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According to Euromonitor International's latest strategy briefing, “How Vulnerable is Luxury to a Cold Climate?,” the drivers for luxury have not changed, but the items signifying luxury are constantly evolving. This dynamic, paired with increased wealth and the desire to spend on must-have luxury goods, is contributing to growth in both luxury goods and experiences.
In its most basic definition, luxury refers to “non-essential” goods. “Luxury has always been a relative concept, but there is no doubt that luxury has gone more mass market in recent years,” says Gina Westbrook, Research Manager at Euromonitor International. “To date, luxury sales have remained resilient, but much of that moving forward will involve a complex combination of trading up and trading down.”
The report reviews four segments of luxury marketing: