BCG ALTAGAMMA INDUSTRY REPORT
In June 2021, BCG and the Italian Luxury Brands Association Altagamma released the 8th edition of their True-Luxury Global Consumer Insights report. According to the report, there were 19.1 million true-luxury consumers in the world in 2020. True-luxury consumers are defined as those spending more than €5,000 or approximately $5,700 per year on luxury goods and services. The luxury spending of the true-luxury consumers totaled €226 billion ($258 billion) in 2020.
By 2025, the size of the true-luxury consumer base is expected to grow to about 21.3 million and their luxury spending is projected to be between €375 and €435 billion per year. This represents an annual growth rate of 11 to 14%.