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Surge in wealthy individuals drives expansion for luxury retailers

26 May, 2023 | 
Pureprofile 

Originally published: Retail Insight Network, 25 May 2023

Surveyed global luxury retail executives are confident about rising revenues and margins at their firms.

A study released by communication technology company Communications Specialist shows that the rising number of high net-worth individuals and mass affluence globally is the key driver behind the rapid expansion of the luxury retail market.

Communications Specialist commissioned independent research agency Pureprofile to interview 50 senior executives at luxury retailers with a total turnover of $3.1bn based in Asia, Africa, Europe, the US and South America.

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