Digital or Die: The Choice for Luxury Brands
Nearly six out of ten luxury sales are digitally influenced—whether brands are ready or not. Here’s how they can shift to the digital mindset they need.Read more
The luxury market is large and growing, but the rules of the game are changing rapidly.
The luxury market is a significant economic force and—particularly for Europe—a substantial driver of GDP and competitive advantage.
—a significant increase from €845 billion in 2015. Top-end luxury is forecast to see particularly healthy gains, growing from €245 billion in 2015 to €365 billion in 2022.
Although the luxury market is ready to grow, its rules are changing rapidly, and players need to be nimble in order to stay competitive. Market development is leading to significant growth in luxury.in everything they do.
Another significant trend is the rise of experiential luxury, including categories such as high-end food and wine, luxury hotels, and exclusive vacations. Nearly half of all consumers—and a majority of Millennials—say they’re buying fewer products and purchasing more experiences. —representing a fundamental shift in consumer behavior, from owning to being.
Digital in the Luxury Goods Market
We understand the trends and driving forces of the luxury market. Our extensive research and relationships in the luxury space help clients focus on four key areas:
We partner with clients to challenge conventions and deliver new insights and approaches. By leveraging our vast network of people and organizations in the luxury industry—including leading players in fashion, high-end retail, luxury hotels, automotive, and jewelry—we enable clients to take rapid action and anticipate future trends.