Luxury is still alive and well: A spotlight on its multifaceted components

Géraldine Michel (), Anastasia Stathopoulou and Pierre Valette-Florence ()
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Géraldine Michel: LAB IAE Paris - Sorbonne - IAE Paris - Sorbonne Business School
Anastasia Stathopoulou: IUM - International University of Monaco
Pierre Valette-Florence: UGA INP IAE - Grenoble Institut d'Administration des Entreprises - UGA - Université Grenoble Alpes - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - UGA - Université Grenoble Alpes, CERAG - Centre d'études et de recherches appliquées à la gestion - UGA - Université Grenoble Alpes

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Abstract: The present special issue represents the outcome of the Fourth Monaco Symposium on Luxury, organized by the International University of Monaco and OMNES Education. The Symposium is a biennial event that brings together academics and practitioners from around the globe. Due to the outbreak of Covid, the symposium was postponed twice, and a new call and additional submissions led to a sharp increase in the number of papers submitted and then accepted. This issue follows three special issues based on the previous Symposia (Chandon, Laurent, & Valette-Florence, 2016; Chandon, Laurent, & Valette-Florence, 2017; Chandon, Laurent, & Valette-Florence, 2019). After its worst depression in history, the personal luxury goods market experienced a global V-shaped rebound in 2021 (Bain & Company, 2021), descending from €281 billion in 2019 to only €220 billion in 2020 and rising again to €288 billion in 2021. Indeed, the personal luxury goods market experienced a remarkable performance in the first quarter of 2022, growing by 17–19%, at current exchange rates (13–15% at constant exchange rates), over the same period in 2021. Despite the challenges and disturbances that happened in early 2022, the mid-term direction of the luxury market remains unchanged. Bain & Company estimates market growth to reach €360–380 billion by 2025 (Bain & Company, 2022). Whatever the challenges faced by the luxury sector, it does not really seem to be in crisis. Overall, luxury is still well and alive. This editorial puts the spotlight on three important and emerging themes in luxury research and then summarizes the seventeen articles included in this special issue on luxury.

Keywords: luxury consumption; Luxury Brands; l (search for similar items in EconPapers)
Date: 2022-12
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Published in Journal of Business Research, 2022, 153, pp.276-284. ⟨10.1016/j.jbusres.2022.08.021⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03777168

DOI: 10.1016/j.jbusres.2022.08.021

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