We have carried out an analysis of trends for the luxury industry in 2023, highlighting challenges and opportunities for the fashion sector.
In particular, it emerged that:
- Consumers are becoming more cautious about their discretionary spending in most regions. More than two-thirds (69%) of consumers said they have changed their non-essential spending and 96% said they intend to adopt cost-saving behaviors over the next six months.
- Strategic markets, such as China, are slowing down. Nevertheless, for the luxury industry, China remains the best market in terms of growth, with an increase in consumption of +10% in 2023, followed by the rest of the Asia Pacific area (+8%) and the United States (+5%).
- Sustainability is an important purchasing driver for Gen Z and Millennials: resale, rent, and repair must be integrated into the value proposition to win over the generations’ protagonists of the sector.
In this report you will find:
- Some insights on the fashion luxury sector and user buying behavior, with a focus on younger generations and the new meaning of luxury, centered on values such as freedom and awareness.
- The main points of attention for luxury brands, with an overview of consumer expectations and best practices to adopt to offer a valuable customer experience.
- The key actions to realize a successful luxury digital marketing strategy.