Figure/Figureworm Creative
The study found that luxury goods were the fastest-growing cross-border goods category in the first half of 2021, with an increase of more than 50% compared to the end of 2020.
Global demand for luxury goods is being dominated by shoppers from China, the United Arab Emirates, South Korea and India, and more consumers are choosing to switch to buying luxury goods online compared to the "ritual" and "experiential" shopping experiences in physical stores.
eShopWorld (ESW) surveyed 15,000 consumers from 14 countries,
The results show that demand for luxury goods is mainly concentrated in China (39% of respondents), the United Arab Emirates (33% of respondents), South Korea (28% of respondents) and India (21% of respondents). In China and South Korea, more than 70 percent of millennials, Gen Xers, and baby boomers are the mainstream buyers of luxury goods, compared with less than 45 percent in the United States and much of Europe. (Click here to learn how to enter the Japan and South Korea platform)
In 2020, the luxury market has had to respond to offset the negative impact of the epidemic, with online luxury sales expected to increase from 22% to 30% in 2021, driven primarily by millennial and Gen Z consumers.
According to Vogue Business, by 2025, these two groups of people will account for 1/5 of luxury consumption.
According to the survey, although a large number of luxury shoppers (42% of the surveyed) still like to spend in physical stores to get the joy of "the stars and the moon", 43% of respondents said they would rather give up the preference of trying on physical stores and choose to buy online. (View Jewelry & Jewelry Hot Selling Trends)
54% of Mexican respondents, 61% chinese, 50% Russian and 70% South Africans said they chose the online shopping channel because they could not find the same luxury product in the local area.
77% of respondents said they would like to experience personalization; 75% said they want brands and retailers to focus on improving the consumer shopping experience; and 69% said they are more likely to buy luxury goods online if there is little difference between online and offline service levels.
Market observers have also made a statement on the "transformation" of luxury goods online, saying that luxury brands should strive to minimize the gap between online and offline consumption, and those DTC brands that began in micro-time to today's unique DTC brands rely on providing excellent after-sales service, packaging, delivery services and immersive shopping experience to fill the gap between online and offline sensations just right, thus harvesting a group of loyal users, they have become the object of luxury goods should "follow the trend".