The luxury retail sector has proven to be remarkably resilient. While most verticals have struggled to find their feet post-pandemic, not helped by soaring costs and disrupted supply chains, the luxury sector has enjoyed notable growth.
Sales of luxury goods are forecast to grow between 3% and 8% in 2023. The boom in luxury purchasing is turning a number of luxury vendors into serious financial players, with French conglomerate LVMH – owner of brands including Louis Vuitton, Christian Dior and Moët & Chandon – this year becoming the first European company to reach a valuation of $500bn.
And all of this in the middle of a cost of living crisis when, or so we are told, most consumers are tightening their belts and being more cautious about what they spend.
Every year, we undertake our global Future Shopper consumer survey to build a picture of what digital commerce and retail looks like from the vantage point of consumers. So, what are the key takeaways for luxury brands and retailers looking to lock in continued growth?
