Luxury Consumers Evolve: FT Business of Luxury Summit 2024

Published 31 May 2024

Author

8 min read

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.

Jump to section

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.

Jump to section

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

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione voluptatem sequi nesciunt. Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt ut labore et dolore magnam aliquam quaerat voluptatem. Ut enim ad minima veniam, quis nostrum exercitationem ullam corporis suscipit laboriosam, nisi ut aliquid ex ea commodi consequatur? Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem eum fugiat quo voluptas nulla pariatur?

Topics

Hospitality & Service

Leisure

Retail

Social Media

Brand Experience

Want to see the full report?

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.

Book a demo with us today to discover more.

Membership