Luxurytravelers are willing to spend more but are mindful of rising costs, seeking value that enhances their experiences. This makes their relationship with a trusted travel advisor even more essential.
Strong price increases returned to the sector in 2022– 2023, led by leadingluxurybrands such as CHANEL, Dior, Louis Vuitton, and Rolex. This enabled smaller brands in the industry to follow suit. (ASP increased by 8% but volumes declined by 10%).
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Dec 12, 2024 ·With the exception of ultra-luxuryproducts, such as watches and jewelry – for certain brands – all products are affected. Early 2025 results confirm this trend.Luxurybrands are caught in this turmoil and are being forced to rethink their strategies, although they are affected to varying degrees.
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PersonalLuxuryis the common denominator across topluxuryspenders – but engagement spans far wider, with a health-as-wealth mindset on categories such as wellness/beauty
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Luxurysales in China fuelled around 40 percent of globalluxurygoods growth from 2019 to 2023, while the US drove around 30 percent and Europe around 10 percent.
"The State ofLuxury: How to navigate a slowdown" projects a modest annual growth rate of 1 to 3 percent for theluxurysector between 2024 and 2027. To navigate this low-growth environment, the report identifies five strategic priorities forluxurybrands.
