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While the luxury sector's post-pandemic recovery has been uneven, the market is on track for another record-breaking year, with Bain&Co reporting growth of 5%-12% in 2023. Discover key learnings from major players taking a customer-centric approach to trade competitively against the challenging economic backdrop.
The Rabbit represents hope and peace, a calming omen for 2023 following several years of volatility. Major luxury players share the sentiment, with LNY celebrations coinciding with the zero COVID policy in mainland China being lifted for the first time since early 2020, making travel more accessible for Chinese tourists.
The US and the UK command the highest average price points across leather goods combined for men's luxury. Though on a category level, steeper prices for small accessories can be found in the (KSA) driven upwards by leather pouches, wallets and utility belts at Gucci.