From Fortune:

The luxury market is thriving at $1.6 trillion, with Gen Z and millennials spurring record sales. Sotheby’s reported $7.9 billion in total sales for 2023, a 40% increase. Young buyers are predominating online transactions, driving the industry’s success amidst a wavering global economy. Younger buyers outpace Baby Boomers in luxury auctions, a trend pervading all sectors including watches. The surge in luxury sales is primarily driven by young American, and new waves of Middle Eastern buyers, influenced in part by the booming digital market. Infact, one of the key reasons why these younger buyers are taking charge is the internet.(JSONObject)



Read more: Sotheby’s reports 40% luxury sales boost since the pandemic off Gen Z, millennial’s Instagram shopping