Trends Report

How Luxury Brands Must Close The Digital Gap

Luxury Brands Must Be Omnichannel And Customer Obsessed

October 21st, 2020
Michelle Beeson, null
Michelle Beeson
With contributors:
Martin Gill , Fiona Swerdlow , Sucharita Kodali , Enza Iannopollo , Michael O'Grady , Melissa Chaudet , Rachel Birrell

Summary

The pandemic has shaken luxury brands and will continue to do so into 2021. Luxury consumers have higher expectations of digital customer experiences than mainstream consumers, but luxury brands risk losing their direct customer commerce relationships to online multibrand powerhouses like Farfetch, which has grown sales revenues while other luxury brands' revenues have shrunk. This report gives insights into luxury consumers' expectations and what CMOs at luxury brands must do to compete in an omnichannel retail landscape.

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