RetailX – Global Luxury, 2024

The global luxury goods market experienced significant growth in 2023, reaching $354.81bn, with luxury fashion being the largest segment. Europe saw a resurgence in high-end spenders, while Asia led in revenue generation. China, India, and Egypt are key markets with a large percentage of luxury shoppers. Millennials and Gen Z are major luxury spenders, with a growing interest in sustainable and second-hand luxury items. The majority of luxury shopping still takes place in stores, but online shopping is increasing, especially on mobile platforms. The sector is evolving to embrace ethical and sustainable practices, attracting more consumers looking to invest in sustainable living. The combination of young shoppers embracing luxury brands and a shift towards more sustainable choices has put the luxury sector in a strong position for growth in 2024.