The global luxury market continues its upward trajectory and is projected to reach a record €1.5 trillion in 2023, according to a new report from Bain & Company and Italian luxury goods association Altagamma. This represents an 8-10% growth over 2022, proving the sector’s resilience amid economic uncertainty.

What trends will shape the luxury industry in 2024 and beyond? And as markets shift and consumer preferences change, how should luxury brands adapt in order to stay competitive?

Federica Levato, Partner at Bain & Company & Leader in Global Fashion and Luxury Goods Practice explains.