Luxonomy announces the release of the 2024 Global Luxury Market Report

Luxonomy is proud to announce the release of its 2024 Global Luxury Market Report, an in-depth analysis that highlights key trends, challenges, and opportunities shaping the luxury sector this year.

The report reveals a resilient luxury market, valued at an impressive €1.5 trillion, despite global economic headwinds. Key findings point to a significant shift towards exclusive experiences, the continued digital transformation of luxury brands, and the increasing importance of sustainability as a driver of consumer preference.

Highlights of the 2024 report include:

Experiences Over Possessions: Luxury travel, private events, and gastronomy lead sector growth, with a 7% increase this year.
Digital Luxury: E-commerce now represents 25% of total luxury sales and is projected to reach 45% by 2030, driven by immersive technologies like augmented reality and the metaverse.
Sustainability Matters: An overwhelming 65% of consumers prioritize brands that implement ethical and sustainable practices, from recycled materials to transparent supply chains.
Emerging Markets in Focus: Asia-Pacific continues to dominate with a 35% share, while regions like the Middle East and Southeast Asia emerge as new growth hubs.

The report also underscores the dominance of Gen Z and millennials, who account for 70% of global luxury spending, redefining the market with their demand for personalized, meaningful, and socially responsible luxury experiences.