A new McKinsey report predicts the global luxury market will hit \$350 billion by 2025, fueled by the rise of digital channels and a consumer shift towards personalized, sustainable, and experiential offerings.
A new report from McKinsey & Company reveals that the global luxury market is expected to reach \$350 billion by 2025, driven by a growing appetite for luxury experiences and increased spending by Millennials and Gen Z. The report also highlights the importance of digitalization for luxury brands, with e-commerce and social media playing an increasingly vital role in attracting and engaging consumers.
According to the report, digital channels now account for 20% of luxury sales, and this figure is expected to rise to 30% by 2025. The report also identifies key trends shaping the future of luxury, including:* **Personalization:** Consumers are demanding more personalized experiences, from customized products to curated content. Brands that can offer these experiences will be best positioned to succeed.* **Sustainability:** Concerns about the environment and social responsibility are increasingly important to luxury consumers. Brands that can demonstrate their commitment to sustainability will be rewarded.* **Experiential Retail:** Luxury consumers are seeking out experiences, not just products. Brands that can create immersive and memorable retail experiences will stand out.* **The Metaverse:** The metaverse presents new opportunities for luxury brands to connect with consumers in virtual worlds.The report concludes that luxury brands that can adapt to these trends and embrace digitalization will be best positioned to thrive in the years to come
Marketing Luxury Luxury Market Mckinsey Report Digitalization Experiential Trends E-Commerce Sustainability Personalization
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