Inflation jumps, but… not for everyone. How else to explain the unprecedented demand for luxury goods? According to consulting firm Bain & Company, sales of luxury goods alone in 2022 worldwide rose to 353 billion euros. The sector expects to close the year with a growth rate of around 15%. This is a record percentage, which is far exceeded even by major market players. For example, French luxury goods empire LVMH, which owns traditional brands such as Dior and Louis Vuitton, Moët & Chandon and Veuve Clicquot champagnes, as well as fine wines such as Chateau Cheval Blanc and Chateau d’Yquem, increased sales by 28 %. % for the nine months of 2022. This is reported by Deutsche Welle in its publication.

Big rival Richemont with brands such as Cartier, Montblanc and IWC are doing exactly the same, having increased its turnover by 24% between April and September 2022, that the best champagnes have already been sold and can no longer keep up with eternal demand. growing demand.

According to McKinsey research, growth in demand for luxury goods will continue in 2023, but not at the same pace.

Assume that the rich are not affected by the crisis? “No, such a conclusion would be exaggerated, or at least overly simplistic,” explains Achim Berg, an analyst at higher-earnings consulting firm McKinsey. His own theory is that in recent years we have seen a “democratization of luxury” as luxury goods are in high demand among middle-class consumers as well as young people. It is still not clear whether young consumers are more interested in traditional luxury goods or whether manufacturers themselves have expanded their range to reach younger age groups. However, the bottom line is that “ten years ago, many would be happy with a fake, but now they want to own an original, genuine luxury product,” says Achim Berg.

According to McKinsey research, growth in demand for luxury goods will continue in 2023, but not at the same pace. Most likely, we will see single-digit growth rates. New consumer preferences are changing the rating of tycoons. The richest person on the planet in 2022 will no longer be Bill Gates or Elon Musk, but Bernard Arnault, the main shareholder and founder of the multi-collection fashion and luxury company LVMH. His net worth is $170.8 billion according to Bloomberg, or even $188.6 billion according to Forbes. And while in France the richest businessman owes his fortune to luxury goods, in neighboring Germany the biggest business empires were built with… discount goods. Finally, Karl Albrecht Jr. and his sister Beate Heister, heirs of the discount supermarket chain Aldi, compete with Dieter Schwarz, owner of the discount chains Lidl and Kaufland, for the title of “richest German”.