From Manhattan’s Fifth Avenue to London’s Bond Street, the world’s most expensive and exclusive shopping corridors, have everything superfluous and that’s luxury.

The products, the premises, the people and purchasing lot - they all ooze wealth uninterrupted. Worldwide personal luxury sales will grow from $415.45 billion in 2023 to half a trillion in 2027.

In the fiscal year 2022, the Top 100 luxury goods companies amassed a staggering US$347 billion in sales, a substantial leap from US$305 billion in the preceding year.

The luxury sector is expected to grow 3% to 5% in 2024. Since the turn of the millennium, the market has been growing at an annual rate of about 10%.

GenAI in luxury market is expected to generate a global revenue of US$36 billion by 2028. The global luxury resale market has experienced significant growth in recent years, reaching an estimated value of US$39.23 billion in 2023.

GCC has been looked upon as a key emerging market and with China slowdown still coping up, the world is focused on making new moves to tap unexplored treasures in the desert.

Saudi Arabia alone is worth approximately €3 billion in terms of luxury goods sales. It is expected to be worth €6 billion by 2030, posting an annual growth rate between 10% and 12%. Luxury goods expenditure by Saudi Arabians, both domestically and abroad, is expected to increase from €6 billion to €12 billion in the same period. The wealthiest 2% of global consumers accounted for 40% of luxury spending in 2022, up from 35% in 2009 and as per the analyst projection, the global luxury market will reach €1.5 trillion in 2023, an 8%–10% increase over 2022 There are global concerns and shifts in sustainability as fashion accounts for around 10% of global carbon emissions, according to the World Bank. Lowering Greenhouse GAs Emissions (GHG) and becoming carbon slate, using renewable energy and achieving 100% raw material traceability is an aim for most luxury brands in sync with UN SDG7. There is continuous effort enhancing durability, reuse, recycling and second life, promoting circular economy.

UAE serves as the cultural hub and pivotal destination for global travellers and offer ease of access. Veracity is exploring partnerships to provide market insight to relevant entities and create a closed-door environment for business discussions and transactions. The Luxury Brands 2024 will offer a stage for the industry professionals to interact, exchange potential collaboration ideas and do business networking as a 2 day boutique event that’s attended by invitation.

Highlights of the conference

• Redefining traditional luxury strategies in the age of digital disruption
• Blockchain as the Future of Luxury
• Sustainability Perceptions Value (SPV) in Luxury Brands
• Regulatory changes and its impact on luxury brands
• The Porsche sonderwunsch programme: customization and artisanship
• Importance of clientele in luxury, rise of experiential retail