Luxury brands Physical retail still dominates luxury, accounting for 86% of global sales in 2023, hardly changed from 89% in 2019. Online has a small 13.9% share.
For the luxury shoppers that do buy online, mobile is the preferred device at 61% globally and 76% in Asia. Desktop leads slightly in Europe and North America.
mobile, social media and even the metaverse to engage younger, digitally-savvy consumers. Social commerce and livestreaming are growing.
Sustainability
Luxury is becoming increasingly Luxury brands
Lnked to sustainability, driven by eco-conscious younger shoppers. 46% look for sustainable luxury clothing and 28% buy second-hand luxury.
Sustainable luxury purchases are highest in China (40.1%), India (31.1%), Egypt (19%) and UAE (14.4%). Traditional markets see lower uptake.
Over a quarter (28.3%) of global consumers buy second-hand clothing overall, with 10.2% buying second-hand luxury goods specifically. Millennials and Gen Z lead this trend.
Insights
Revenge spending refers to the incremental increase in consumer spending that occurs after an unprecedented adverse economic event.
It is characterized by consumers spending more compared to normal levels as a way to make up for lost time or missed opportunities during the adverse event.
Examples include increased spending after the end of COVID-19 lockdowns and restrictions in 2021-2022. Consumers splurged on things like travel, dining out, luxury goods, etc. that they had to forego during the botswana email list 167419 contact leads pandemic.
Revenge spending can
contribute to stronger economic growth as the greater than normal the course provides intensive consumer spending drives economic activity.However, it can also lead to higher inflation if the be numbers increased demand enabled by the revenge spending outpaces supply, putting upward pressure on prices.
