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The Millenial State of Mind
The luxury industry has entered a “new normal,” characterized by lower growth. To succeed in the next decade, brands will need to refocus on their customers to better anticipate and cater to their needs.
New research by Bain & Company and Farfetch estimates that millennials will represent 40% of the global personal luxury goods market by 2025.
Today, 70% of luxury purchases are influenced by online interactions, which means at least one digital interaction has taken place with the brand or the product before those purchases.
By 2025, online and monobrand stores will become the two largest channels for luxury sales, each accounting for 25%.
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