The Luxury Market Today Part 1: A Clear and Encouraging Vision

The Luxury Market Today Part 1: A Clear and Encouraging Vision

We have seen an increase in the consumption of personal luxury items due to the quick actions taken to overcome the COVID-19 contingency.

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

Unlike premium brands that adapt to the tastes and needs of their customers, luxury brands create trends. 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.”

Briones' words open up a great perspective:

1. Today's consumers want services to be fast, products to be of quality, and products to exceed expectations.

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

Despite the view that online sales affect traditional sales, luxury brands need to adapt and keep in contact with customers at any time.