After taking a hit during the Covid-19 pandemic, the market for personal luxury products recovered quickly – it is estimated to have reached 362 billion euros in 2023. The sector is expected to continue growing, driven in particular by purchases of goods luxury services carried out by tourists – and has already returned to levels close to pre-pandemic levels.
Asia is the main market for the luxury sector: both due to high domestic demand and the increase in the flow of Chinese tourists who have been purchasing luxury items. Europe, the sector's 2nd most important market, also owes part of its growth to the resumption of tourism in recent years.
The luxury market also underwent changes in the profile of its buyers in the period between 2019 and 2023. With millennials approaching their years of greatest income generation and Generation Z approaching their years of greatest cultural influence on the rest of society, Generations Y and Z gained more space in spending within the luxury goods sector.
