economy
The Spanish wine market is facing one of its biggest threats in years: the potential…
Founded in 1837 by Thierry Hermès as a manufacturer of harnesses and saddles, Hermès has…
Since Donald Trump assumed his second term as President of the United States on January…
The term plutonomy was coined by Citigroup analysts in 2005 to describe economies where most of the wealth and purchasing power are concentrated in a small elite of ultra-rich individuals, while the majority of the population has significantly limited access to economic resources. In these economies, consumption and economic growth are primarily driven by this elite, rather than by the middle or working class.
Plutonomy differs from traditional economics in that growth is not based on a fair distribution of income but on the ability of a wealthy minority to spend large sums on high-end goods and services. This economic structure has been a key driver behind the rapid expansion of the luxury industry in recent decades.
In 2024, the top 1% of the world’s population owns more than 45% of global wealth, and this concentration continues to rise. In this context, luxury brands have found in plutonomy a key engine for their growth, increasingly focusing on attracting and retaining ultra-rich customers.
Football is not only the most popular sport in the world but also an industry that moves billions of dollars annually. Elite footballers stand out not only for their talent on the field but also for the fortunes they accumulate through contracts, sponsorships, and various investments. Below is a detailed analysis of the world’s richest footballers today, including details about their lives and careers.
The re-election of Donald Trump as President of the United States has brought significant geopolitical and economic changes that impact multiple industries, including the global luxury market. His focus on protectionist policies, an aggressive stance on trade relations with China and the European Union, and his tax reduction strategy have altered the dynamics of luxury goods consumption and production.
This report provides an in-depth analysis of the consequences of these changes, focusing on the effects on international trade, the production and distribution of luxury brands, the business strategies adopted to mitigate adverse effects, and consumer behavior in the U.S., China, and Europe. Additionally, future perspectives for the luxury market are explored in the context of political and economic uncertainty.
1. Introduction The dietary supplements sector has experienced sustained growth in recent years, driven by…
Throughout history, the world of business and great fortunes has been predominantly male-dominated. However, in…
This report aims to provide a broad, in-depth view of how these new generations are redefining luxury, what motivates them, what they expect, and the implications for the high-end goods and services industry. We will also explore emerging trends that may shape the direction of the luxury market over the coming decades, as well as the strategies and challenges brands must navigate to remain relevant in this changing environment.
The luxury industry is undergoing a profound transformation, shaped by new consumer behaviors, emerging technologies, and shifting global markets. This report offers a strategic vision of the next five years, identifying key trends and potential disruptors that will redefine the sector.
LUXONOMY announces the launch of the highly anticipated report “Profile of the New Chinese Luxury Consumer 2025”, an essential tool for understanding the trends and behaviors of one of the most dynamic and strategic markets in global luxury. Exclusive to our PREMIUM subscribers, this report offers a detailed and practical insight for brands and professionals looking to stand out in the Chinese market.
On Wednesday, January 29, 2025, the Chinese New Year begins, a celebration of great cultural and economic significance that symbolizes new beginnings, opportunities, and growth. In the luxury sector, this date has become a key moment to connect with Chinese consumers, who lead the global consumption of personal luxury goods.
In line with this important celebration, LUXONOMY is preparing to present, next week, its exclusive Report on the Profile of the New Chinese Luxury Consumer, a comprehensive analysis that reveals the trends, preferences, and purchasing behaviors of this influential group of consumers.
With this report, we provide a strategic guide to understanding and seizing the opportunities presented by the Chinese market, which will continue to lead the luxury sector in the coming years.
Luxury tourism has transcended the boundaries of comfort and material ostentation to focus on experiences that connect travelers with the cultural and natural heritage of destinations. This segment, seeking excellence in every detail, finds in heritage an inexhaustible source of inspiration and differentiating value. Exclusive experiences involving historical richness and biodiversity not only elevate the quality of travel but also contribute to preserving the resources that sustain the industry.
This report explores the importance of heritage in luxury tourism, breaking down its cultural and natural components, the strategies employed for its integration, and the benefits it generates for both travelers and host communities. Additionally, it analyzes the impact of these experiences on sustainability, education, and the local economy, offering a comprehensive framework to understand how heritage can become a key driver of luxury tourism. This analysis also includes a perspective on future trends and innovations necessary to ensure the continued relevance of these exclusive experiences.
This report analyzes how Millennials, Generation Z, and Baby Boomers interact with luxury brands, identifying key patterns, influences, and differences in their approaches to consuming premium products and experiences. As generations evolve, so do their expectations of brands, forcing companies to constantly adapt to remain relevant and competitive in a globalized market.
