Despite the economic reality of today, the luxury sector continues to do well
According to the luxury report “Rerouting the Future” by Bain & Company and Fondazione Altagamma, demand for high-end products has not weakened, despite today’s economic reality.
A big trend is another move again toward more digital when it comes to luxury retail trends. Many of the worlds leading luxury brands have moved well toward digital.
20% of luxury goods sales are expected to be done online by 2025 and brands are offering more now such as added incentives. Things such as personalized gift packaging in stores. VIP access to special events is another offering. Luxury retail is now engaging more directly with clients via social media platforms like WhatsApp and Facebook Messenger. Email and even texting with your luxury store associate is now allowed. i.e. Gucci and Neiman Marcus, just to name a couple, offer access to online sales advisors, and Chanel has been developing a virtual fitting-room service in association with Farfetch.
photos credit: Viktor Bystrov | Unsplash
Ann Shatilla is a voting member for The Critics’ Choice Movie Awards
