A new survey finds affluent Millennials are keen to purchase luxury goods for the status they confer, calling on luxury brands to embrace their customers’ status needs.

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A new survey finds affluent Millennials are keen to purchase luxury goods for the status they confer, calling on luxury brands to embrace their customers’ status needs.
Against a backdrop where the global luxury market will grow between 8% and 10% across all categories, the personal luxury segment’s growth is more muted, projected to advance by only 4% in 2023 at current exchange rates, according to the latest Bain-Altagamma luxury market study.The total luxury market will reach $1.65 trillion (€1,508 billion) this […]
The leading global luxury brands showed topline gains for the first half of the year, despite a drop in sales in the U.S., where aspirational consumers are stretched thin and have cut back on indulgent purchases.In most recent reporting, all but Kering showed outstanding topline gains – LVMH was up 15% to $46.5 billion and […]
Deloitte is out with new research that found the urge to splurge is universal, indulged in by nearly equal measures regardless of the consumer’s age, income or gender.Its survey, which spanned 23 countries and over 114,000 adults, found nearly 80% said they made at least one splurge purchase to lift their mood in the past […]
The National Retail Federation (NRF) is out with its 2023 retail forecast; on its face, it’s reassuring. Retail sales growth in 2023 should exceed the 3.6% average growth level tracked in the pre-pandemic years from 2013 through 2019.So far, consumers have kept retail sales buoyant, thanks to their psychological makeup, but soon, their shopping behaviors […]