Luxury in Transition: Embracing New Consumer Trends and Market Dynamics

Abstract

The luxury goods market has grown significantly in recent years, driven by rising disposable incomes, global travel, and the aspirational buying behaviours of emerging markets. However, this growth presents challenges and opportunities for luxury brands. The evolving consumer base is younger, more diverse, and digitally savvy, demanding personalized experiences and valuing sustainability. This shift forces brands to adapt quickly. Counterfeiting and brand dilution also threaten the exclusivity of luxury goods, while economic uncertainties and political tensions impact consumer spending. Still, there are opportunities: e-commerce and digital marketing provide new ways to reach global audiences, and innovation in tech and sustainability can help brands stand out. Those that navigate these challenges and embrace new trends will thrive. A systematic review of 48 academic documents on luxury brands and their consumption from the Scopus database is planned.