The stabilization of the luxury market, driven by new growth engines and new consumption dynamics, is opening a healthier and more diversified cycle. This momentum places the major luxury players at the heart of a transformation that is both structural and cultural. Investing in luxury therefore means gaining exposure to a sector undergoing a profound reinvention, one that now extends beyond products alone to encompass the entire customer experience.
The gradual shift from conspicuous ownership toward lived experiences calls for a broader reading of the sector. This trend supports the resilience of segments such as hospitality, private aviation, yachting, and cruises, while strengthening long-term visibility on more sustainable purchase drivers. The pursuit of personal fulfillment, over social image and brand display, has become a powerful underlying growth engine. The rise of the second-hand luxury market, now consulted by nearly one in two buyers before a new purchase, further confirms the lasting value of these products and opens luxury up to a wider clientele.
In an environment marked by persistent regional disparities, the broadening of the customer base represents a significant advantage. In the United States, the main growth driver, demand is fueled by consumers under 35 and by the upper middle classes, a sign that the sector is successfully reaching a wider audience.
China, for its part, is recovering cautiously, supported by the growth of e-commerce and by consumption that now favors self-expression over social status. This recovery reflects a new mindset within the luxury sector.
It is with this in mind that, in partnership with Kepler Cheuvreux Solutions, Renalco SA has chosen to increase its targeted exposure to the luxury sector within its new investment strategy. Kepler Cheuvreux's research teams have identified the players best positioned to capture these long-term dynamics.
