There is no shortage of need for luxury brands among global consumers. In 2024, the market for luxury goods is anticipated to generate $386.9 billion in revenue, with an expected annual growth of 3.22%, according toEven though it took a hit during the COVID-19 pandemic, the luxury goods market is going strong in the US and worldwide.
Involving the local community is another way to generate excitement and build a following before your official launch. “Offering exclusive local editions or collaborations with local artisans and celebrities can generate buzz and foster a deeper connection with the market. These initiatives not only cater to the local consumer’s preferences but also help in building a narrative of inclusivity and respect towards local cultures,” says Duguay.