Luxury market seen as growing in 2022 despite inflation, war

Advertisement

Advertise with us

MILAN (AP) — Neither inflation nor the war in Ukraine are threatening to take a bite out of the luxury fashion market, according to a study published Tuesday.

Read this article for free:


or

Already have an account? Log in here »

To continue reading, please subscribe:

Subscribe and receive a limited-edition Free Press branded hat or tote.

Digital Subscription

One year of digital access for only $205*

  • Enjoy unlimited reading on winnipegfreepress.com
  • Read the E-Edition, our digital replica newspaper
  • Access News Break, our award-winning app
  • Play interactive puzzles

*First annual payment billed as $205.00 + GST for one year. This annual subscription will automatically renew at $233.00 + GST every 52 weeks (10% off the regular annual price of $259.35). Offer available to new and qualified returning subscribers only. Cancel any time.

To continue reading, please subscribe:

Add Free Press access to your Brandon Sun subscription for only an additional

$1 for the first 4 weeks*

  • Enjoy unlimited reading on winnipegfreepress.com
  • Read the E-Edition, our digital replica newspaper
  • Access News Break, our award-winning app
  • Play interactive puzzles
Start now

*Your next Brandon Sun subscription payment will increase by $1.00 and you will be charged $17.95 plus GST for four weeks. After four weeks, your payment will increase to $24.95 plus GST every four weeks.

Hey there, time traveller!
This article was published 21/06/2022 (1570 days ago), so information in it may no longer be current.

MILAN (AP) — Neither inflation nor the war in Ukraine are threatening to take a bite out of the luxury fashion market, according to a study published Tuesday.

While much of the world is fretting over higher fuel and energy prices, the study by Bain & Company consultancy indicated that the global luxury market remains set for growth, largely due to the continued resiliency of the world’s wealthiest people.

The global luxury market grew by nearly one-third to 288 billion euros ($198 billion) last year, rebounding from its worst recorded dip due to the 2020 pandemic lockdowns, according to the study commissioned by Italy’s Altagamma association of high-end producers.

FILE - A woman wearing a face mask rides a bicycle past stores closed for COVID-19 control at a shopping mall in Beijing, Tuesday, May 17, 2022. Neither inflation nor the war in Ukraine are threatening to take a bite out of the luxury fashion market, according to a study published Tuesday, June 21, 2022. (AP Photo/Mark Schiefelbein, File)
FILE - A woman wearing a face mask rides a bicycle past stores closed for COVID-19 control at a shopping mall in Beijing, Tuesday, May 17, 2022. Neither inflation nor the war in Ukraine are threatening to take a bite out of the luxury fashion market, according to a study published Tuesday, June 21, 2022. (AP Photo/Mark Schiefelbein, File)

Sales of personal luxury goods including apparel, accessories and footwear posted high double-digit growth in the first quarter of this year, despite the first signs of economic uncertainty tied to the Russian invasion of Ukraine, Bain said.

In its most pessimistic outlook, assuming global inflationary pressure, Bain forecasts growth in the sales of high-end personal goods this year to grow by 5% to around 305 billion euros. But the consultancy also sees a case for up to 15% growth if the current trends continue, pushing the market to 330 billion euros next year.

The United States and Europe have boosted growth so far this year, while sales are expected to hit a hard stop in China due to COVID-19 restrictions in key cities.

FILE - A model displays the collection by Russian designer Slava Zaitsev during the opening of the Fashion Week in at Zaryadye Park with the Spasskaya Tower and St. Basil's Cathedral in the background near Red Square in Moscow, Russia, Monday, June 20, 2022. Neither inflation nor the war in Ukraine are threatening to take a bite out of the luxury fashion market, according to a study published Tuesday, June 21, 2022. (AP Photo/File)
FILE - A model displays the collection by Russian designer Slava Zaitsev during the opening of the Fashion Week in at Zaryadye Park with the Spasskaya Tower and St. Basil's Cathedral in the background near Red Square in Moscow, Russia, Monday, June 20, 2022. Neither inflation nor the war in Ukraine are threatening to take a bite out of the luxury fashion market, according to a study published Tuesday, June 21, 2022. (AP Photo/File)
Report Error Submit a Tip

More Stories

Uber bans city driver facing sexual assault charge

Matthew Frank 2 minute read 12:43 PM CDT

A Winnipeg Uber driver has been permanently banned from the platform after police charged the man for allegedly sexually assaulting a passenger last month.

