Tiny handbags, Gen Z consumers propel global luxury sales to new heights
Global sales of personal luxury goods are expected to grow by 22 per cent this year to a record US$366 billion, boosted by trends like tiny handbags, Gen Z consumers and ethnic minorities.
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Luxury spending is growing faster than ever, fuelled by pent-up pandemic demand and shifting demographics as younger, more diverse consumers buy into tiny-handbag and post-streetwear trends, according to a study released Tuesday.
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