Economic certainty and favourable economic conditions stabilised the current value growth of luxury goods in 2018. The three most important macroeconomic factors affecting sales were increased population growth, higher per capita purchasing power and increasing tourism.
The biggest consumers of luxury goods are millennials, who want to live sustainably and minimise their effects on the environment. Therefore, in order to target this consumer group, sustainable practices are imperative.
International luxury organisations such as LVMH Moët Hennessy Louis Vuitton, Kering and Cie Financière Richemont, with their wide recognition, high customer loyalty and wide distribution networks, triumph in luxury goods in Australia (excluding luxury cars). Australia is an emerging market for international luxury brands which are concentrated in other markets; hence, more companies are moving towards Australia.
In luxury goods, it is essential to provide a unified and seamless brand experience across all touch points. International luxury brands are increasingly providing omnichannel platforms to offer customers the opportunity to purchase products both online and offline.
Luxury goods has successfully incorporated technology, with the implementation of Augmented Reality and Artificial Intelligence. Estée Lauder, for example, has launched an online adviser that converses with customers and helps them identify their ideal lip shade, while LMVH launched a virtual adviser on Facebook Messenger in 2017.
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Discover the latest market trends and uncover sources of future market growth for the Luxury Goods industry in Australia with research from Euromonitor's team of in-country analysts.
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