Luxury goods market growth stabilizing after pandemic rebound, €1.5 trillion projected for 2023
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Global luxury goods market growth is stabilizing after pandemic rebound, with €1.5 trillion projected for 2023.
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Market expected to grow 8-10% in 2023 and 5-7% annually through 2030.
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Personal luxury goods like fashion and beauty projected to reach €362 billion in 2023 sales.
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Experiential luxury on the rise - growth in luxury hotels, restaurants, and cruises.
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Uncertainty remains for 2024, with pessimistic forecasts of just 1-4% sales growth due to geopolitical and macroeconomic factors.