Luxury Market Trends and Analysis in Italy

The luxury market is seeing a significant focus on Very Important Clients (VICs) who drive a substantial portion of brand revenues and expenditure, with brands aiming to provide hyper-personalized experiences and top-tier service to cater to this segment. Consortium Gifts has launched an exclusive premium range of corporate gifts in collaboration with Shantnu-Nikhil, reflecting the growing trend in the global corporate gifting market projected to reach USD 242 billion by 2027. Luxury brands are urged to understand and cater to VICs, who represent a small portion of customers but contribute significantly to the industry's spending. The Italian fashion industry, crucial to the luxury sector, has faced challenges with production issues impacting forecasts for 2024 and a spiral of excessive price increases affecting sales volumes. Entrepreneurs are advised to navigate the nuances of the luxury market when buying or selling businesses to capitalize on the diverse opportunities available.