Skift Take
Change is constant and continuous. That’s why a listing of the new trends that will be impacting luxury travel during 2020 must, in addition to peering into the future, include a look back in time.
As the year — and decade — turns, travel journalists are bombarded with client-serving PR pitches about the newest/hottest/splashiest trends. But given that change is an evolution without a clear starting date, it’s wise to employ 2020 hindsight before looking forward to how travel will unfold in 2020.
Conveniently, the recently released 18th annual Bain & Company Luxury Study, produced in conjunction with Altagamma, provides some guidance.
According to the study, the overall luxury market, encompassing both luxury goods and experiences, grew by four percent at constant exchange rates to an estimated 1.3 trillion euros globally in 2019. The growth is coming largely from Asia and from younger generations, according to the study, which was authored by Bain partners Federica Levato and Claudia D’Arpizio.
The report says that while millennials accounted for 35 percent of the luxury market in 2019, by 2025, that will rise to 45 percent. It’s members of Generation Z, however, who are poised to reshape the industry. By 2035, Gen Zers could comprise up to 40 percent of luxury buyers.
"Gen Z customers are the new frontiers of tomorrow's luxury market — and they already represent a growing portion of luxury consumptio
