The big US rebound in luxury consumption is now in the rearview mirror, and China’s post-pandemic return to spending is proving more muted than anticipated. Amid these challenges in the world’s two largest markets for luxury goods, high-end brands and retailers will have to serve the needs of their core customers while appealing to the next generation of luxury consumers.

Key Question: What is the outlook for the personal luxury goods market and what is the role of digital channels in luxury marketing and sales?

Key Stat: Worldwide personal luxury sales will grow from $415.45 billion in 2023 to half a trillion in 2027. The two largest markets—the US and China—will grow their share to account for 50.6% of total luxury sales by then.