Julie Michael On The Luxury Marketing Industry And The Effects of Inflation and Recession

While many industries and businesses have experienced reduced earnings and tightened budgets in recent months, growth and demand in the luxury goods market remains robust. 

Spurred by pandemic-era growth in the net worth of the world’s wealthiest consumers, combined with consumers spending more than normal as they emerge from the pandemic, global luxury goods revenue is predicted to increase from $309.6 billion in 2021, to $349.1 billion in 2022, en route to $419 billion by 2027. 

Luxury brands’ marketing budgets were higher in 2022 than 2021 and show no sign of slowing as 2023 planning begins, according to Julie Michael, CEO of Team One, Publicis Groupe SA’s advertising agency specializing in working with luxury brands such as Lexus and Marriott International.

Read More Here: Luxury Brands Spend More on Marketing, Defying Economic Uncertainty