Luxury Goods: The Biggest Market Trends 2021
Summary Despite a slowdown in economic growth in multiple markets, the global luxury goods market has remained in healthy growth in recent years. Chinese buyers are now one of the most important groups in the global luxury market, in fact, the Asia Pacific region as a whole is the fastest growing market globally and will play an increasingly important role in the coming years. A number of brands have reported positive results in 2017-2018 and as a result of this, there has been a period of significant merger and acquisition activity, with a number of high-value deals taking place. As a new generation of consumers comes to fore, a number of trends have swept across the global luxury goods market. Millennial and Generation Z consumers are becoming increasingly affluent and attracting this demographic is the key to ensuring current and future growth for luxury brands, however, these consumers have completely different demands and bridging the gap between old and new is b...