Consumer values are evolving towards mindful consumption, even those buying entry level products. Luxury consumers in 2024 are expected to prioritize quality, seeking enduring products with meaningful stories.
MARKET GROWTH FOR 2024
The luxury market is expected to grow 2% to 4% in 2024, with regional and national variations, according to analysis by McKinsey. Luxury retail is growing this year due to strong demand in Europe and the US. Local consumption remains important in China.
Between 2025-2030 the luxury market is projected to have steady growth across all sectors.
