Luxury Trends – 20 Crucial Trends to Watch in 2024

With a projected market value of US$368.9 billion in 2024, the luxury sector relentlessly pursues the redefinition of elegance for a discerning clientele.

This year, it’s not just about the biggest logo or expensive price tag. Consumers are craving authenticity, experiences, and a deeper connection with the brands they invest in. Dive into our exploration of luxury trends for 2024, where we’ll unveil what’s taking center stage. From the rise of “quiet luxury” to the explosion of hyper-personalized experiences, we’ll show you how luxury is being redefined for a new era.

Read on to learn the top 20 luxury trends to watch and how they can take your brand to the next level in 2024 and beyond. 

1. Quiet Luxury

Forget flashy logos and brash displays of wealth.

In 2024, discerning customers value quality craftsmanship, timeless design, and understated elegance. They seek out beautifully crafted, enduring pieces that embody a subtle yet powerful sophistication.

A recent Bain & Company report found that 70% of global luxury consumers are now willing to pay a premium for well-made, durable items that will stay relevant for years to come.

2. Hyper-Personalization

Luxury is going bespoke!

Brands are leveraging technology and customer data to create ultra-personalized experiences.

This could include anything from custom-designed clothing and jewelry crafted to your exact specifications to curated shopping experiences with recommendations based on your past purchases and interests.

According to a McKinsey study, personalized marketing can increase customer engagement by up to 80%, making it a key driver of sales in the luxury sector.

3. Sustainability and Innovations

The pre-owned luxury market is projected to reach a staggering $30 billion by 2025, according to a report by Business of Fashion, highlighting the growing consumer interest in sustainable luxury.

Eco-conscious consumers are increasingly demanding transparency and ethical practices from the brands they support. In response, luxury brands are embracing sustainable materials, adopting responsible manufacturing processes, and expanding their offerings to include pre-owned and vintage items.

For instance, Gucci has embraced recycled materials in their packaging, while Tiffany & Co. is sourcing eco-friendly materials for their iconic blue boxes. But the innovations go beyond familiar materials. Stella McCartney, a true sustainability pioneer, is pushing boundaries with mushroom-based packaging solutions.

These efforts don’t just benefit the environment. They also elevate the customer experience.

Unique and sustainable packaging creates a memorable “unboxing” moment, aligning with the growing consumer demand for environmentally conscious practices.

By prioritizing sustainable packaging solutions, luxury brands are setting new industry standards. This approach strengthens their brand value and forges deeper connections with environmentally conscious consumers who appreciate both luxury and responsibility.

4. Experiences over Things:

Consumers are increasingly prioritizing unique and memorable experiences over material possessions.

Luxury brands are responding to this trend by offering exclusive travel packages to exotic destinations, access to private events like fashion shows or art exhibits, and bespoke workshops where clients can learn new skills from master artisans.

78% of millennials would rather spend money on an experience than a physical product (Eventbrite Report), making this a defining trend for luxury brands to tap into.

5. The Rise of Resale:

The pre-owned market is booming as consumers become more open to buying and selling second hand luxury goods. 

Luxury brands are embracing this trend by launching their own resale platforms that guarantee authenticity and offering authentication services for third-party platforms.

The RealReal, a leading online marketplace for luxury consignment, reported a 41% increase in sales in 2023, demonstrating the growing popularity of resale in the luxury space.

6. Luxury capitalizing on eCommerce

Luxury brands across the sector must keep up with the latest in luxury eCommerce within the coming years. Why? According to Statista, it’s expected that 25% of global luxury goods sales will be made online by 2025.

The more luxury brands can expand on their eCommerce efforts in a scalable way, the better. It will allow them to get ahead of the competition and get ready for more online-driven sales.

7. Luxury in the Metaverse

The metaverse is rapidly becoming a pivotal arena for luxury brands, signaling a transformative shift in how high-end products and experiences are offered. This virtual realm, blurring the lines between physical and digital experiences, presents a crucial opportunity for premium brands.

