What’s happening in luxury in 2023?

We have carried out an analysis of trends for the luxury industry in 2023, highlighting challenges and opportunities for the fashion sector. 

In particular, it emerged that:

• Consumers are becoming more cautious about their discretionary spending in most regions. More than two-thirds (69%) of consumers said they have changed their non-essential spending and 96% said they intend to adopt cost-saving behaviors over the next six months.

• Strategic markets, such as China, are slowing down. Nevertheless, for the luxury industry, China remains the best market in terms of growth, with an increase in consumption of +10% in 2023, followed by the rest of the Asia Pacific area (+8%) and the United States (+5%). 
• Sustainability is an important purchasing driver for Gen Z and Millennials: resale, rent, and repair must be integrated into the value proposition to win over the generations’ protagonists of the sector.

In this report you will find:

• Some insights on the fashion luxury sector and user buying behavior, with a focus on younger generations and the new meaning of luxury, centered on values such as freedom and awareness. 
• The main points of attention for luxury brands, with an overview of consumer expectations and best practices to adopt to offer a valuable customer experience. 
• The key actions to realize a successful luxury digital marketing strategy.