Global luxury: the biggest consumer markets

One thing needs to be said: the consumers of the Luxury Goods Industry are to be found in emerging markets. In fact, China, Russia and the United Arab Emirates are the top three countries considered to have enormous luxury market potential, followed by the EU, the USA and Japan.

Today, we propose to analyse how their buying behaviour is changing.

The luxury sector and its people are evolving rapidly. And there is a remarkable difference between 2010 and 2020 in terms of reaching the richest segments of the world’s population.

Here are the new trends in the luxury market:

The future of luxury is and will be digital

According to Deloitte’s Global Luxury Powers 2017 study, more than 37% of consumers believe that luxury goods and technology are now even more closely linked. The development of digital channels is generating demand for large-scale, high-quality personalised products. What’s more, the word FEEL has never been more real and the digital experience is taking on a huge role in brand marketing research.

Sharp change in consumer buying behaviour

Consumers of the luxury retail experience are changing. They want more. More shopping channels (39% want home delivery). More rewards for loyalty (44% except gift rewards). More personalisation (45% want personalised products and services).

International air travel continues to rise

Almost half of all luxury purchases are made by consumers travelling to a foreign market. And this is even more important for emerging markets, because people in these countries don’t have access to the same products that they can find in mature markets.

All these factors create opportunities for the luxury sector. The industry as a whole is recording steady growth of 4%, generating over €1.08 trillion in retail value. And to target these very VIP consumers, In-flight media deserve to be taken into account!