By developing a strategic presence in this space, you can:

• Break into a new dimension for luxury
• Capitalize on a new business frontier
• Get ahead of your competition

High-end brands like Gucci, Balenciaga, and Louis Vuitton are pioneering the future of luxury by launching exclusive digital collections and immersive experiences tailored to a tech-savvy audience.

One of the key tools driving this innovation is Virtual Reality (VR), which these brands are leveraging to create groundbreaking shopping experiences. Imagine browsing a brand’s flagship store from the comfort of your home, enjoying a highly personalized and engaging shopping journey.

This seamless fusion of the digital and physical realms not only elevates online sales but also enriches the overall luxury shopping experience.

8. Revolutionizing Luxury: The Impact of AI and Machine Learning

With young consumers demanding more personalized experiences, Artificial Intelligence (AI) and Machine Learning are transforming how luxury brands engage with customers online.

By harnessing AI’s analytical prowess, brands can dive deeper into customer data and behavior patterns, enabling the creation of highly tailored online shopping experiences.

Imagine a virtual shopping assistant that not only recalls your previous purchases but also recommends complementary items and highlights upcoming collections that align with your unique taste. This assistant could even offer virtual tours of a brand’s flagship store, allowing you to explore 360-degree views and closely examine product details—all from the comfort of your home.

This digital transformation is redefining the concept of exclusivity, positioning brands that leverage AI-driven personalization as frontrunners in the luxury market.

9. Blockchain for Authenticity and Transparency

Luxury brands, including LVMH, Richemont, and Prada, are increasingly adopting blockchain technology to ensure product authenticity and enhance supply chain transparency.

By utilizing this cutting-edge technology, these brands can offer a secure digital ledger. This provides customers with irrefutable proof of ownership and a detailed history of the product’s journey from creation to sale.

This innovative approach not only fortifies the authenticity of high-end items but also builds a foundation of trust and transparency with consumers, setting new standards in the luxury market.

10. Social-conscious luxury

The luxury sector is undergoing a significant shift, with social consciousness becoming a core value for many brands. This move towards ethical practices and sustainability reflects a strategic adaptation to changing consumer demands.

Millennials and Gen Z, in particular, prioritize authenticity, ethical production, and environmental responsibility in their purchases. This focus on authenticity is further highlighted by a statistic revealing that 88% of consumers consider it a critical factor when choosing a business.

Brands like Patagonia and Stella McCartney lead the way by using eco-friendly materials and promoting transparent supply chains, setting a benchmark for ethical luxury. These pioneers are shaping the future of luxury, where the value of goods is measured not just by their aesthetic appeal but by their impact on the world.

By aligning with these values, luxury brands can enhance their appeal to a conscientious buyer base, affirm their position in the market, and contribute to a more sustainable and equitable global community.

11. Owning the customer experience

When it comes to luxury trends in fashion, one of the most important ones brands must capitalize on is owning the customer experience from beginning to end.

As Save My Cent details, 60% of consumers expect excellent customer service when making luxury purchases, and 78% of customers expect to get a high-quality product that lasts.

That means that, in addition to creating great pieces of fashion, luxury fashion brands need to focus on the customer experience from beginning to end.

Every touchpoint, from the luxury website to the post-purchase email, should have one goal in mind: to convert, and delight, the consumer and provide the best customer experience possible.

12. Effortless luxury for the win

Effortless luxury is one of those luxury trends that can be carried over from the product area of the sector to the marketing area.

It is just as it sounds—it’s no-frills luxury that feels natural in your life.

While effortless luxury may be a trend fashion brands capitalize on, it’s an idea that can easily be transferred to the marketing side of luxury fashion.

If your fashion brand is owning the effortless luxury aesthetic in its products, own it throughout every aspect of your marketing, too. Social media, email marketing, photography, copywriting—it should all be cohesive and embody the effortless luxury essence.

13. Emphasizing experience

When looking at luxury trends in the hospitality industry, a key trend to look into is emphasizing experience. Luxury tends to capitalize on exclusivity, but it should also focus on the experience that exclusivity brings to the table.

If people are shelling out cash for luxury hospitality, they’re going to expect a wonderful—and personalized—experience. Focusing on the experience can also work for marketing tactics.

