11-16T00:00:00","date_gmt":"2021-11-15T23:00:00","guid":{"rendered":"https:\/\/www.designdiffusion.com\/2021\/11\/16\/altagamma-observatory-how-consumer-behavior-is-changing-after-the-pandemic\/"},"modified":"2023-07-24T20:12:08","modified_gmt":"2023-07-24T18:12:08","slug":"altagamma-observatory-how-consumer-behavior-is-changing-after-the-pandemic","status":"publish","type":"post","link":"https:\/\/designdiffusion.com\/en\/2021\/11\/16\/altagamma-observatory-how-consumer-behavior-is-changing-after-the-pandemic\/","title":{"rendered":"Altagamma Observatory: how consumer behavior is changing after the pandemic"},"content":{"rendered":"<h2>The Altagamma-Bain Worldwide Luxury Market Monitor and the trends in the luxury goods sector<\/h2>\n<p>The 20th <a href=\"https:\/\/altagamma.it\/index\/\">Altagamma Observatory<\/a>, presented in Milan in November 2021, reports a consumption recovery in all luxury sectors; at the same time, the events of the last two years have accelerated ongoing changes that we will see in the coming years.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-159058\" src=\"http:\/\/www.designdiffusion.com\/wp-content\/uploads\/2023\/07\/presentazione-altagamma.jpg\" alt=\"\" width=\"1000\" height=\"666\" \/><\/p>\n<p>The <strong>Altagamma-Bain Worldwide Luxury Market Monitor 2021<\/strong> estimates growth in the global luxury goods sector at \u20ac1,140 billion, recovering about half of the 2020 losses. For personal luxury goods, there is a full recovery, with a 2021 market value forecast of \u20ac 283 billion, +1% from 2019.<\/p>\n<p>According to the Altagamma-Bain Worldwide Luxury Market Monitor 2021, <strong>the overall luxury market, which includes both luxury goods and experiential goods, is showing a substantial recovery in 2021 over 2020<\/strong>. The global value of the market is approximately 1.1 trillion euros. The most relevant finding from the analysis is that <strong>the pandemic has caused a marked shift in spending from experiences to goods, particularly furniture, design, food and fine wines<\/strong>.<\/p>\n<p style=\"text-align: right;\"><strong>Read also<\/strong> <strong><a href=\"https:\/\/designdiffusion.com\/en\/2021\/10\/22\/selling-furniture-online-after-the-pandemic\/\">Selling furniture online after the pandemic<\/a><\/strong><\/p>\n<h3><img decoding=\"async\" class=\"aligncenter size-full wp-image-159056\" src=\"http:\/\/www.designdiffusion.com\/wp-content\/uploads\/2023\/07\/slide-altagamma-1.jpg\" alt=\"\" width=\"976\" height=\"552\" \/><\/h3>\n<h3>Furniture and design are still growing<\/h3>\n<p><strong>Designer and high-end furniture have grown 13\/15% over 2020, and 6\/8% between 2019 and 2021<\/strong>. The forced presence at home in 2020 gave back to the house a new central role; spaces increasingly mix living and working functions, giving rise to new product categories. The core market of high-end design, which showed a stronger-than-forecasted performance in the last quarters of 2020, continues its growth. In fact, <strong>consumers\u2019 focus on the home is stable, particularly on living, bedroom, outdoor and lighting<\/strong>. Moreover, the interpenetration of living and working spaces also fuels the search for comfort, functionality and flexibility in design solutions.<\/p>\n<p>However, consumers&#8217; desire to resume experiences is at an all-time high, with their recovery primarily dependent on the normalization of travel.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-159044\" src=\"http:\/\/www.designdiffusion.com\/wp-content\/uploads\/2023\/07\/slide_altagamma_2.jpg\" alt=\"\" width=\"978\" height=\"551\" \/><\/p>\n<h3>China and North America lead the recovery<\/h3>\n<p><strong>In geographic terms, mainland China has led the recovery<\/strong>, doubling its market compared to 2019. <strong>There has also been a solid recovery in the United States (already above 2019 levels<\/strong>). The Americas have now become the world\u2019s largest market for luxury, representing 31% of the global market, the Middle East was another fast-growing market (above 2019 levels and + 34% compared to 2020). Europe (+20% compared to 2020), Japan (+10%) and the rest of Asia (+19%), on the other hand, have only partially recovered during 2021 and have not yet reached pre-Covid levels.