The global luxury retail market is continuing to go from strength to strength despite the difficulties posed by an impending recession and the cost of living crisis. The sector's growth is being spearheaded by two demographic groups in particular – young people and shoppers across Asia.

The luxury market is one of the few sectors that remains unaffected during a recession. While some statistics suggest that stock prices in luxury companies fall across the board, others show rising sales figures in times of financial downturn. Unlike so many other sectors, is luxury recession-proof?

With Gen Zers looking to stay connected to streetwear culture at home, there are new opportunities for brands to create surprise and exclusivity. HEAT is a luxury mystery box that sells curated streetwear drops to those who want access to cult brands and the thrill of discovery.

With store closures, reduced custom, and an abundance of excess stock, the luxury industry is feeling the impact of the pandemic. Alibaba hopes that Luxury Soho, a platform to sell excess stock at discounted prices, will lure Chinese Gen Zers into post-COVID-19 spending.