This year has increased the importance of Chinese consumers to the luxury sector as the overall market has shrunk while China’s purchases have surged. And there's more to come in the next few years too.
The pre-owned fashion market is forecast to grow worldwide by 15-20% per year until 2025, says a survey by BCG for resale specialist Vestiaire Collective, outlining the different profiles of the market’s players.
Figures on Monday from eShopWorld said cross-border luxury sales increased by 170% in August and September as brands on the platform “pivoted their selling strategies to bring the luxury experience online”.
A quartet of key UK fashion names have topped a new global ranking for omnichannel marketing excellence. But many UK firms are still missing out on basic opportunities to optimise e-commerce, resulting in lost revenue.