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Millennials will equal 40% of global luxury market by 2025

Jun '19
Millennials will equal 40% of global luxury market by 2025
Millennials will represent 40 per cent of the global personal luxury goods market by 2025, according to ‘The Millennial State of Mind’ report jointly released by Bain & Company, Inc and Farfetch. To succeed in the next decade, brands will need to refocus on the customers to better anticipate and cater to their needs, more so on the younger generation.

The report says that the characteristics of millennial behaviour are already seeping through to older generations— which accounted for 73 per cent of luxury purchases in 2016. This generates a widespread ‘millennial state of mind’ that requires brands to act. It is characterised by three main traits: Uneasiness - digital interaction with peers is on the rise when choosing to purchase a product; Urgency - the time to make a purchase is decreasing with younger customers taking one-third less time than older customers to make decisions; Uniqueness - consumers now expect brands to align with their personal values and passions.

Today, 70 per cent of luxury purchases are influenced by online interactions, which mean at least one digital interaction has taken place with the brand or the product before those purchases. 14 per cent of consumers from the ages 18 to 24 complete their first luxury purchase online. Digital traffic to websites of luxury brands is double the amount of store visits.

By 2025, online and monobrand stores will become the two largest channels for luxury sales, each accounting for 25 per cent. Stores will continue to play a critical role in the luxury market, with 75 per cent of purchases still occurring in a physical location by 2025, says the report.

Bain advises clients on strategy, operations, technology, organisation, private equity and mergers and acquisitions.

Farfetch is the online platform to shop the world’s greatest selection of luxury. The e-commerce platform partners with leading luxury boutiques and brands, located from Tokyo to Toronto and from Milan to Miami. (PC)

Fibre2Fashion News Desk – India

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