Showing the variation in the decision process within different international markets
Luxury brands are on an upwards trajectory, with a recent McKinsey report showing that online sales are expected to double in the next 5 years – from the 6% to 12% in 2020, before tripling in 2025 to 18%. It's easy to see that the world of digital is currently, and will continue to impact the luxury goods market.
McKinsey discussed the impact of Digital on the Luxury goods market and unearthed some interesting data about how the buying process differs between different countries. When intending to make a luxury purchase, we automatically default to thinking about pre-selected brands, of which 75% of the purchases will come from. Once deciding upon the brands, customers will have multiple touchpoints, or interactions, with brands before making the final decision to purchase.