BOF, McKinsey & Company – The State of Fashion Luxury

The report by BOF and McKinsey & Company "The State of Fashion Luxury" provides insights into the growth and dynamics of the luxury goods market. Based on extensive customer research and market forecasts, this report highlights the luxury industry's growth, driven by price increases and a surge in the Chinese domestic market. The personal luxury goods sector, encompassing fashion, leather goods, and watches and jewelry, experienced significant growth from 2019 to 2023. Top spenders, although a small percentage of the client base, contributed disproportionately to market growth. The report discusses how luxury brands have expanded marketing and store networks to meet rising demand, emphasizing the role of high disposable incomes and market expansion in key regions.