Italian fashion & luxury recovering in 2021 and positive forecasts for the two-year period 2022-2023, with the hope for the big brands to respectively reach a market of 78 and 81 billion euros, at that point exceeding the levels of the 2019 prepandemic. This was reported by the PwC-Fondazione Edison report, which highlights how the consumption of personal luxury goods grew by 29% in 2021.
Data and strategies
The lack of tourist flows weighed on the health of Italian and European fashion. The big brands have therefore invested to make their strategies on local markets more efficient and enhance their digital and e-commerce platforms, recording positive performances beyond expectations.
According to data from the National Chamber of Fashion, the export of Italian fashion in 2021 grew by 27.6% and by 34.3% to non-EU countries alone, with an increase close to doubling (+ 93.9% ) to China. The other countries with the best performances were France (+ 35%), the USA (+ 31.9%) and Korea (+ 27.8%).
Ten years ago the luxury market was mainly of mature customers in Europe and the West, today half of the world market is represented by China, with customers mainly Millennials and Gen Z who prefer the digital and mobile purchasing methods favored by the pandemic.
Trends for 2022
Three macro-trends in fashion are expected for 2022. The first one is digitalization, with companies that will be increasingly attentive to new distribution models and winning digital marketing strategies. The boom in online purchases will make it necessary for companies to develop an effective digital customer experience, with the enhancement and integration of digital channels and interventions aimed at automating online sales processes.
Formal clothing is promoting more comfort and ease of use and introducing styles and materials to meet new needs of consumers who work from home. The sports, fitness and outdoor clothing segment is constantly growing: 27% of smart working consumers expect to make new purchases for sports equipment and clothing in the future.
Sustainability has become a key factor in purchasing decisions: 55% of consumers want to protect the planet, 54% prefer products with eco-friendly packaging. And consumers are willing to pay more for healthier, local products and sustainable packaging, regardless of whether they are purchased online or in-store.