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Tuesday, December 19, 2023Market

How did the luxury industry perform in 2023?

Comment s'est porté le secteur du luxe en 2023 ?

To coincide with the Grands Prix Stratégies du Luxe awards (organized by Stratégies magazine on December 6, 2023 in Paris), IFOP, a partner of the event, has produced a luxury barometer. The polling institute surveyed over 200 professionals from the prestige sector (all sectors included) to find out how they felt about the past year… Spoiler, the prevailing gloom is starting to take its toll on the sector.

Reading time
~ 2 minutes

The 220 panellists (selected by invitation) completed an online questionnaire. Interviews took place between November 15 and 27, 2023.

This year, morale is down. Last year, 77% of respondents were confident about their industry’s resilience; now the figure is just 58%.
38% of those surveyed are worried, and 4% are grimacing.
The economic crisis has a lot to do with it: 45% of executives surveyed view the situation with pessimism.

Growth and recession factors

The younger generation’s appetite for luxury goods is growing (57% versus 35% in 2022). On the other hand, the concept of pleasure buying is losing momentum (36% versus 46% last year): more than ever, consumers are watching their spending.
Bad times for luxury? Not for all categories. Perfumery and beauty are among the industry’s most dynamic and resilient segments… and will undoubtedly continue to grow in the years to come.

Emerging threats…

The global situation also worries luxury professionals.
They are particularly concerned about slowing growth in China (58%) and international tensions (53%).

… And emerging priority issues

CSR is now a component that prestige players must consider.

For those surveyed, the most important issues to address are:
• Transparency of manufacturing processes and sourcing (31%) …

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