The Rise Of Luxury Shopping
For a very long time, the luxury goods industry targeted high-end, middle-aged customers. In the past few years, the trend has changed, and most of the companies now have the millennials as their primary consumer group. This brought about the redefinition of what luxury brands deliver to customers which, in turn, caused the upward climb of the luxury goods sector.
The rise of eCommerce is in large part responsible for the rise of the luxury shopping. Although many of the high-end brands still remain cautious, they are slowly taking advantage of the digital approach. The personal luxury goods sales reached a record high €262 billion in 2016, and today the sales are estimated at €249, with 8% of the sales being made online.
More and more multi-brand stores now offer a variety of designer apparel, handbags, and accessories in one place. One such store that stands out is Neiman Marcus. Not only they managed to transform the luxury shopping experience, but they also brought it closer to a broader scale of customers, thanks to the Neiman Marcus promo codes.
With the online luxury sales expected to grow by 17% this year in the US, 18% in the UK and record high 70% in China, now is the perfect time to check the top luxury brands and the latest luxury goods market trends worldwide.