Generation Z driving the luxury market bringing cryptocurrency with it Blockchain technology providing multiple benefits to luxury brands HAYVN Pay confident that continuing regulatory clarity will continue to drive the luxury market forward.
May 10 2023, UAE: HAYVN Pay, the global cryptocurrency payments platform of HAYVN, announced today that the global luxury goods industry is undergoing a sea change, with cryptocurrency accounting for 20% of total sales in 2023.
The growing share of cryptocurrency as a payment choice has significant implications for the entire sector, with regulated payment platforms such as HAYVN Pay helping both newer brands achieve market share faster and allowing existing markets to capture more of the Generation Z market.
Complementing this consumer push, are the benefits blockchain technology is now playing in protecting intellectual property by identifying Proof of Origin, combating counterfeits and fraud and facilitating real time transactions.
According to recent industry data, the luxury goods market saw almost 20% of items purchased last year with cryptocurrency. This extended across all major asset segments, including gold, jewellery, watches, exotic cars, boats, real estate, and handbags. While cars and yachts accounted for 20% of the total figure, jewellery and apparel accounted for 15% and 12% for watches.
Today’s luxury sector shoppers, sometimes referred to as the millennial millionaires, have more than 25% of their wealth in cryptocurrency and are heavily invested in blockchain technology. Luxury brands are following suit, utilising transparency, traceability and enhancing authentication as a key to utilising blockchain technology.
With the MENA region leading the world in crypto adoption, HAYVN Pays capabilities and industry leading payments platform present huge potential for further growth in the cryptocurrency luxury market.
Christopher Flinos, HAYVN CEO, stated, “With the global luxury goods market value expected to reach USD 429.36 Bn by 2028, and the MENA region recognised as both a global hub in cryptocurrency and for luxury goods, we believe HAYVN Pay is perfectly positioned to continue to lead the market”.
“At HAYVN we continue our regulation-led drive to ensure transparency, security, comfort and opportunity for all businesses and their customers to facilitate their transition into the cryptocurrency payment market”.
Regulated in Abu Dhabi, Australia, The Cayman Islands and British Virgin Islands HAYVN is the trusted partner of governments, corporates, family offices and individuals globally.
CEO, Flinos expands on HAYVN’S pursuit of a healthy marketplace. “Globally and regionally at HAYVN we demonstrate unwavering commitment to transparency and trust, we will aggressively continue to pioneer the digital transformation together with regulators to consistently grow opportunities for our clients in all sectors”.
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About HAYVN
HAYVN is a digital asset focused financial institution delivering Payments, Trading, Custody, Asset Management and Research to its global client base. Regulated by the ADGM, BVI, AUSTRAC and the CIMA, HAYVN is one of the global leaders in institutional cryptocurrency, serving HNW individuals, small and middle-market businesses, corporations and institutions, with a full range of cryptocurrency trading, payments, custody, asset management and research products and services.
To learn more about HAYVN Index Fund please visit: https://hayvnglobal.com/