Online shopping has increased significantly in all sectors of retail, and now luxury commerce is experiencing singificant increases in online shopping. A report by Walker Sands Future of Retail showed an increase in online retail of luxury goods in 2016 and anticipate a continuation of this increase in the coming years, especially as more individuals express interest in buying luxury goods.
- Notably, the rise in online shopping has even started to reach a tipping point among categories that have historically been slower to adopt new and emerging technology, such as luxury commerce.
- In fact, this year’s report saw a quadruple increase from just two years ago in terms of the number of consumers who say they’ve purchased a luxury item online.
- Findings in the report are also consistent with McKinsey predictions that sales of luxury goods could triple to €70 billion by 2025.
“Previously, luxury commerce has been at a bit of a standstill. Yet, findings from this year’s Walker Sands Future of Retail report indicate not only a dramatic increase in luxury sales, but also the potential for even greater profitability online for those retailers able to create a smooth transition between the typical luxury retail experience, focused on in store, and a new-wave of standards and capabilities consumer have come to expect when shopping online.”