Luxury marketing – getting it right

In 2018 the luxury market was assessed at €920 billion, of which €590 billion included experiential luxury – dining, travel, F&B, design furniture, cars, boats and smartphones and tablets, and €330 billion was in personal luxury goods. A significant increase is foreseen, as overall luxury is said to rise up to €1.3 trillion by 2025.

Nowadays Millennials account for 32% of total luxury spending; however, in the next 5 years, they are expected to represent 50% of the total market.
Generation Z, on the other hand, accounts for only 4% of sales, but the figures are ascending. They should not be underestimated though, as their patterns and interests in technology are influencing those around them and are contributing to the development of a new landscape for the luxury industry.

The luxury market is crying for new methodology and tools