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Luxury: The future is Phygital

Luxury: The future is Phygital
Yesterday saw the eleventh edition of Consensus Altagamma in collaboration with Bain & Co. An overall forecast of personal luxury goods consumption for 2020 and growth estimates until 2025

«Maybe is the most beautiful word in the dictionary because it allows you to sail to infinity». The President of Altacamma, Matteo Lunelli, opened with a quotation from Leopardi to start the work at the eleventh edition of Consensus Altagamma, in collaboration with Bain & Co, which took place yesterday morning. And he added: «I have never seen negative double-digit numbers but it is an entrepreneur’s duty to navigate even in uncertainty. The pandemic immediately struck the high-range industry on a worldwide scale and will lead to a 20% fall in turnover in 2020, according to Altagamma Consensus. However, the sector will re-start and the long-term trend is still positive with a growth of 2-3% from now to 2025, as the Monitor Altagamma Bain has estimated. The Italian creative industry, equipped with unique manufacturing, creative and entrepreneurial resources, has the right cards for a re-launch and to return to a position of world leadership. There are, however, several priorities: in the short term, the supply chains in difficulty need to be protected; in the medium period, digital transformation, a tourism re-launch – which is strategic for all sectors – and much greater attention to environmental and social sustainability». Consensus Altagamma offers an overall forecast of personal luxury goods consumption in 2020 with estimates – until 2025 – compiled by an in-depth study by some of the sector’s leading analysts. 

Stefania LazzaroniGeneral Manager of Altagamma commented: «Consensus Altagamma, with estimates from 22 analysts, foresees a considerable drop in global consumption and a 30% fall in sector company profitability in 2020. A strong positive sign is the performance on retail and wholesale digital channels that show +16% and +12% respectively. Companies’ digital transformation will certainly be strengthened and the crisis will lead to new lifestyles – more sustainable, moderate and aware – whose interpretation will be decisive in re-launching high-range.»