Millennials and Chinese Consumers Are Rewriting the Luxury Rulebook
Photo Credit: The Chinese consumer and the millennial generation are key to the luxury goods industry. Pixabay / XIESHOUTIANYA
Skift Take
The luxury goods market is going to be worth more than $450 billion by 2025 and many of its trends are relevant to travel as well. Younger consumers see brands in a different way than previous generations — and for them consistency is key.
When it comes to luxury commerce and international tourism, recent studies show the discussion still revolves around two market segments — millennials and the Chinese consumer. In many cases (in fact, in millions of cases), the two overlap.
According to the Bain Luxury Goods Worldwide Market Study for Spring 2018, the Chinese consumer and the millennial generation remain the keys to the growth of an industry that could reach $459 billion (€390 billion) globally in sales by 2025. While the report focuses mostly on luxury retail, some of the findings are pertinent to travel.
After a 2016 stagnation in luxury spending, 2017 experienced a “healthier new normal,” which is continuing into 2018. This new normal means “younger consumers dictating the rules” as a “millennial state of mind, with a new set of
