Luxury products have grown more popular with the younger generation as a sign of social status and wealth. The of luxury products has been credited to the massive consumption by the millennials and Generation Z at a 100% rate (Kering, Financial Document, 2019). The nationalities performing in the purchase of the luxury products are still Europe, China, Japan, and other Asian countries.
Although there are four top , Asia ranks as the leading consumer at a 32% volume, followed by the U.S at a volume of 22%. for 70% of luxury products’ growth, which is the case until 2025 (Cabigiosu, 2020). More countries are yet to jump into the market; for example, Indian has been on the to traditions; however, as is seen with the rise in the rise of fashion trends among young people, they are starting to embrace trends.
The challenges, however, would be with the governmental legislations on the products. For example, the new adoption of protectionist policies that have taken place in China and the U.S. There is also the case in Europe of the “Brexit” that would have an impact on the sales of the business, Europe being among the top consumers of the luxury products.
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