Digital technology has led to major shifts in how luxury consumers live, work, shop and play. Digital advances continue to influence how these consumers behave both inside and outside the merchant environment, whilst simultaneously giving key players the tools they need to enhance the customer service and engagement process. This report explores some key elements that define connected consumers, and shares insight on how luxury players are keeping up with them.
Technological advances will continue to influence how luxury consumers browse and buy both luxury goods and services inside and outside the merchant environment. Technology plays a pivotal role in consumer decision-making and the ability of businesses to meet the needs of today's consumers.
Developed luxury goods markets have historically seen higher digital penetration, due to robust fixed-line networks. However, emerging markets with strong mobile phone networks have witnessed higher growth in digital spending in recent years, thereby bridging the gap with the developed world.
Big data and technology are paramount to understanding the needs of the affluent consumer. As data and technology become more sophisticated, there is a shift from profiling consumers by targeting demographic groups based on traditional ideas about luxury to psychographic profiles based on personal lifestyles.
Digital technology has created massive upheavals in consumer expectations, lowered the barriers of entry for fast-moving companies and inspired new digital-first business models. The luxury retail and service sector is increasingly using new technologies to enhance the consumer experience.
The expansion of digital has created a craving for authentic, genuine and trustworthy human connections. Luxury consumers are looking for brands to add real value to their lives. More companies are using digital technology and super apps to deploy more personalisation efforts to cut through the noise and offer better client service.
Connected consumers no longer feel compelled to be online all the time. More and more they are looking for a heightened sense of digital awareness that will enable them to establish a more healthy and digitally balanced lifestyle.
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