World market for luxury goods

Overview of the worldwide luxury goods market, including category and regional market breakdowns.
  • Despite the difficult global economic climate, luxury goods sales are expected to have grown by almost 6% in 2022.
  • However, due to the rising cost of living in key luxury markets, particularly in Europe, inflation is set to restrict spending on many non-essential items to high-net-worth individuals, who will remain a driver of category growth.
  • COVID is still impacting the industry. China’s lockdown policy has meant outbound tourism remains at 47% of pre-pandemic levels, which has affected luxury and hospitality markets dependent on their trade.
  • The pandemic has also driven e-commerce as a major retail outlet for luxury goods, and...

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