The Future of Luxury: Navigating New Horizons in Global Markets

The world of high-end luxury is rushing, and smaller businesses must move quickly to keep up. With new trends emerging, it’s time to rethink how we do things in this glamorous industry.

Luxury sales are looking up, with a promising increase of 3.38% expected, pushing the market to $418.9 billion by 2028. In 2019, sales jumped by 6.8%, hitting over $300 billion for the first time. Digital sales also make a significant mark, accounting for 21% of all luxury sales.

Customers’ tastes and shopping habits are becoming more complex, and they want different things from different places. This is also because the luxury sector encompasses many sub-categories with diverse price points (from reserve wines to cars, PJs to fragrances).

Online: to be or not to be

While online luxury shopping has taken off, especially during the pandemic, regular stores are changing too. They’re becoming places that offer unique and unforgettable shopping experiences. Here, we must be mindful of separating the brand-building experience from the economic transaction: more of the latter is happening online. But those transactions are driven by the experiences created in the store and the promises built in the media. Many digital-first fashion brands are creating pop-up stores to…