The global luxury market breathes a sigh of relief after the conference held in late October 2016 at the Altagamma Worldwide Market Monitor of Bain & Company
A welcomed forecast analysis estimated a growth of 3% for the consumption of personal luxury goods, which are the ones that have been suffering the most during the current year, and more specifically, a 3% increase in clothing and leather accessories thanks to the progress of almost all the markets. According to the estimates by Altagamma, market expectations are therefore positive, with an initial recovery in 2017 and an acceleration to follow (between +3 and +4%) so as to reach between 280 and 285 billion in 2020.
“The evidence that emerged with the most force,” declared Claudia D’Arpizio, partner of Bain & Company. “is that in the absence of a real macro- trend, today’s growth is only driven by supply and by the strategies of those brands able to stimulate consumer interest and to embrace an experiential approach.”
And as the market changes rapidly, “Made in Italy” must try to ride the current evolution in order to stay afloat. The exclusivity and creativity that distinguishes Italian fur companies is leading to explore other worlds and to cement itself in the fascinating search for an innovative way to combine tradition and design. Everything verges on e-commerce, but between saying and doing there is the capacity to manage a very complex, yet fundamental project, particularly for SMEs, where online sales could become a channel that allows reaching those markets where it does not have a retail or wholesale presence.
The prêt à porter ‘see now buy now’ philosophy does not seem applicable to a product like a fur garment (practically and philosophically), therefore we are witnessing the rise of a different approach to fashion, one that can capture desires and habits. Consumer research shows that consumers now prefer to identify themselves with influencers, or however, they want to do their own thing. Moreover, due to the unexpected contamination of streetwear in the fur world, attractive items worn by celebrities, actresses, and Instagram it-girls create in the consumer the desire of emulation. As Mark Oaten, the CEO of the International Fur Federation, told last September’s “Vision of Fur” panel: “Let’s not forget that the global fur industry is currently valued at about 30 billion dollars.
This result was achieved by putting a huge amount of effort in design, innovation and welfare, as well as making our industry relevant to a much broader range of consumers. The fur industry is currently working with brands to develop new effective traceability and sustainability programs.” There is great expectation to see how the stimuli, moods and innovation will be interpreted by a new exhibition such as TheOne Milano which will unite Mifur and Mipap next February for an interesting concept called ‘haute à porter’. The appointment is for February 24th to 27th 2017 at FieraMilano City.