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CN Luxury

Lifestyle

“Luxury brands create additional value for consumers by providing an excellent level of service”

The global luxury goods industry, which includes cars, jets, drinks, fashion, cosmetics, fragrances, jewelry, and handbags, has increased in value for many years. In terms of economical understanding – Luxury goods have high income elasticity of demand: as people become wealthier, they will buy proportionately more luxury goods. This also means, however, that should there be a decline in income its demand will drop more than proportionately.opportunities.

Do you know global luxury industry size ?

US$388 billion in 2025

The global luxury goods market is expected to reach.

ExpectedCAGR of 6.3%

Global market Projection

47% of the luxury market

Global tourists account for almost 47% of luxury goods purchases.

550 Billion

The luxury car sector is the most valuable, bringing in 550 billion Euros in 2019 due to widely recognized brands such as Mercedes Benz, Lexus, and Bentley

“Ordinary brands communicate in order to sell products to consumers. Luxury brands communicate in to keep the dream alive in the minds of consumers.”

 Adriaan Brits : The globalization of luxury brand cults

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