• According to Bain, the luxury industry encompasses both luxury goods and experiences.
• The luxury industry comprises of nine segments, led by luxury cars, luxury hospitality, and personal luxury goods. These three major segments together account for more than 80% of the total market.
• The sale of luxury cars continued to dominate the luxury industry growing at a constant rate of 5% to €495 billion ($550.67 billion) in 2018.
• Future trends in luxury car sales and marketing include:

INCREASED PURCHASING FROM CHINESE CONSUMERS

• By 2025, chinese consumers will account for 46% of the global market and they will make 50% of their purchases at home in China.
• Consequently, more chinese consumers will purchase items from the luxury industry including luxury cars.
• Luxury car brands can also target their marketing efforts to the chinese market because in 2025, chinese consumers will make 50% of their purchases in China.

USE OF DIGITAL CHANNELS IN PURCHASE

• By 2025, the digital channel will represent 25% of the luxury market's value, up from 10% today.
• As a result, around 50% of all luxury purchases including car purchases will be digitally enabled because of the availability of new technologies in the value chain.
• Additionally, nearly all luxury purchases will be influenced by online interactions between consumers and luxury brands.
• Consequently, luxury car brands should invest in strengthening their digital channels because these channels are expected to be critical in the future sale of luxury cars.

INFLUENCE OF YOUNGER CONSUMERS

• By 2025, new generations will affect the growth of the luxury industry.
•  Generations Y and Z will represent an estimated 55% of the 2025 luxury market and the two generations will contribute an estimated 130% of market growth between now and then. This will offset the decline in sales among older generations.
• Luxury car brands should thus plan to target younger consumers in their marketing efforts in the coming years because these consumers will influence sales within the luxury industry.