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Monday, December 20, 2021Market

2021 luxury barometer: time for optimism

Baromètre luxe 2021 : l'heure est à l'optimisme

How is the luxury sector faring in this still troubled health and economic context? To answer this question, Ifop’s luxury division conducted a survey of professionals in the sector. The results were presented at the Grand Prix Stratégies du luxe, organized by the eponymous weekly magazine.

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This study was conducted online from November 8 to 24, 2021. 189 professionals (managers, brand managers, agencies specialized in luxury) were interviewed.

A bright spot…

While the sector was in a state of decline, growth is indeed back.
84% of those surveyed said they were fairly optimistic about the outlook for luxury goods in 2022. A result that shows the enthusiasm of professionals since, according to them, Europe and Russia were the countries whose premium market was most affected by the health crisis.

According to the respondents, all segments of the sector should benefit from the economic rebound. For example, 54% of respondents believe that the cosmetics sector will be affected by the recovery in 2022.

…threatened by cloudy weather

Although the panel believes that the horizon is clear for luxury, some threats could challenge the sector.
These include:
• Second-hand market at 38%
• A drop in product quality and excellence at 22%
• too high demand for short-term profitability (21%)
• Lack of appetite of the new generations for luxury goods (20%)
• Competition from new brands from emerging countries (19%)

New buying behaviors

Society is changing and so are consumers.
According to the panelists, the new habits …

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