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November 21, 2023 at 04:49 PM
Luxury goods are in high demand, and your high-net-worth clients might be looking to splurge this season — as long as it fits in their financial plans.
The global luxury market is projected to reach a record $1.9 trillion this year, up 8% to 10% over 2022, according to the latest research report by Bain & Co. with Altagamma, the luxury goods manufacturers’ industry association.
Spending on experiences, in particular, rebounded to historic highs in 2023, thanks to a resurgence in social interactions and travel, according to the report.
The market’s key segment, personal luxury goods, is projected to reach $395 billion by year-end, 4% higher than in 2022 at current exchange rates.
Gen Xers and millennials are in their peak income years and represent the bulk of luxury purchases. However, by 2030, the report said, Gen Z will account for 25% to 30% of luxury market purchases, while millennials will account for 50% to 55%.
For those high-end shoppers who don’t know what to get for that special someone who seems to have everything, here is a list of luxury gift ideas sure to impress.
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