"With rising prices and labour scrutiny, luxury brands must prove their worth. To stay relevant, they must showcase quality, craftsmanship, and ethics to rebuild consumer trust."
Bridget McCusker, Research Analyst
A majority of consumers research luxury items on social media prior to purchasing, indicating a major shift in the discovery phase of the customer journey. This focus on digital platforms highlights how important it is for luxury brands to have a strong online presence.
The UK luxury market is experiencing slower growth due to sustained economic pressures, including inflation and high interest rates. This has led to price fatigue among consumers, who are increasingly turning to the resale market and more affordable luxury alternatives, forcing brands to re-evaluate their value propositions.
Luxury brands have the opportunity to deepen loyalty by integrating digital discovery with physical retail. Transforming the high level of online curiosity into memorable in-store experiences and delivering personalised service can create a more resilient customer base.
However, the industry faces a significant threat from rising consumer scrutiny. Doubts regarding transparency, labour practices, and overall quality are growing, amplified by social media. Brands are now under pressure to provide proof of their ethical standards and craftsmanship to maintain trust, particularly as prices rise.
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