Professional services firm Boston Consulting Group (BCG) has said it expects growth in the personal luxury market in 2023, writes Leatherbiz.

In a recent intervention at a conference hosted in Milan by Altagamma, the Italian organisation that promotes high-end leathergoods, automotive, furniture and other luxury brands, BCG senior partner Filippo Bianchi and partner Guia Ricci, said they expected growth compared to 2022.

Their base scenario would mean growth of between 7% and 9% in the global personal luxury market this year compared to 2022. This would include growth of 15% year on year in the market in China.

They also presented a more optimistic projection of overall growth of between 11% and 13% for the year, which they think could come about if the “strong restart” the market has seen in China in the early part of 2023 continues for the rest of the year. This would result in growth of 20% for the year in China.

Their more optimistic scenario also includes resilience in the market in the US and in the European Union in the second half of this year.

Another consultancy, Bain & Company, has said the personal luxury goods market had a value of €345 billion in 2022.

Image shows  Filippo Bianchi (left) and Guia Ricci of Boston Consluting Group presenting at the Altagamma Consumer & Retail Insight event in Milan on July 5.