The Growth Distillery, in collaboration with Verve Australia, has unveiled the landscape of Australia's luxury market in its latest research, 'Reframe: Australian Luxury'.

Management consulting firm Bain & Co estimates that approximately $3.5 trillion will be inherited by Australians over the next 20 years, leading to a new generation of consumers redefining luxury. The research found that 75% of Australian consumers prefer intrinsic expressions of luxury focused on internal gratification, enjoyment, and personal experience, rather than outward displays and overt expressions.

Quality (95%), customer service (88%), and value (83%) are more significant luxury purchase drivers than rarity (42%), exclusivity (27%), or popularity (22%). Experiences, not products, are increasingly representing luxury to Australian consumers and must play a role in the purchase journey.

The report identifies 10 distinct expressions of luxury that brands can leverage to build relevance with Australia's diverse and evolving luxury consumers. One expression, 'Relaxed Exploration', is distinctly Australian, with 76% of luxury consumers finding it appealing and 44% choosing it as their favourite. Despite its broad appeal, 'Relaxed Exploration' only makes up 10% of the supply to the Australian luxury market, indicating a significant opportunity gap for brands.

"The Australian luxury market is unique, and these expressions give luxury brands the opportunity to better understand and cater to this uniquely Australian idea of luxury. Brands that embrace and celebrate the uniqueness of this market will resonate more deeply with Australians and will reap the benefits," said The Growth Distillery Head of Growth Intelligence, Editorial and Product, Liza Williams.

The Growth Distillery is an independent research think-tank, powered by News Corp Australia.