Until 2020, fashion and luxury retail were thriving with year-after-year double-digit growth. That changed with the pandemic, as consumers were kept out of showrooms, boutiques, and high-end shopping centers. Additionally, travel bans kept consumers from making purchases in duty-free airport stores, on cruise ships, and at vacation destinations.
Now, however, consumers are becoming more optimistic about the future. Their shopping habits have shifted to considerably more online purchases, and the fashion and luxury goods industry seems to be making a significant comeback.
Probably not, says Sarah Elizabeth, Senior Director, Growth Strategy at ClearSale.
We’ll examine the industry, its emerging prevalence in the ecommerce market, and what you need to know to successfully navigate fashion and luxury goods ecommerce in today's economic climate.