luxury brands

Luxury industry trends: Growth, consumer shifts and market expansion in 2024

This year, the luxury industry in Western Europe grew by 2.8%, falling short of the anticipated 5.5% growth. Over the next four years, a steady growth rate of around 4% is projected, with the Adriatic region expecting a robust annual growth rate of 7%. Ivana Laković, the president of an industry association, discussed the key trends shaping the luxury market in 2023. She highlighted that the global revenue from luxury products and services is expected to reach $473.9 billion by…