Luxury is transforming, as an evolving marketplace, consumer pressures and changing consumer expectations take shape. In uncertain times, the industry shows resiliency as luxury consumers continue to spend.
With every brand expansion and venture into new territory – from social change to streaming and the Metaverse – we see brands embracing the rise of relevance, connecting with culture and people across generations and the globe while remaining true to their identity and true to luxury.
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Gen Z and Alpha affluent consumers will make up 30% of the luxury market by 2030, growing 3x faster than other generations
1/3 of all luxury sales will take place online by 2030
The market is expected to grow annually by 3.47% (CAGR 2023-2027)
56% of high-net-worth multicultural consumers prefer to buy designer or luxury brands (166i)
Source:
Bain & Company, Luxe Digital
Bain & Company, Luxe Digital
Statista
Ipsos Affluent Survey USA Doublebase 2022
