Even in the middle of the current cost of living crisis, the luxury retail industry is still evolving to satisfy the changing needs of consumers.
Even in the middle of the current cost of living crisis, the luxury retail industry is still evolving to satisfy the changing needs of consumers. With Bain & Company projecting market growth between 3% and 8%, many consumers now choose quality above quantity, particularly for personal luxury products.
According to IMARC, the secondary luxury market will expand by 9.1% between 2023 and 2028, which is another indication of its growing appeal. Luxury retailers are realizing they can't just rely on their brand, especially with younger customers. Brands are expanding their physical storefronts to include art galleries, restaurants, events, digital experiences, art installations, and more because consumers are expecting more from their shopping experiences.