How the luxury industry is overcoming the crisis and generating billions of euros in sales worldwide

How the luxury industry is overcoming the crisis and generating billions of euros in sales worldwide

According to a report by www.n-tv.de, the global luxury market is growing this year by 8 to 10 percent to a record value of 1.5 trillion euros, despite the ongoing crisis and inflation. In particular, demand for luxury experiences such as exclusive cruises and hotels as well as luxury cars has risen sharply. Sales in personal luxury goods are expected to rise 4 percent to 362 billion euros, although growth in this segment is expected to slow. The report notes that demand in Asia, particularly China, Southeast Asia and Japan, is driving growth, while in Europe luxury tourism has almost reached pre-pandemic levels. In America, on the other hand, luxury business is expected to decline by 8 percent, mainly due to purchases abroad due to the strong US dollar.

This development indicates a shift in the global luxury goods industry. With a focus on Asia as a growth market, companies in the luxury segment could adapt their strategies and invest more in this region. Increased purchasing power and activity in Asia could also bring a greater variety of luxury products and experiences to the market to meet the needs of growing customer demand.

In terms of the global financial market, this development could mean that investors are investing more in luxury companies in Asia to benefit from the strong growth in this region. This could also have an impact on the foreign exchange market as demand for currencies from Asian countries could increase. It remains to be seen how this shift will impact the international economy in the long term, but it is clear that Asia will play a key role in the future of the luxury industry.