The global luxury market is reaching a record level despite the economic crisis and inflation - Bain & Company predicts growth of up to ten percent by 2023.

The global luxury market is reaching a record level despite the economic crisis and inflation - Bain & Company predicts growth of up to ten percent by 2023.

According to a report by exxpress.at, the global luxury market is reaching a new record despite the economic crisis and record inflation. According to a study by Bain & Company and Fondazione Altagamma, the entire high-end business is expected to grow to 1.5 trillion euros in 2023, an increase of up to ten percent. In particular, demand for luxury experiences such as exclusive cruises and hotels as well as luxury cars has increased significantly. However, growth is expected to slow in the personal luxury goods segment such as clothing, shoes, perfume and jewelry, with a third of brands expected to stagnate or shrink.

The study also points out that the tailwinds for the luxury industry continue to come from Asia, particularly China, Southeast Asia and Japan. In Europe, luxury tourism sales are almost back to pre-pandemic levels and the personal luxury goods market is expected to grow by 7 percent. In America, on the other hand, luxury business is expected to decline by 8 percent as luxury customers primarily consume abroad due to the strong US dollar and favorable price differences.

As a financial expert, it is important to analyze how these developments may affect the market and the financial industry. Increased demand for luxury goods and experiences, particularly in Asia, could lead to new investment opportunities in this sector. At the same time, however, the slowdown in growth in the personal luxury segment needs to be taken into account as this could impact businesses and investments in this sector. In addition, currency fluctuations and international consumption habits could play a role in the investment strategy in the luxury industry.