MILAN, Nov. 26 (Class Editori) – China is the market of the future for Italian fashion. The latter recorded an important and positive growth and China is a relevant market. This is because the Chinese have moved home the consumption rate, which they used to record by traveling around the world. "The design is increasing but we are still in a high-performance phase. Wine or prosecco still own a very high share", as Matteo Lunelli- Altagamma President- has explained during the Milano Fashion Global Summit 2020 organised by Class Editori.
"All this shows the importance of the field and, for this reason, we ask to put this sector at the heart of the political agenda, because it may be the driving force of the country's recovery. It is necessary to be aware that it is an Italian excellence and we must bet on this with a long-term vision. A long-term strategy in order to support the sector is needed", he has added.
After years of constant and significant growth, the pandemic has caused an unprecedented drop in 2020. "In 2020 there has been a very strong contraction but, in 2021, there will be an upswing, mainly in the second part of the year. However, there will not be a full recovery of what has been lost in 2020 and the rebound speed will depend on different factors, among which the vaccine administration", as he has underlined.
In the luxury field, Altagamma is expecting a consensus equal to 15% for next year. It is an important step forward; however, it will not allow us to recover the drop of 2020, he has added.
According to the chairman "we need to understand which are the provisional and the enduring changes. COVID-19 has accelerated some trends, such as digital and e-commerce, for instance. Consumers have got used to rely on technology much more, we have taken a leap onwards of 5 years. Digital is a change which is going to last and e-commerce will be accounting for 30% in 2025, while it is around 25% this year. Purchases will be increasingly influenced by the digital sector and by an experience based on the integration between physical and digital store.
Another change concerns sustainability. Already before COVID-19, customers used to pay much attention to this theme: the virus has just emphasized it. Customers increasingly look for excellent products and behaviors by companies. Lastly, consumers are younger. Z and Y generations will be accounting for half of the luxury market, and will be responsible of the vast majority of growth. All this must act as a driver for companies, pushing them not to stop. It is a moment when they need to strongly focus on investments and to be dynamic, in order to seize these opportunities. Luxury will become simpler, based on quality and human values. In this field, Italy has a really strong competitive advantage".
(Source:Class Editori)
Notice: No person, organization and/or company shall disseminate or broadcast the above article on Xinhua Silk Road website without prior permission by Xinhua Silk Road.
A single purchase
