Luxury consumers are evolving and their demands are changing. The report highlights four key trends that are reshaping the luxury industry:
Sustainability: Luxury consumers are increasingly concerned about environmental and social issues, and they expect luxury brands to take action to address these concerns.
Digital Transformation: The COVID-19 pandemic has accelerated the shift to digital channels, and luxury brands need to adapt to this new reality to stay competitive.
Personalisation: Luxury consumers want personalised experiences and products that reflect their individual tastes and preferences.
Globalisation: The luxury market is becoming more global, with growing demand from emerging markets such as China and India.
The report also provides recommendations for luxury brands to adapt to these trends, such as focusing on sustainability, embracing digital technologies, and offering personalised experiences.
Overall, the report suggests that luxury brands need to redefine their approach to stay relevant in a rapidly changing market.
Read full report here