Luxury spending is growing faster than ever, fueled by pent-up pandemic demand and shifting demographics as younger, more diverse consumers buy into tiny handbag and post-streetwear trends, according to a study.
. Bain predicts the sector will expand to between 550 billion euros and 570 billion euros in the next five years.but is more resilient than it was in the 2008-2009 financial crisis, when luxury sales tanked.
Mature markets in the United States and Europe are the strongest performers, each growing by about a quarter. U.S. sales are projected to hit 113 billion euros this year, while Europe is the globe’s second-largest market at 94 billion euros in sales.led to Western sanctions has had “almost zero impact,’’ Bain said. The market represented 2% of sales before the war., but their overall weight has been reduced by the emergence of strong new markets, including South Korea and Mexico, D’Arpizio said.
The average age of luxury shoppers also is dropping, with half of all purchases by people in their mid-20s to early 40s, while up-and-coming Gen Z, now in their teens to mid-20s, account for nearly 20% of luxury sales.
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