Analysts and luxury executives say the appeal of luxury brands to ever-younger consumers is tied to a surge in wealth creation over the past few years, along with social media.
Luxury sales have so far been largely immune to rising interest rates, a slowing economy and high inflation.Luxury shoppers are getting wealthier and younger, with purchases by some of the newest consumers expected to grow three times faster than older generations over the next decade, according to a new report.
"By 2030, younger generations will become the biggest buyers of luxury by far, representing 80% of global purchases," it said. The U.S. regained the top spot for luxury sales in 2022, surpassing China, with 25% sales growth and total sales of 113 billion euros, or about $121 billion. China's luxury sales dropped 1% due largely to Covid lockdowns. Europe also saw strong growth, at 27%, helped in large part by American tourists spending on luxury goods in Europe over the summer.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Top U.S. general meets Ukrainian counterpart near edge of war zoneThe meeting occurred after nearly a year of remote meetings between the generals, and as the United States and its allies expand the arsenal of weapons they are providing to Ukraine.
Read more »
Analysts love these 12 cheap stocks — and give one 70% upsideAfter a tough 2022, there could be some good buying opportunities in stocks this year. CNBC Pro screened for cheap stocks that Wall Street analysts love.
Read more »
Analysts expect this under-the-radar global carbon capture stock to soar by up to 65%New technology recently unveiled by the firm could further cut the energy needed for capturing carbon and add to company's bottom line, analysts say.
Read more »
India cenbank's new proposal on loan loss provisions to raise bank capital needs - analystsThe Indian central bank's discussion paper suggesting banks make provisions on bad loans using an expected credit loss (ECL) method could raise capital requirements for lenders, analysts said.
Read more »
China's economy could recover faster and earlier than expected, analysts sayChina may have marked one of the worst years of economic growth on record, but its shorter-term data showed things might get better sooner.
Read more »
DoorDash stock rises on nationwide Starbucks delivery expansion, as analysts weigh recession impact on gig platformsShares of DoorDash Inc. rallied on Tuesday after the food-delivery platform said it would widen its delivery partnership with Starbucks Corp. to more states
Read more »