Key Insights from Agility’s 2024 Luxury Leaders Pulse
We are pleased to announce the release of the 2024 Luxury Leaders Pulse study, gathering interviews with over 50 senior and c-suite executives, from a variety of luxury sectors, located in Asia, Europe and USA. The report provides insights on perceived priorities and challenges and how they see the luxury sector evolve in the upcoming year. Here are some key takeaways:
1. Outlook for 2024:
- Luxury leaders have a conservative outlook for 2024, with only 50% expecting higher or significantly higher profits compared to 2023. The same question 12 months ago yielded 81% who expected higher profits vs 2023.
- Despite all the headwinds, expectations about profits from China are in line with the past year or towards growth, while approximately 20% expect businesses outside China to slowdown this year compared to 2023.
Overall, what is your outlook for your business in 2024 compared with 2023?
2. China is expected to continue being a key revenue source for luxury in the next five years. However, companies are adopting a “wait and see” strategy for China in 2024 due to strong headwinds in 2023.
China had strong headwinds in 2023 which will most likely continue in 2024. What will likely be your China business strategy in 2024?
A larger share of respondents (21%) now see USA as providing an increased share of profits versus 2023 (16%), indicating that luxury brands are taking into account the wider shifts in global luxury consumption.
3. As a result, Luxury Leaders took some decisive actions taken in 2023:
- Most leaders reviewed their processes and business models.
- In Greater China, cost-cutting measures were implemented, while other markets increased investments in e-commerce and digital marketing.
4. The major trends in Luxury Leaders see for 2024 are:
- Localization and cultural immersion are key trends.
- Sustainability is being incorporated into luxury.
- Purpose-driven consumption and brand collaborations are gaining importance.
Which major trends in your category do you see taking shape in 2024?
5. Luxury Leaders very clear understanding of how the definition of luxury is evolving in 2024:
- Luxury is defined as a broader proposition that encompasses all lifestyle products and incorporates sustainability.
- Game changers for the luxury industry in 2024 will include personalization, service, scarcity, and high desirability.
6. Finally, we asked Luxury Leaders what keeps them awake at night, and two topics stood out:
- Weak consumer demand is the topmost concern.
- Geopolitical tensions, especially between the US, EU, and China, are also expected to impact business.
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