Business · Companies · 4 hrs ago

McKinsey executive says Spain needs its own definition of luxury

McKinsey executive says Spain needs its own definition of luxury

Gemma D’Auria of McKinsey says Spain needs to define its place in luxury and decide what it wants the country to represent.

The global luxury industry is facing geopolitical uncertainty and changing customer demands, while years of price rises have drawn a negative response.

McKinsey’s internal surveys point to future price increases of 2% to 5%, a slower pace than the double-digit rises of recent years.

Some customers are delaying purchases, buying less or turning to resale as living costs and prices rise.

China, once a major driver of luxury sales, is contracting as more customers choose local brands.

D’Auria says Spain has potential, but needs a clearer, consistent luxury identity to compete with countries such as Italy and France.

1 source

Related

What people are saying

Gemma D’AuriaMcKinsey global co-leader for textiles, fashion and luxury
Spain must find its own definition and decide what it wants to represent in the world of luxury
via Expansión
We are going through a perfect storm
via Expansión
The quality of the product and the artisanal legacy are at the core of luxury, but they are no longer enough to drive desirability and purchase
via Expansión
China is becoming very good at building local brands, even in the luxury space
via Expansión