Report: Luxury Experiences Selling Faster than Products

The Guardian has a fascinating study by Boston Consulting Group that identifies a shift from "owning a luxury to experiencing a luxury," with bespoke treats now accounting for more than half of the $1.4 trillion spent on luxury goods and services last year.

Luxury sales have boomed in the last two years as the industry recovered from the 2008 global financial crisis, which caused a sharp fall in conspicuous consumption, the study says. It predicts that, despite the eurozone crisis, spending on luxury goods will hit $1.5 trillion this year as the wealthy look for new ways to spend their riches. It also says that sales of luxury experiences grew 50 percent faster than demand for physical goods last year.

The business of providing luxury experiences—from art auctions to exclusive travel packages—is now worth $770 billion, according to the study. BCG predicts a 7 percent increase in luxury spending this year, albeit at a slower rate than the industry has seen in the last two years.

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Carly Cox previously held multiple senior sales positions with The Ritz-Carlton, Westchester, Washington D.C., Georgetown and Amelia Island.