economy

Report: Economy Related to Traditional Crafts in the Context of Luxury

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.

How the luxury sector can boost a country’s economy and employment

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 appoints Fredrik Olsson, former H&M executive, as new CEO for Europe, Middle East, and Africa

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.

Report on the economic benefits of the Luxury Sector in the Global Economy

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.

Report on the countries contributing the Most Luxury Tourists Globally (2024-2030)

Luxury tourism is a growing sector that encompasses exclusive, personalized, and high-quality experiences. This segment of the tourism market has seen significant expansion since 2024 and is expected to continue through 2030. This report provides a detailed analysis of the countries contributing the most luxury tourists globally, updated figures, data on the average daily spending of tourists by country of origin, and projections through 2030.

Report on the Growth Prospects of the Men’s Cosmetics Market

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.

Extensive Report on the Pet Grooming Market

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: A Luxury Experience for North American Tourists

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.

Perception of Luxury in the United States and Europe

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.

Report on the current use of AI in the luxury tourism sector

The luxury tourism sector is undergoing significant transformation driven by artificial intelligence (AI). This technology…

Need for a Strategic Plan for Generative Artificial Intelligence

[lwptoc title=”Contents” toggle=”0″] Introduction Generative artificial intelligence (GAI) has emerged as a transformative technology with…

Luxury Economy: Do You Know the Veblen Effect?

[lwptoc title=”Contents” toggle=”0″] Introduction The Veblen Effect is a fascinating phenomenon that challenges the basic…

The Recession Paradox: Benefits for the Luxury Sector

This paradox, where luxury thrives while the global economy declines, is due to several interconnected factors affecting both the supply and demand of high-end goods and services. The following explores in detail the factors that allow the luxury sector to benefit during recession periods.

Report on the Luxury Market in India

The luxury market in India has experienced impressive growth in recent years, driven by a combination of economic, demographic, and cultural factors. The country’s economic transformation, along with increased personal wealth and greater exposure to international brands, has created a conducive environment for luxury expansion. This report will provide a detailed overview of the factors driving this market, its segmentation, current trends, challenges, and future prospects.

Extensive Report on the Opportunities of Luxury Tourist Apartments

The tourism market has evolved due to changing traveler preferences and new technologies. Luxury tourist apartments appeal to those seeking personalized, high-quality experiences. This report explores their competitive advantages, investment prospects, privacy, flexibility, premium locations, and challenges such as regulations and competition. Effective management and digital marketing are crucial for capitalizing on this lucrative segment.

The Future of the Luxury Economy Until the End of 2025

The luxury economy is set for significant change by 2025, driven by digital transformation, sustainability, and experiential luxury. Online sales are projected to grow, integrating technologies like VR and blockchain. Ethical practices will rise, and new luxury markets in Asia will expand. Technological advancements will create novel luxury goods, while smart cities will enhance real estate value.

How the slowdown in China is redefining the Global Market

LVMH, the world’s largest luxury goods conglomerate, has been significantly impacted by the recent slowdown in China’s consumer spending. In the first half of 2024, the company’s net profit fell by 14%. This trend is part of a global phenomenon affecting luxury brands, particularly in Asia, a key market.

Prada Group continues its double-digit growth streak in the First Half of 2024

The Prada Group has reported an impressive 17% increase in its revenues during the first…

LVMH, through its private equity firm L Catterton, acquires a stake in Value Retail for $1.94 billion

The luxury giant LVMH, through its private equity firm L Catterton, has acquired a stake…

Hermès delivers strong H1, shares climb

Shares of luxury giant Hermes International rose on Friday after it reported strong H1 results.…

The Rise of the Luxury Housing Market in India

The luxury housing market in India has shown remarkable growth driven by the demand from…

LVMH half-year net profit drops 14%

LVMH’s 14% drop in net profit from €8.48bn to €7.27bn for the first half of…

Discounts of up to 50% in China due to lack of luxury sales

Luxury brands are adopting an aggressive discount strategy in China, offering up to 50% price…

Report on the Percentage of Luxury Product Consumption by the LGTBIQ+ Community Worldwide

[lwptoc title=”Contents” toggle=”0″] Introduction The analysis of luxury product consumption by the LGTBIQ+ community reveals…

Exclusive Lebanese Wine Report

[lwptoc numeration=”none” title=”Contents” toggle=”0″] Introduction Lebanon, although small in territory, has a rich winemaking history…

Report on the Global Luxury Anti-aging Market

[lwptoc title=”Contents” toggle=”0″] Introduction The luxury anti-aging market has experienced robust growth in recent decades,…

Report on the Luxury Textile Market and Its Growth Prospects

[lwptoc title=”Contents” toggle=”0″] Introduction The luxury textile market is an exclusive segment of the fashion…

Report: The Luxury Sector in the Dominican Republic

[lwptoc title=”Contents” toggle=”0″] Introduction The Dominican Republic, renowned for its paradisiacal landscapes and rich cultural…

LUXONOMY Report: Luxury Market Forecasts for 2025

[lwptoc title=”Contents”] The luxury market continues to show dynamism and significant growth globally. This report…

The 5 Favorite Luxury Brands of Generation Alpha

Generation Alpha, composed of individuals born from 2010 onwards, is beginning to have a significant…

Report on the Luxury Market in China: A $178 Billion Opportunity in 2025

[lwptoc toggle=”0″] The luxury market in China has experienced exponential growth in recent years, positioning…

Report: Online Luxury Trade from 2018 to 2024, from 27 to 80 billion

[lwptoc toggle=”0″] Online luxury commerce has undergone a significant transformation in recent years, driven by…

The 10 Richest People in Miami

Miami, besides having stunning beaches, a vibrant nightlife, and a rich cultural mix, is also…

Bernard Arnault (LVMH) appoints his son Frédéric as Managing Director of Financière Agache

The French billionaire Bernard Arnault, Chairman and CEO of Moët Hennessy Louis Vuitton (LVMH), has…

World Wine Trade in 2023: Leading Exporters

The global wine trade is a dynamic and ever-evolving industry, reflecting both the winemaking traditions…

Françoise Bettencourt Meyers: The World’s Richest Woman

Françoise Bettencourt Meyers is a French businesswoman, writer, and philanthropist known for being the heiress…