The global luxury market is experiencing a major shift towards emerging markets, with predictions of over 35% growth from these regions by 2025. Key areas include Asia-Pacific, Africa, Latin America, and Eastern Europe, driven by factors such as increased upper-middle-class populations and digitalization. Emerging markets show distinct consumer behaviors, emphasizing sustainability and personalized experiences. Key strategies for luxury brands include enhancing e-commerce presence, engaging in sustainable practices, and cultural adaptation. By 2025, Asia-Pacific is expected to reach $80 billion, while Africa and Latin America will also see growth. The diverse consumer demographic is increasingly shaped by millennials and Gen Z.
Luxonomy has released its 2024 Global Luxury Market Report, which analyzes significant trends, challenges, and opportunities in the luxury sector. The market remains robust, valued at €1.5 trillion, despite economic challenges. Key findings indicate a preference for exclusive experiences over possessions, with luxury travel and events driving a 7% growth. Digital sales account for 25% of the market and are expected to increase to 45% by 2030, aided by technologies like augmented reality. Sustainability is crucial, with 65% of consumers favoring ethical brands. The report highlights the influence of Gen Z and millennials, who represent 70% of luxury spending.
1. Introduction France, a pivotal nation within the European Union, is currently confronting a multifaceted…
South Korea has established itself as a pivotal player in the global luxury market, with its consumers demonstrating a profound affinity for high-end goods and services. However, recent political developments have introduced complexities that could significantly influence this sector.
Elon Musk warns that the growing national debt in the U.S. is “unsustainable,” potentially leading to bankruptcy if drastic measures aren’t adopted. He suggests cutting federal spending by $2 trillion, which has ignited debate across economic and political realms. His stance may impact the luxury sector, as reduced government spending could decrease high-net-worth consumers’ purchasing power, eroding demand for luxury goods. Economic uncertainty and potential tax increases could further challenge luxury brands. Meanwhile, Musk views cryptocurrencies as volatile, making them unfit for resolving the debt issue. Luxury companies must adapt strategies to thrive in a changing economic landscape.
LVMH has announced a major executive restructuring, promoting Alexandre Arnault and Jean-Jacques Guiony to enhance leadership and business strength amid global challenges. Guiony, former CFO, becomes CEO of Moët Hennessy, tasked with revitalizing the division following an 8% sales decline. Alexandre Arnault, now Deputy General Director at Moët Hennessy, brings experience from Tiffany & Co. and Rimowa, highlighting a focus on succession planning. Additionally, Charles Delapalme takes over as CEO of Hennessy, reinforcing LVMH’s commitment to internal talent development. This strategic reshuffle aims to adapt to market changes and maintain LVMH’s dominance in the luxury industry.
India is rapidly becoming a focal point for the luxury market due to significant economic growth, a young population, and rising consumer aspirations. With the GDP expanding consistently and a growing middle class, India is projected to constitute 10-12% of the Asian luxury market by 2030. The rise of new elites and increased urbanization enhance luxury consumption, influencing consumption habits towards personalized and experiential luxury. Government policies have facilitated market entry for foreign brands by removing barriers, while e-commerce and social media have democratized luxury access. As brands adapt to Indian preferences, they harness cultural personalization, leveraging Bollywood and influencers to drive aspiration and sales.
Inflation is an economic phenomenon that affects both consumers and businesses, and the luxury sector…
Luxury brands like Hugo Boss and Louis Vuitton face challenges amid fears of a global recession. With declining consumption and supply chain issues, these brands are adopting digital and innovative strategies to stay competitive in a changing market.
LVMH strengthens its presence in the luxury sector by acquiring 10% of Double R, owned by Moncler’s CEO, Remo Ruffini. The investment allows for further growth opportunities and board seats, aligning with LVMH’s strategy for global expansion.
The luxury sector has historically been a pillar of global economies, symbolizing status, exclusivity, and craftsmanship. Over time, the luxury industry has evolved, adapting to social and economic fluctuations while maintaining its essence of offering products and services that transcend the ordinary. Between 2025 and 2030, the industry is expected to undergo one of the most significant transformations in its history, driven by technological advances, changing consumer expectations, and increasing pressure to integrate sustainable and responsible practices. The value of the global luxury market, which in 2021 stood at 320 billion euros, is projected to reach 600 billion euros by 2030, nearly doubling in just a decade, a testament to its resilience and adaptability.
