Henceforth, luxury fashion retailers are committed to enhancing the customer’s experience and exploring digital technology to cater to their physical and emotional needs. The luxury market consumer base is shifting from Baby Boomers and Generation X to Millennials. According to the Counterfeit Market and the Luxury Goods report, the luxury market accrues a $12 billion loss every year. The two world’s most valuable luxury brands Louis Vuitton and Gucci mentioned earlier are also the most popular luxury brands online. As long as luxury retail continues to pay attention to this need by leveraging digital technology, it’ll continue to thrive.

Source: Forbes August 16, 2020 01:41 UTC