Bain & Company

The global luxury market, consistent with last year's growth rate, continues its high registering a robust growth of 11–13% at constant exchange rates and a projected 8–10% surge over 2022.

The digital disruptor segment of India's fashion and lifestyle market will grow rapidly in the coming years. The market itself is expected to grow to approximately $35 billion by financial year 2028 at a 25% CAGR, says a Bain & Co report.

Global geopolitical tensions and macroeconomic uncertainty notwithstanding, the business of personal luxury goods is on a growth trajectory but with increasing pressure to go sustainable.

Shopping and purchasing trends among global fashion consumers are set to move sharply towards favouring more sustainable practices in the coming years, creating important new opportunities as well as challenges for fashion brands. New research by Bain & Company and the WWF Italy also finds there are five types of global fashion consumers who will be determining the course of things.

The global luxury industry that had lagged behind in adopting new technology is now accelerating the process with benefits being seen in increased fluidity of customer relations, operational excellence and reduction of the industry’s carbon footprint.