The cake is growing: by 2025 the luxury market will increase from current 250 billion euro per year to between 440 and 460 billion. It is above all due to the enlargement of the relevant public, which will grow in quantitative terms (for demographic reasons) and qualitative ones (education, attitude to the trip etc.).This is supported by a research Bain & Co. presented at the end of Milan Fashion Week, during the table Crafting the Future of Fashion. To take the opportunity, however, the luxury fashion houses must know how to interpret the new public. It will be different because constituted for 40% by Millennials (today the hard core of customers consists of Baby Boomers) of Asian origin (more than 50%: mostly Chinese, Japanese and Korean). They will also change the ways to buy: more e-commerce application (with transformation of the role of the stores), increased demand for stylistic contamination and, above all, transparency on production. The customer of the future wants to be sure about the sustainability of what he buys, without being willing to pay a premium price on the product.
How does the luxury change? Among Millennials and ethics, here are the Bain & Co. forecast
