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Industry Landscape

Industries:

Total Assets Under Management (AUM)

in

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( CAGR)

Total Addressable Market

Market Growth Stage

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Pace of Market Growth

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Emerging Technologies

AI Authentication

AI-driven authentication can enhance fraud detection and prevent the sale of counterfeit luxury goods, ensuring product authenticity and building consumer trust.

Blockchain Technology

Blockchain technology can provide a transparent and immutable ledger for tracking the provenance of luxury goods, combating counterfeiting and enhancing supply chain visibility.

Augmented Reality (AR)

Augmented Reality (AR) offers customers virtual try-on experiences for watches, jewelry, and handbags, improving online engagement and purchase confidence.

Impactful Policy Frameworks

Combating Trafficking in Counterfeit and Pirated Goods

U.S. Customs and Border Protection (CBP) has been increasing its efforts to combat the trafficking of counterfeit and pirated goods to protect intellectual property rights and ensure consumer safety, with the aim to intercept illicit goods at ports of entry and disrupt the supply chains of counterfeiters.

The increased scrutiny will force online retailers to invest more in verifying the legitimacy of their products and supply chains, increasing operational costs.

California Consumer Privacy Act (CCPA)

The California Consumer Privacy Act (CCPA) of 2018 grants California consumers certain rights regarding their personal data, including the right to know what personal information is collected, the right to delete personal information, and the right to opt-out of the sale of personal information; it impacts how businesses collect, use, and protect personal information of California residents and came into effect on January 1, 2020.. CCPA has been amended and evolved into CPRA (California Privacy Rights Act). CPRA further expands consumer rights and establishes the California Privacy Protection Agency (CPPA) to enforce the law.

Compliance requires investment in data protection measures, potentially increasing operational costs but also building customer trust.

Increased Focus on ESG (Environmental, Social, and Governance) Reporting

There is a growing emphasis on ESG (Environmental, Social, and Governance) reporting, with regulators and investors increasingly scrutinizing companies' sustainability practices; government bodies are considering mandating standardized ESG disclosures to provide greater transparency and accountability, to enhance corporate governance and promote sustainable business practices in the U.S. and globally. The SEC has proposed rules requiring climate-related disclosures, which are under consideration and subject to legal challenges in 2024; the SEC's ESG enforcement actions are on the rise, focusing on greenwashing and misleading claims about ESG practices and investments. The EU's Corporate Sustainability Reporting Directive (CSRD) sets a new standard for sustainability reporting, requiring detailed disclosures on environmental and social impact; it influences global ESG reporting standards, including those in the U.S. to make companies more sustainable and transparent about their impact on society and the environment. With ongoing legal challenges and political polarization, the future of mandatory ESG disclosures in the U.S. remains uncertain, but the trend toward greater transparency and accountability is likely to continue, shaping corporate behavior and investment decisions for the long term. The increased focus from the SEC on climate-related disclosures and actions demonstrates a commitment to holding companies accountable for their ESG claims and impacts in 2024 and beyond. SEC enforcement actions indicate a push for transparency and accuracy in sustainability reporting. It also highlights the importance of robust internal controls and compliance programs to mitigate ESG-related risks. The EU's CSRD is prompting US companies to align their sustainability practices and disclosures with international standards, particularly for businesses operating in Europe.

Companies must be transparent about their sustainability practices and ethical sourcing, which might require significant adjustments to their supply chains and marketing strategies.

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