Top 5: the luxury market trends that should consolidate later this year

The luxury market is experiencing a moment of change that has been promoting a true revision of the concepts that traditionally relate to the sector. It is no exaggeration to say that we have gone through an era of paradigm breakdown and that, without a doubt, the future of the high-end segment will be very different from its present.

The good news, both for consumers and for brands and companies operating in the sector, is that the segment has been developing and according to a report released by the consulting company Bain & Company in 2019, the luxury market must close with growth of around 6%, which should generate a financial movement of around 260 billion euros in sales.

Although much of this positive result is due to the excellent momentum of the Chinese market, which have attracted the attention of the main luxury brands in the world, many European countries like France and England have also presented a very optimistic scenario, especially due to the magnification of tourist activity.

The study released by Bain & Company also highlighted five trends that should guide the market in the near future. Are they:

Sustainability

Finding ways to reduce environmental and social impacts on production methods is not only in the interest of industry organizations. Sustainability has become a consumer banner, and brands that value this issue tend to be more and more popular.

Digital Technology

Beyond the internet and social media, digital technologies will impact the entire production chain of a business and only brands that know how to operate effectively in this area will continue to succeed.

Sharing

Sharing and new forms of consumption that democratize access to high-quality goods has guaranteed growth in the future of the sector. The expressive success of Airbnb, for example, can serve as a thermometer of this new interest.

New consumers

Consumers of the new generations, especially in the Chinese market. The purchasing power of this public tends to increase more, increasing its participation in the results of the sector.

Experiences

Beyond the quality of the product or the tradition of the brand, the process of acquiring luxury goods will increasingly be related to the experiences offered by the brands.