<\/p>\n<p>As for product categories, the footwear market reached 23 billion euros in 2021 (+11% compared to 2019). Bags have brought in 62 billion euros this year, +8% compared to 2019. In 2021 Jewelry grew by 7% compared to 2019, at 23 billion euros. Lastly, while watches, cosmetics and fragrances have returned to 2019 levels, clothing has yet to recover (-10% compared to 2019).<\/p>\n<p>The market has been supported by the recovery in local consumption, the combined effect of China and the United States, and the continued strength of the online channel. <strong>Younger customers (Gen Y and Gen Z) continue to drive growth and together they will make up 70% of the market by 2025<\/strong>.<\/p>\n<h3 class=\"p1\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-159052\" src=\"http:\/\/www.designdiffusion.com\/wp-content\/uploads\/2023\/07\/slide_altagamma_fasce-consumatori.jpg\" alt=\"\" width=\"969\" height=\"547\" \/><\/h3>\n<h3>What future for luxury goods?<\/h3>\n<p><strong>Therefore, 2021 could be considered a &#8220;year zero&#8221; for consumption, the beginning of a new cycle that will see consumers change significantly<\/strong> in a few years as Gen Y and Z become the main customers. <strong>China and America will always lead the market, with numerous offshoots in other places, some of which have probably yet to emerge<\/strong>. New consumers will be more interested in the product and less in the brand; environmental awareness will drive the second-hand luxury market.<\/p>\n<p style=\"text-align: right;\"><strong>Discover<\/strong> <strong><a href=\"https:\/\/designdiffusion.com\/en\/2021\/06\/03\/deesup-the-marketplace-for-design-furniture\/\">Deesup, the marketplace for second-hand design furniture<\/a><\/strong><\/p>\n<p class=\"p1\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-159050\" src=\"http:\/\/www.designdiffusion.com\/wp-content\/uploads\/2023\/07\/slide_altagamma_5.jpg\" alt=\"\" width=\"974\" height=\"546\" \/><\/p>\n<p>The pandemic has caused changes in the market that could be permanent. In fact, it is estimated that a segment of the older generation may have left the luxury goods market permanently, and by 2025 some balances will be permanently altered. <strong>In addition to demographic changes, sales and distribution channels will play a crucial role; online sales doubled in volume between 2019 and 2021<\/strong>. Online sales pose a question of new paradigms; the focus is on the awareness phase, which will be increasingly important for brand recognition. New consumers will be increasingly attentive to the values a brand expresses and less and less to appearance\/icon, and even less to price range. Moreover, they will be increasingly sensitive to sustainability.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-159048\" src=\"http:\/\/www.designdiffusion.com\/wp-content\/uploads\/2023\/07\/slide_altagamma_4.jpg\" alt=\"\" width=\"978\" height=\"546\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Altagamma-Bain Worldwide Luxury Market Monitor and the trends in the luxury goods sector The 20th Altagamma Observatory, presented in Milan in November 2021, reports a consumption recovery in all luxury sectors; at the same time, the events of the last two years have accelerated ongoing changes that we will see in the coming years. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7921,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[328],"tags":[],"class_list":["post-21883","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-design"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Altagamma Observatory: how is consumer behavior after the pandemic<\/title>\n<meta name=\"description\" content=\"The 2021 Altagamma-Bain Observatory confirms the recovery of consumption of luxury brands after the pandemic, thanks to China, North America, Gen Y.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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