THE LUXURY MARKET TODAY PART 1: WITH A CLEAR AND ENCOURAGING VISION

THE LUXURY MARKET TODAY PART 1: WITH A CLEAR AND ENCOURAGING VISION

We are witnessing that personal luxury items have increased in consumption thanks to the quick actions taken to overcome the COVID-19 contingency.

After the contraction in 2020, the personal luxury goods market grew by 29% to reach 283 billion euros, increasing the market size by 1% compared to 2019. By 2025, it could reach 360-380 billion euros with a sustained growth of 6-8% annually.

Generally, premium brands adapt to the tastes and needs of their customers. On the contrary, luxury brands do not follow trends; they create them.

This requires overcoming challenges to meet customer needs, provide optimal service and maintain product quality.

For this reason, luxury brands have always ventured into online sales to reach the most significant number of customers. Eric Briones believes, "The accelerator of Internet sales has been stepped on. In eight months, we have advanced eight years”.

This is true, despite the view that online sales affect traditional sales. Instead, what is essential is knowing how to adapt and keep in contact with customers at any time.

Briones' words open up a great perspective.

1. They state that today's consumers want services to be fast, products are of quality, and the product offered to exceed expectations.

2. Stand out from the competition so that customers benefit from healthy competition for providing the best service.

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