The luxury market is like no other, with its own distinct, rarefied set of rules. At least that's what we're led to believe.
But following a year of such seismic change across many aspects of life, does this statement still ring true? That's what we set out to uncover.
We examined what luxury brands and retailers should be doing to ensure that they are ready for the luxury consumer of the future. And we focused our research on three key luxury markets - the UK, US and China.
With luxury in flux, online is the growth area
Whilst 55% of UK and US consumers spent less overall on luxury items, as a consequence of the COVID-19 outbreak, online showed a 7% increase.
Not only is the move to online set to stick, but it has also brought along with it many new luxury consumers. And whilst our research reasserts the value of stores for luxury shoppers, online is redefining the experience and expectation for these new consumers, with even Amazon now muscling in with greater effect.
So, what is a luxury brand or retailer to do, to appeal to the these digital luxury consumers? Download the report for the insight and actions to take.