Luxury Consumers Evolve: FT Business of Luxury Summit 2024
The FT Business of Luxury Summit 2024 (May 19-21, Venice) brought experts together to discuss the future of luxury markets and habits of wealthy consumers. Topics ranged from the polarisation of affordable and ultra-luxury to the popularity of slow, unique and high-end experiences. We highlight the key takeaways.
Luxury’s Hourglass-Shaped Market
The Luxurious Slowdown
Brands Progress Cultural Competence
Across panels, experts explored how luxury consumption is transforming from a pyramid – in which many entry-level products are sold and few hyper-elite ones – to an hourglass – where super-expensive goods see sales comparable with accessible ones. Categories experiencing sales growth are the same at both ends of the market, with beauty and beverages particularly strong.
Across panels, experts explored how luxury consumption is transforming from a pyramid – in which many entry-level products are sold and few hyper-elite ones – to an hourglass – where super-expensive goods see sales comparable with accessible ones. Categories experiencing sales growth are the same at both ends of the market, with beauty and beverages particularly strong.
Summary
Luxury’s Hourglass-Shaped Market | Across panels, experts explored how luxury consumption is transforming from a pyramid – in which many entry-level products are sold and few hyper-elite ones – to an hourglass – where super-expensive goods see sales comparable with accessible ones. Categories experiencing sales growth are the same at both ends of the market, with beauty and beverages particularly strong. |
The Luxurious Slowdown | Experts agreed that wealthy consumers are increasingly interested in slower consumption and low-stress leisure. This echoes the mainstream embrace of soft living, a concept detailed in our One-Minute Explainer. When it comes to luxury, travel, retail and social media marketing are particularly benefitting from this leisurely pace. |
Brands Progress Cultural Competence | Many speakers at the summit homed in on emerging luxury markets (including China, India and Indonesia) and shared strategies for brands looking to adjust their products and messaging to different cultures. Luxury brands are also hard at work creating their own cultures and communities, including experience-focused brand spaces and events. |
Luxury Consumers Evolve: FT Business of Luxury Summit 2024
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Offering access to over 350 consumer and cross-industry reports annually, Stylus Membership is your window to tomorrow’s most exciting opportunities.
We already arm more than 500 of the world’s most forward-thinking brands and agencies with the creative insights they need to make transformative business decisions.
We’d love to do the same for you.
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