Online sales growth leads the world, luxury goods are widely favored by the younger generation

According to the latest data from eShopWorld (ESW), global demand for luxury goods is driven by consumers from China , the United Arab Emirates , South Korea and India , and online shopping has become a luxury consumption method favored by more and more consumers .

ESW surveyed nearly 15,000 consumers in 14 countries and found that the four markets with the strongest demand for luxury goods are China ( 39%), the United Arab Emirates (33%) , South Korea ( 28%) and India (21%).

Last year, the luxury goods market was forced to turn to online sales to reduce losses caused by the epidemic. Under the influence of this strategic shift, it is expected that the proportion of luxury goods online sales will increase from 22% last year to 30% this year .

This growth is primarily driven by millennials and Generation Z , who are expected to account for one-fifth of luxury market spending by 2025 .

While most luxury consumers ( 42%) still prefer to shop in physical stores, more ( 43%) say they are willing to buy online. In China and South Korea , more than 70% of millennials , Generation X and baby boomers buy luxury goods online ; in the Americas and most of Europe, this figure is close to 45%.

In addition, 42% of the respondents said they would buy luxury goods on foreign brand websites . More than half of the respondents from China, Mexico , Russia and South Africa said they would prefer to buy online because there are not many local luxury goods to choose from .

Regarding online luxury consumption , 77% of respondents said they want personalized service , and 75% said brands and retailers could do more to improve customer service in this category. At the same time, 69% of respondents said they would prefer to buy luxury goods online if the online shopping experience was consistent with the service level of physical stores .

As society develops, people pay more and more attention to the quality and craftsmanship of luxury goods . Luxury brands also need to combine the expectations of contemporary consumers with the traditional luxury shopping experience , and provide consumers with a personalized online luxury consumption experience in terms of online consultation , product packaging, logistics delivery, and after-sales service .

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