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Luxury Outlook 2022

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Luxury Outlook 2022

Advancing as a Responsible Pioneer: Rarity, Sustainability, Exclusivity, New Experiences, and New Territories

Boston Consulting Group,

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Editorial Rating

8

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Recommendation

Luxury brands will face unprecedented challenges over the coming decades: limited resources, fierce competition attracting artisan talent, geopolitical issues when expanding to far-flung markets, and let’s not forget the challenge of differentiating luxury from second-rate brands on the digital marketplace. This special report from the Boston Consulting Group offers a thorough analysis of those challenges along with some tips for overcoming them.

Summary

The luxury product industry must overcome the twin threats of limited resources and limited artisans.

Despite increased efforts to close the gap between supply and demand, raw materials that the luxury product industry has long counted on are in short supply. Likewise, there are talent shortages in sales and production, especially when it comes to expert artisans, whose roles are often undervalued. Without new talent coming in, retiring artisans can’t pass on knowledge and expertise.

The industry has tried to combat the resource problem with demand planning and optimized production, but the climate crisis worsens this predicament.

When it comes to talent shortages, the problem goes back to education: On entering the workforce, many workers are unaware of opportunities in the luxury industry. In 2021, there were about 20,000 job vacancies for artisans in the luxury industry.

Innovation will help the luxury industry overcome resource challenges, and educational and training opportunities will help the industry attract and retain talent. 

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About the Authors

The Boston Consulting Group is a global management consulting firm with offices in 50 countries throughout the world. It was founded in 1963.

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