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Chapter 2

The Rise of Ecommerce
in Fashion & Luxury Goods

A promising trend has been the shift to ecommerce in this industry, as high-end luxury brands expanded beyond simply using their sites as a showroom, while mid-level brands focused on improving the customer experience.

And it's not a moment too soon: Consumers have become more accustomed to shopping online, and consumers of global luxury brands are among them. In an International Institute of Management Development poll, 72% of participants said global luxury brands should seriously consider moving to selling online if they don’t already.

Where Is the Fashion & Luxury Goods Ecommerce Market Headed?

While the pandemic may have created struggles for the fashion and luxury goods market, the future looks much brighter.

In the fall of 2021, Bain & Company released its Luxury Study, revealing a v-shaped recovery for the industry in 2021. And they're estimating future sustained growth of 6-8% annually. 

The excellent news for fashion and luxury goods ecommerce? Much of this growth is being driven by younger consumers, particularly in China and the U.S. In fact, millennials and Gen Z are expected to account for 70% of global luxury goods purchases by 2025.

The challenge for many luxury goods and fashion brands will be to engage these younger customers. 

 

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Chapter 3

Who Buys Fashion & Luxury Goods Online?