A powerful factor for sector growth in the rest of the decade will be generational trends, the analysis reports. Art-based NFTs still represent a limitedalbeit expandingportion of the overall market; artists are looking for ways to meaningfully integrate NFTs into fine arts. How To Run A Mobile-First Web-To-Print Ecommerce Website In 2022. With digital advertising expenses growing and more power brands moving into the space Magna reports global digital media grew by nearly one-third year-over- year in 2021 smaller brands cant begin to match the online marketing muscle of the major brands. Heinemann Outperforms Travel Retail Rivals With 81% Growth To $4.2 Billion In 2022, Airport Retail Confectionery Firsts From Oreo And Lindt, Both With Live Chefs, Consumer Demand Is Slowing, Good For Government Policy Wonks, Bad For Retailers, An Exclusive Retail Service Experience Is At The Center Of CB2's New Design Shop, Whats Working - And Not - In Mobile Commerce (Part 1 Of 2), Magna reports global digital media grew by nearly one-third year-over- year in 2021, China can be a risky bet for Western luxury brands, Chinese Gen Z consumers find local brands. Meanwhile, the effect of the airline industry's CO2 mitigation costs has already begun to reshape medium- to long . Global Wealth and Luxury Report 2022 March 2022 The pandemic has had an unprecedented impact on ultra-high net worth, high net worth, and affluent populations; their wealth, as well as their spending habits on luxury goods and services. The personal luxury goods market reached an estimated 113 billion in the Americas, growing 25% over 2021. Bain & Company recently released its 20 th annual Luxury Study, which underlines the resurgence in the global luxury market in 2021 after a contraction in 2020. Luxury cars, luxury hospitality, and personal luxury goods together account for 80% of the total market. China chic is only trouble for brands that continue doing what they always did. The Luxury Industry: Accelerating and Advancing Corporate INTERNATIONAL. As a result, Bain-Altagamma analysis sets out two scenarios, with sales growth in the personal luxury goods market set to be between 3 to 5% or 6 to 8% (at constant exchange rates), depending on the strength of economic recovery in China and the ability of the US and Europe to withstand economic headwinds.