The pandemic, cost-of-living crisis and high inflation continue to have an unprecedented impact on affluent consumers, their wealth, and their shopping habits on luxury goods. The top wealth segments stand out more now than ever before, and remain the key consumers and drivers of luxury goods. This report provides a top-line overview of market performance and prospects across luxury goods, and outlines key trends within the global luxury goods retail landscape.
This report comes in PPT.
Luxury retail is undergoing seismic shifts, with digitalisation being at the core of many of the structural shifts afoot in the industry. Digitalisation is changing where consumers shop and how they engage with luxury brands and retailers, leading not only to a rise in the importance of the digital channel, but also forcing retailers to rethink the role of the store.
As consumers’ desire to shop seamlessly both online and offline becomes clear, incorporating technology throughout the shopping journey will help unlock an impressive range of opportunities. Luxury brands and retailers are being charted with crafting consumer experiences and reconnecting with aspirational shoppers who want to shop in a physical store.
Improving digital engagement remains a top trend influencing e-commerce. As more luxury consumers search and shop across channels and platforms, digital has become key to enabling shopper engagement. Empowered by the rapidly developing application of technologies such as AI, VR and web 3.0, luxury retailers are exploring new ways of engaging across platforms.
While sustainability initiatives have garnered a broad range of interest from retailers in terms of rethinking stores, services and supply chains, much of the activity remains driven by improving brand reputation. The impact of sustainable initiatives in retail is expected to accelerate as legislation kick in and more retailers align commercial and strategic goals in the coming years.
While rapid digitalisation over the last decade put innovation into overdrive, and will remain important moving forward, some initiatives that once took precedence, such as increasing revenue in online channels, are taking a backseat due to a weak global economy, as retailers look to reduce operating costs.
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.See All of Our Definitions
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