The luxury sector closed the first part of the year with a lackluster performance, mainly due to the effects of the war in the Middle East and a consumer confidence climate that remains weak. This is what emerges from a Bloomberg Intelligence analysis that sees a growth outlook, in the long term, through investments and artificial intelligence.
The second quarter, according to Barclays, proved overall better than expected, with organic growth approximately 200 basis points above expectations. The outlook for the second half of the year appears not negative. Spending in the luxury sector, in fact, remained strong in the month of July, with an increase of 11.1% year-on-year and an acceleration compared to June (+8.0% year-on-year), while registering a slowdown compared to the first quarter as a whole, which had recorded an increase of 16.4% year-on-year.
The persistent uncertainty in relations between the United States and Iran remains the "main element of concern for the sector," explains Flavio Cereda, investment director of Luxury Brands at Gam. "The growth of the luxury segment," he adds, "has been held back above all by geopolitical uncertainty, rather than by weakness in underlying demand."
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