globalEDGE Blog - By Tag: market-overview

As the rate that games are being developed at increases each day, the gaming industry shows no sign of slowing down any time soon. Although the pandemic prevented many gaming companies from developing new products, it helped the industry see a surge in many new gamers entering the market, leading up to present day.

Experts are seeing a rapid increase in the number of people playing games, with a staggering 3.38 billion people worldwide in 2023. As for the global market itself, experts predict $187.7 billion in revenue from the gaming industry this year, according to Newzoo. Large video game companies both abroad and in the United States, such as Activision Blizzard and Riot Games, are experiencing this growth first-hand. 

In a world where everything is mass-produced and readily available, luxury brands are the gatekeepers of sophistication, the arbiters of style, and the purveyors of impeccable craftsmanship. From watches to handbags, these items with expensive price points and high demand make them difficult products to obtain. These goods are typically reserved for the select few, but the luxury consumer of the new generation, who has come of age in the era of the internet, displays new concerns for the industry.