In the wake of the COVID-19 pandemic, luxury is one of the few sectors that managed to grow leaps and bounds. According to Bain & Company, the personal luxury market is expected to experience a growth rate of 3%-8% in 2023. With the projected growth of the luxury market, one would ask
Where will the growth and new customers come from?
What transformations lie ahead in 2023 and beyond?
Furthermore, what are the significant trends that will impact the behaviours and demands of luxury customers?
This report delves into the exploration of key luxury retail trends that will shape the future of the industry.