As the demand for luxury goods focuses on the rich and famous, the influence of luxury labels on the mall shopping population is becoming increasingly prevalent. According to the latest Clur Luxury Brands Index, luxury brands have topped the list of mall trading densities, showing that the power of these designer stores far outweighs that of any other mall stores. Discover the fascinating findings of this Clur Luxury Brands Index as we explore why luxury brands have come to reign supreme on the mall landscape.
1. Shopping Habits of Luxury Brand Customers: Examined
Luxury brands have become increasingly popular among consumers in recent times, and understanding the shopping habits of those who favor them is important for businesses. Here are the primary shopping trends of luxury brand customers that have been observed:
- Interest in online shopping: Experienced luxury customers are comfortable using digital platforms to purchase luxury items. They are usually tech savvy and up-to-date with emerging online trends.
- Bias for novelty: Luxury brand customers are always on the lookout for something fresh, something new. They are keen to invest in innovative designs and styles from the various luxury brands available.
- Privilege to convenience: Luxury brand consumers recognize the importance of convenience in their purchases and opt for services and delivery that offer a smooth and hassle-free shopping experience.
Personalization: Luxury customers are looking for products and services that are customized according to their personal tastes and preferences. Having a comprehensive understanding of the consumer is key when it comes to delivering quality service and products.
2. Clur Luxury Brands Index: What it Reveals
The Clur Luxury Brands Index is a comprehensive guide to the world of designer labels. From high-end fashion to exquisite jewelry, the index dives into the booming luxury sector and reveals the latest trends in designer goods.
The index tracks brand performance across six sectors, allowing you to spot the hottest luxury labels at a glance. The data shows that brands such as Gucci, Fendi, and Louis Vuitton were in pole position during the year 2020, outperforming other fashion labels and continuing to deliver exceptional growth. Additionally, the data reveals that leather goods, watches, and fine jewelry produced the highest sales growth among luxury categories.
- Gucci – enjoyed the largest market share across the entire sector
- Fendi – experienced strong sales growth in the jewellery sector
- Louis Vuitton – the top performer across all apparel and bags
The index predicts that 2021 will be a year of consolidation for luxury brands, as strong demand from affluent consumers keeps the sector buoyant. Many smaller, niche brands are expected to enter the market, and customers will be spoilt for choice when it comes to picking luxury items wisely.
3. The Rise of Mall Trading Densities for Luxury Brands
In recent years, luxury brands have seen an exciting rise in mall trading densities. Shopping malls have become the place where luxury goods can be accessed and enjoyed without expensive boutiques. The addition of luxe retail spaces provides shoppers with a range of products they otherwise wouldn’t have access to, making malls the perfect destination for high-end brands.
More and more brands are making malls their main home, offering premium shopping experiences. This shift has created an entirely new ecosystem of luxe trade. Mall occupants are seeing an influx in sales from providing a more immersive and alluring environment to customers. Not only are luxury items more accessible, but the environment has become one of glamour.
- Malls have become the ultimate luxury destination.
- Shoppers have access to brands they otherwise wouldn’t.
- A new ecosystem has been created, providing shoppers with an immersive and alluring experience.
4. Unpacking the Implications of High Demand for Luxury Shopping
As the demand for luxury shopping rises, retailers must take steps to ensure they’re equipped to meet the expectations of these discerning customers. Here are a few implications of high demand for luxury shopping to consider:
- Inventory shelves: Luxury shoppers expect premium customer service and are less likely to be satisfied with less-than-ideal options in store. Maintaining high-quality inventory is essential to meeting their expectations and making them more likely to come back.
- Customer experience: Luxury customers expect a more luxurious experience, particularly during their in-store visit. Consider adding touches like seasonally updated design elements and complimentary beverages to elevate the experience.
- Staffing considerations: Luxury customers may also require one-on-one, in-depth customer service. Hiring additional staff or training current staff to meet these needs can ensure you’re able to provide the customer service and product knowledge luxury shoppers desire.
In addition to the in-store experience, luxury shoppers expect seamless, seamless online services. Taking the time to build out a polished, intuitive, and easy-to-use website can ensure that these customers can browse, purchase, and stay connected with your brand in a way that keeps them coming back.
From high-end retailers to luxury brands, the world of shopping has never looked brighter. With the Clur Luxury Brands Index bringing us these insights into the success of mall trading densities, we are well on our way to understanding the power of the high-end retailer in and out of the mall. What once was a mere luxury, is now an important part of any retail establishment.