A woman reported that she used the ride service on Sept. 27 and the 27-year-old driver sexually assaulted her once the vehicle reached its destination in the Weston neighbourhood, the Winnipeg Police Service said in a news release.

Police said the woman was able to escape and get to safe place. The driver was arrested on Sept. 28 at an apartment complex on Kennedy Street. He was later released with conditions.

An Uber spokesperson said the driver is permanently banned, and the company is assisting police with the investigation.

Dealing now with increasing judicial dangers

Ben Wickstrom 5 minute read Tuesday, Sep. 29, 2026

For years, the Manitoba Association of Crown Attorneys (“MACA”) has been engaged in a dispute with the Manitoba government over the workload of its lawyers. That dispute is expected to come to a head at the end of November, when two weeks of grievance hearings are scheduled.

We remain hopeful that we can reach an agreement with our employer. But if we cannot, our union’s lawyers are prepared to make our case. As those hearings approach, we want to explain how we got here, what is at stake, and why this dispute matters beyond the working conditions of our members.

These problems are longstanding and predate the election of Manitoba’s current government. Our concern with the current government is not that it created these problems, but that it is now responsible for addressing them.

Despite the evidence before it, the government has not meaningfully addressed the workload concerns we have raised throughout its time in office.

‘You’re just feeling so emotional’: Americans reunite with loved ones as the Canadian border reopens

Edward Keenan - Washington Bureau Chief, Toronto Star 6 minute read Preview

‘You’re just feeling so emotional’: Americans reunite with loved ones as the Canadian border reopens

Edward Keenan - Washington Bureau Chief, Toronto Star 6 minute read Tuesday, Aug. 10, 2021

Americans waiting to come to Canada finally got their wish as the border reopened.

Read
Tuesday, Aug. 10, 2021

The challenge of aging

Mac Horsburgh 4 minute read Saturday, Apr. 18, 2026

Time stops for no one. It keeps ticking away like a perpetual motion machine erasing our youth. Aging is entropy inevitably moving us into a state of disorder.

We wake up one morning and say, “What happened?” Our friends ask us: “Are you living the dream?” Retirement is supposed to be the pot of gold at the end of the rainbow. Except it often doesn’t feel like that.

Suddenly, we are contending with hip and knee replacements, angioplasty or by-pass surgery, chemotherapy and cancer surgery, cataract surgery, emergency visits to the hospital, not to mention cognitive and physical decline associated with degenerative illnesses.

And then there are the numerous medications we are required to take to help us cope with these various medical disorders, all of which have side effects. To counter these side effects, we need to take a different set of medications. We live a life of neverending alarms going off telling us which meds we need to take and when.

Scare up some social reconnection this fall

Maureen Scurfield 4 minute read Yesterday at 2:00 AM CDT

DEAR MISS LONELYHEARTS: I’m an emotional mess. My lesbian girlfriend and I broke up in August, and now I hold the lease on the apartment we shared. It’s a great big old place with two spacious balconies.

I just got new roommates — two younger friends who really love it here — but secretly I’m still feeling lonely. Every minute of living here reminds me of my girlfriend because we decorated the place together and hung out on the balconies to sunbathe in the summer.

Would it help to move out of my beloved old block with its memory triggers? Maybe, but what if I died of loneliness in a new place? I need people around me, and no one but my ex-girlfriend has really been the right person. Please help. I feel sick about this.

— Love-Nest Sadness, Winnipeg

Today’s horoscope

Georgia Nicols 4 minute read Preview

Today’s horoscope

Georgia Nicols 4 minute read Yesterday at 2:00 AM CDT

MOON ALERT: Caution. Avoid shopping (except food and gas) and important decisions from 5 a.m. until 10:15 p.m. After that, the moon moves from Leo into Virgo.

ARIES (March 21-April 19)

This is a fantastic day to shmooz and romance is also favoured. In fact, this is most romantic day of the week. Intimate relationships will be affectionate and exciting. Enjoy socializing, sporting events and fun activities with kids. The arts are blessed.

TAURUS (April 20-May 20)

Read
Yesterday at 2:00 AM CDT