Crafting messages that emphasize the experience of luxury hospitality, instead of, say, the perks, can help you reach a new audience through emotion.

14. Eco-conscious hospitality

One of the biggest emerging luxury consumer trends to watch across all industries is eco-consciousness.

Sustainability and eco-consciousness is increasingly on consumers’ minds, and as such, luxury sectors need to align their values with consumers’ values if they want long-term customers.

When it comes to luxury hospitality, think of ways you can actively enact—and promote—sustainable practices. Think of strategies like:

• Reducing plastic use
• Using recycled or upcycled furniture
• Making a pledge to reduce carbon emissions
• Buying ethically sourced hospitality products 

15. Customers being the main focus

In jewelry marketing, always make the customer the main focus. Luxury jewelry is often marketed as lucious, exclusive and high-quality—meaning it also comes with a higher price.

Consumers today aren’t just looking for buzzwords that emphasize a product, though. They’re looking for messaging and services that focus on them, and even create a sense of community with their fellow luxury shoppers.

If you’re in the luxury jewelry industry, evaluate your messaging and services and see where you can be more customer-focused.

16. Tapping into niche markets

Exploring niche markets benefits luxury jewelry products and their marketing. A niche market, as defined by Shopify, targets a specific consumer segment with distinct preferences within a larger market.

This strategy allows luxury jewelry brands to focus on particular products or exclusive categories, such as sustainably sourced jewelry. It enables them to deliver targeted messages to a highly engaged audience.

By honing in on these specialized segments, luxury brands can create more effective and personalized marketing strategies.

17. Consumer-focused tech

One of the biggest luxury consumer trends to watch in retail is the continued emergence of consumer-focused tech. According to a recent study by McKinsey & Company, 85% of luxury consumers expect brands to use personalization technologies to offer a more relevant shopping experience.

Leveraging technology such as videos, NFTs, and ethical behavioral data positions luxury retail brands to strengthen consumer relationships and lead in innovation.

This focus creates a more impactful marketing approach, emphasizing consumer experiences over product features, making brand messaging personal and compelling.

18. Marketing through storytelling

Another trend to look at on the marketing side is to market your luxury retail brand through storytelling, and even brand storytelling. Brand storytelling is a powerful strategy that, when done right, demonstrates brand value while simultaneously building a community of consumers who share similar values. Luxury retail brands can use their brand storytelling (and general storytelling) chops to create effective and powerful marketing campaigns.

As Forbes points out, storytelling is central to any marketing strategy’s success. As a luxury retail brand, it’s an important trend to capitalize on because it will do the following:

• Help your brand stand out in a sea of digital content
• Foster better relationships with your consumers—and help you understand them better
• Demonstrates your brand value in an engaging and authentic way

19. Eco-conscious travel

Sustainability and eco-consciousness are at the forefront of many industries right now. According to Forbes, the luxury sector as a whole is already adapting to new sustainable practices, like changing shipping strategies to reduce its carbon footprint.

With a growing focus on sustainability, environmentally conscious Millennials and Gen Z shoppers are driving the luxury market. They currently represent around 30% of all luxury consumers, and this number is poised to reach 50% by 2025. That’s why one of the key luxury trends to watch in luxury travel is eco-conscious travel.

Now, luxury travel brands must focus on creating those one-of-a-kind wanderlust experiences in a sustainable way. They must also look into tying that sustainability messaging into their marketing initiatives where it feels authentic and natural to capitalize on luxury consumer trends.

20. Solo Travel

Solo travel has seen an increase over the last few years. According to Statista, solo trips continue to be a growing tourism trend, influenced by the lockdowns of the COVID-19 pandemic. When identifying luxury trends to watch, luxury travel brands should look to capitalize on solo travel.

There are several ways to capitalize on solo travel on the marketing and content side of the business, including:

• Creating content that targets solo travelers (including videos and articles) 
• Crafting paid ad campaigns that target solo travel keywords
• Creating a new section on your website dedicated to solo travel (as long as it makes sense for your brand and overall business needs).

