Luxury / news
Global Luxury Market on Track to Reach $700 Billion by 2030
The global luxury market is projected to hit $700 billion by 2030, driven primarily by growth in the United States and China, according to a new survey-based report.
The study found that emotional connection has overtaken status as the primary factor influencing brand desirability. Consumers are increasingly seeking brands that reflect their personal identity and values, surpassing traditional drivers such as craftsmanship, heritage, and exclusivity.
In the United States, 68% of respondents indicated that challenger luxury brands better represent their identity than established labels. This shift suggests a growing appetite for newer, more relatable brands among American luxury shoppers.
In China, however, consumers continue to favor established luxury brands due to their reputation, trustworthiness, and customer service. Despite the differing preferences, both markets show a heightened emphasis on personalized experiences and digital discovery in the luxury purchasing journey.