Portugal travel & luxury brands news – The global luxury market is set to reach € 1.5 trillion in 2023, that is a 9% growth compared to 2022, since more and more consumers mix travel and shopping for luxury brands.
According to a joint report by Altagamma, the Italian luxury goods manufacturers’ association, and Bain & Company, travel and spending on luxury brands have registered a 12% growth with a € 160 billion increment in spending across luxury categories.
While tourism in Europe is back to pre-pandemic levels, shopping for luxury brands is reaching new highs with the luxury goods market generating growth for nearly 70% of brands in 2023.
What are the luxury brands categories that registered the highest growth?
Personal luxury goods have registered a steady growth and are projected to reach € 362 billion globally by end of 2023, that is around 4% higher than in 2022.
Luxury brands categories that registered the highest growth are jewelry that is fueled by an investment mindset, beauty and make-up that is driven by the emerging lipstick trend, as well as fragrances, followed by watches that continue to thrive while the trend is towards popular brands.
What are the sales channels registering the highest growth for luxury brands?
The sales channel registering the highest growth for luxury brands is the monobrand store, for both physical and digital sales, while multi-brand stores are registering a sharp slowdown. Online monobrand channels are expected to account for two-thirds of the entire luxury brands market by 2030.
Who are the main consumers of luxury brands?
While Gen X and Y represent the bulk of luxury purchases for the foreseeable future, Gen Z will account for around 30% of luxury brands purchases by 2030, while millennials will account for around 55%.
Chinese customers will account for nearly 40% of the personal luxury goods market, while Europeans and Americans together will represent 40% of sales.
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