Luxury Experience Trumps Goods

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    The worldwide luxuries market is valued at more than $1.4 trillion a year, says a Boston Consulting Group survey. Luxury cars account for $350 billion of the total, while luxury experiences including art auctions, spas, luxury hotels and resorts, and pampering are worth more than $770 billion. The movement from luxury branded items to experience based luxury spending is a growing trend and the report indicates that experiential luxury now makes up almost 55 per cent of total luxury spending worldwide which, year on year, has grown 50 per cent faster than sales of luxury goods. Today’s younger generation is more motivated by experience than ownership of material possessions and there is a greater desire for purpose and meaning.