Luxury Market Expected to Weaken in 2023

Stevens, PA, April 20, 2023-Luxury company executives resoundingly believe that the luxury market is headed for a reset. Some 56% of the 400+ luxury insiders surveyed expect business conditions in the luxury market to get worse in 2023 given the headwinds of inflation, the banking crisis and a potential recession.

And even more troubling, nearly three-fourths believe their companies are only somewhat or poorly prepared for a potential recession. This according to the State of Luxury 2023 report just released by Unity Marketing in association with Luxury Daily and The Home Trust International.

Despite news that LMVH revenues grew 17% and Hermès was up 23% year over year in the first quarter 2023, leading the Wall Street Journal to report, “The world is volatile but luxury brands look serene,” some 43% of luxury insiders surveyed said that business conditions have already worsened for their companies.