International Luxury Goods Retailing Market Report 2024
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Proof of authenticity is the main factor that consumers are interested in when buying luxury across all regions. As the challenge of navigating counterfeits and dupes becomes more complex, retailers must take transparency seriously and use the latest technology to meet these expectations, particularly amid a host of new legislation on sustainability.
The luxury market is navigating economic headwinds as spending on the market softens from a pandemic-era boom. Eroding purchasing power among emergent and aspirational consumers will intensify competition as brands vie for a small percent of affluent consumers.
As consumers become more conscientious about their spending, they are prioritising luxury items that contribute to their happiness and wellbeing. In-store experiences are also a key area of interest for shoppers, and retailers can embrace the Mintel Trend “Slow It All Down” by creating a calming environment for consumers to escape, as well as offering unique products and services that tie into the brand’s story.
As the luxury market faces softening demand, brands need to appeal to a widening base of young and aspirational consumers, as well as shifting perspectives on what luxury means to the average shopper.
Tamara Sender Ceron, Associate Director, Fashion Retail
For the purposes of this Report, Mintel has used the following definitions:
Luxury goods are priced high and that is often justified by a very high level of craftsmanship. They must have an element of exclusivity and be out of the reach of most mass market buyers, certainly in terms of regular purchasing. However, defining the market can be difficult because perception of luxury can be very subjective. What counts as luxury for one consumer may be considered high-end, mass market by another.
Luxury goods do have certain clear characteristics, which make them something that some people aspire to. For the purpose of this report, in order to be considered luxury, items must have all or most of the following characteristics:
Luxury goods must be highly priced – they must be beyond the reach of the average consumer, thus increasing the desirability of the product
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Please Note: All of the figures, graphs, and tables in this sample report have been redacted.