“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.
The global luxury goods market is expected to reach.
Global market Projection
Global tourists account for almost 47% of luxury goods purchases.
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