The global luxury market is developing moderately these days: partially due to a pandemic, partially because consumers are purchasing more conscientiously these days.
Here are the most noticeable luxury trends for 2021.
China is still in the first ranks
Regarding luxury services and products, China continues to be the most important buyer. According to pre-pandemic projections, China’s share of the luxury market will increase to 40% by 2025.
The new type of consumers
Consumers in the twenty-first century prefer eco-friendly brands. This trend is not new, but it is rapidly evolving and strengthening. In addition, there has been a dramatic shift in the luxury landscape: consumers are increasingly spending their money on items rather than experiences.
Investing in high-end goods
According to numerous surveys people are willing to pay more for higher-quality goods. They want timeless, valuable items that will never go out of style. Also, more customers today consider the purchasing of luxury products as a long-term investment.
The resale industry is expanding, and luxury for rent, as well as online luxury sales, are becoming more popular. Want to know more? Here are some other popular luxury trends for 2021.