This report provides an in-depth analysis of the key factors that will define the luxury sector between 2025 and 2030, offering detailed analysis of emerging trends, economic data, and growth projections across various geographic areas and market segments.
In 2023, traditional crafts related to the luxury sector represented a significant fraction of the global luxury economy. It is estimated that the craftsmanship linked to luxury generated over $150 billion in global revenue, accounting for approximately 12% of the total luxury market. This growth has been driven by the increasing demand for personalized goods, especially in emerging markets like Asia and the Middle East.
The economy related to traditional crafts and craftsmanship has found a modern renaissance in the luxury sector. This market segment values authenticity, exclusivity, and quality, all intrinsic characteristics of artisanal products. As demand for personalized, sustainable, and ethical products continues to grow, traditional crafts play a crucial role in the luxury economy through 2030 and beyond. However, the preservation of these trades requires continued efforts in skill transmission, protection of authenticity, and integration with technological innovations.
As of September 8, 2024, the luxury sector has continued its upward trajectory, consolidating itself as one of the main economic drivers globally. With a market that reached €1.5 trillion in 2023, luxury has expanded its presence not only in mature markets such as Europe and the United States, but also in emerging regions of Asia and Latin America. This growth has been driven by the revaluation of luxury goods, the increase in the consumption of exclusive experiences, and the role of digitalization in transforming the industry. This report explores how the luxury sector contributes to economic growth, job creation, and infrastructure development, based on recent data and 2024 trends.
PVH Corp., owner of iconic brands like Calvin Klein and Tommy Hilfiger, has announced the appointment of Fredrik Olsson as its new CEO for Europe, Middle East, and Africa (EMEA). Olsson, with over two decades of experience at H&M in various leadership roles, will replace Martijn Hagman, who has been CEO of Tommy Hilfiger Global and PVH Europe since 2020. This strategic change aims to strengthen PVH’s presence in the competitive European market.
The luxury sector, which includes fashion, jewelry, watches, automobiles, hospitality, and luxury tourism, is one of the most dynamic and resilient industries in the global economy. In 2024, the global luxury market was valued at approximately €390 billion (around $420 billion), reflecting sustained growth despite economic challenges, such as market fluctuations and post-pandemic recovery. This report provides an in-depth analysis of how the luxury sector contributes to the global economy through various channels, including employment generation, fiscal revenues, attracting foreign investments, and boosting tourism, using updated data and detailed examples from various countries.
The global men’s cosmetics market has shown steady growth, with a compound annual growth rate (CAGR) of between 6% and 8% over the past five years. According to a report by Grand View Research, the market is expected to reach a value of approximately $78.6 billion by 2030, compared to $47.5 billion recorded in 2021. This growth is driven by several key factors, including increasing awareness among men about health and personal care, market expansion in emerging economies, and continuous product diversification and innovation by brands.
This report provides an in-depth analysis of the growth prospects of the men’s cosmetics market, exploring the factors driving its expansion, emerging trends, strategies of major brands, as well as opportunities, challenges, and future projections.
The trend of treating pets as children (“fur babies”) has generated increasing demand for luxury services, including advanced grooming treatments.
According to a study by the American Pet Products Association (APPA) in 2024, pet owners in the United States spent approximately USD 9.2 billion on grooming and boarding services in 2023, a figure that has shown steady growth over the past five years. This number is expected to continue increasing as more consumers invest in premium grooming services for their pets.
Flamenco is a cultural experience of luxury for North American tourists, offering an authentic and exclusive immersion into Spanish tradition. With roots in Andalusia and recognized as UNESCO Intangible Cultural Heritage, Flamenco captivates visitors through its emotional intensity, historical significance, and personalized experiences like private dance lessons and gourmet dinners paired with live performances. This art form significantly impacts Spain’s tourism economy, drawing thousands of tourists to Andalusian cities each year. The true luxury of Flamenco lies in its ability to forge a deep emotional connection, providing an unforgettable cultural experience.
The Cultural Divide in Luxury: America vs. Europe. We discuss the differences in the perception of luxury between America and Europe. In America, luxury is often associated with ostentatious displays of material success, while in Europe, the focus is more on quality, craftsmanship, and the history behind products. We explore how these cultural and historical differences shape the understanding of luxury in these two regions.
[lwptoc title=”Contents” toggle=”0″] Introduction Generative artificial intelligence (GAI) has emerged as a transformative technology with…
[lwptoc title=”Contents” toggle=”0″] Introduction The Veblen Effect is a fascinating phenomenon that challenges the basic…
