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.

Key findings

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New research by Bain & Company and Farfetch estimates that millennials will represent 40% of the global personal luxury goods market by 2025.

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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.

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By 2025, online and monobrand stores will become the two largest channels for luxury sales, each accounting for 25%.

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