Our Success Stories in Luxury Marketing:

1. Musha Cay

David Copperfield’s Musha Cay, one of the world’s most exclusive private islands, needed a way to effectively convey the extraordinary, once-in-a-lifetime experiences it offers to discerning travelers. They required a campaign that would not only highlight the island’s unique appeal but also set it apart as the ultimate luxury destination.

• Our Solution: Mediaboom partnered with Musha Cay to create a groundbreaking luxury travel campaign centered on a compelling narrative that emphasizes the island’s extraordinary experiences. Through the development of a custom website design and stunning animations, we provided potential visitors with a captivating preview of the incomparable, immersive adventures that await them.

• Results: This approach not only amplified Musha Cay’s allure but also established a new standard for promoting high-end travel destinations. By offering future guests a compelling glimpse into the unparalleled, immersive experiences that await them, we successfully positioned Musha Cay as the epitome of luxury travel.

Aspen Luxury Concierge, a premier provider of bespoke travel planning and property management services in Aspen, faced a challenge in distinguishing themselves in a competitive market. They needed a strategy that went beyond the ordinary, something that would not only showcase their services but also resonate deeply with their target audience.

• Our Solution: Mediaboom partnered with Aspen Luxury Concierge to craft a transformative marketing strategy that leveraged the power of storytelling. We developed a compelling narrative that positioned Aspen Luxury Concierge not just as a service provider, but as the creator of unforgettable, luxury experiences.

• Results: By weaving engaging stories around the unique experiences Aspen Luxury Concierge offers, we successfully positioned them as the go-to choice for discerning travelers seeking the essence of Aspen’s luxury lifestyle. This approach fostered emotional connections with potential clients, enhanced brand loyalty, and ultimately drove significant revenue growth.

3. Guardian Jet

Guardian Jet, leader in luxury aviation, sought to distinguish themselves in a market where premium service alone was not enough. They needed a way to convey their brand’s essence—one that truly captured the exclusivity and prestige of their offerings, while deeply engaging their target audience.

• Our Solution: Mediaboom partnered with Guardian Jet to craft an enthralling narrative that embodies the luxury aviation experience. Utilizing the art of storytelling, enhanced with custom animations, we embarked on a journey to bring Guardian Jet’s story to life.

• Results: By employing a sophisticated narrative technique, we elevated Guardian Jet’s brand message into something deeply personal and engaging, far beyond traditional service descriptions. This approach, grounded in consumer-focused technology and tailored experiences, allowed us to establish marketing excellence within the luxury aviation sector, demonstrating the power of leveraging modern tech trends to create meaningful and impactful brand connections.

FAQs / Related Questions

I. How is sustainability influencing luxury brand strategies today?

Sustainability is reshaping luxury strategies by prompting brands to adopt eco-friendly materials and ethical practices, enhancing brand reputation and appealing to environmentally conscious consumers.

II. How is the luxury resale market impacting brand perception and value?

The luxury resale market enhances brand prestige by extending product life cycles and making luxury more accessible, fostering a perception of timeless value.

III. How can luxury brands balance exclusivity with digital accessibility?

Luxury brands can balance exclusivity with digital accessibility by offering personalized online experiences and exclusive digital content, maintaining a sense of uniqueness while reaching a wider audience.

IV. What impact does artificial intelligence have on luxury customer service?

Artificial intelligence revolutionizes luxury customer service by enabling personalized recommendations and seamless support, elevating the customer experience to unprecedented levels of sophistication.

V. Why is the luxury sector investing in eco-conscious travel?

The luxury sector is investing in eco-conscious travel to meet the rising demand for sustainable and responsible travel options, aligning with global environmental goals and enhancing brand integrity.

Do you have more questions?

If you have more questions about luxury marketing or need further assistance, feel free to reach out. We’re here to provide the insights and information you need.

Hire Mediaboom Now!

Our luxury marketing agency helps you identify the latest luxury trends that resonate with your brand’s unique identity.

Our mission is to elevate your high-end brand’s digital presence. From designing exquisite websites that enhance your inbound marketing efforts to implementing cutting-edge luxury content marketing strategies that captivate your audience.

Contact us today and set your brand on the path to unmatched digital excellence.