The Luxury Retail Industry

The luxury retail industry around the globe continues to maintain its momentum, driven by robust economic growth, rising population, changing consumer trends and rising purchasing power. The global luxury market is looking to swell to US$300 Billion in revenues by 2020.

If last year saw the chore of routine buying being simplified and streamlined by a technologically-supported ‘thought’ shift; this year is slated to take the focus to the experiential side of retail- a kind of customer centricity, with careful curation and enhanced personalization.

And even though pure online transactions are currently just a fraction of the total luxury goods market, this isn’t going to stay the case. Nearly 50% luxury goods buying decisions are already influenced by what consumers hear or see online.

Projecting a sales growth from 1.5% in 2016 to nearly triple that, 4.5%, in 2018, McKinsey Global Fashion Index also forecasts a shifting of strongholds in other areas of fashion. Footwear and apparel sales globally will see a 50-50 share between western markets and the southern and eastern emerging markets. By 2018, global digital sales for women’s luxury fashion are expected to grow from a current 3% of the total market to 17%.

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