Younger Generations Fuel Luxury Boom Despite Soaring Prices
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The luxury market is booming despite economic uncertainty, reaching a record $1.6 trillion in 2022 and with positive forecasts for continued growth.
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Younger generations are driving growth, purchasing luxury goods earlier and becoming the main source of expansion.
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Prices have skyrocketed, with some iconic luxury items like Chanel's 2.55 bag now costing 5 times more than in 2016.
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While signs of slowing demand have emerged, experts say the sector remains well-positioned for long-term growth.
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Tourism and experiences like luxury hotels and travel are pillars of future expansion, already accounting for almost half of Spain's high-end market.