The demand for luxury is growing lately. That’s why, nowadays, luxury market is more competitive than ever before.
This high-end market has not suffered the consequences of the pandemic as much as the hospitality or tourism. Furthermore, since the start of the pandemic in 2020, luxury was one of the sectors that recovered quickly returning to the levels of previous years.
We can say that consumers are becoming more sophisticated and discerning. That’s why, luxury brands need to have a compelling value proposition to appeal to customers. Also, you have to have a global presence that is intensified thanks to social medias and digital advertising. These may be some of the reasons why the luxury market is increasingly competitive.
A good example of how a luxury brand has grown over the year is Louis Vuitton. Currently, the value of the best-known luxury conglomerate could be more than 15 billion dollars.