Latest News- Luxury E-Tailing Market: Personal luxury is expected to lead the Product segment during 2024-2028

The Luxury E-Tailing Market is being driven by Rise in online spending and smartphone penetration

The Luxury E-Tailing Market is expected to grow at a CAGR of 9.12% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 32483.9 million. In the luxury e-tailing market, social media has emerged as a significant driver of product awareness for premium cosmetics. Consumers are increasingly reliant on social networking platforms and blogs for information on high-end cosmetics. Vendors capitalize on this trend by utilizing channels such as Facebook, Twitter, Instagram, and YouTube to boost brand visibility and promote their offerings. Notably, influencer marketing campaigns, like Nykaa's successful launch of its clay it cool mask range in February 2023, have become a cornerstone of brand strategies. The proliferation of the Internet and smartphones, coupled with the growing adoption of customer-engagement practices by premium cosmetics vendors, have collectively fueled market growth and revenue expansion over the past few years. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Personal luxury
  • Food and wine
  • Home accessories
• Channel
  • Multibrand
  • Monobrand
• Geography
  • APAC
    • China
    • Japan
  • North America
    • US
  • Europe
    • France
    • Italy
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rise in online spending and smartphone penetration
• Social media and celebrity endorsement
• Premiumization through product design and innovation

However, the market also witnesses some limitations, which are as follows:

• Strict competition from offline channels
• Lack of touch-and-feel element
• Availability of counterfeit products

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Market Scope in Luxury E-Tailing Market Research Report

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Research Analysis Overview

The luxury e-tailing market has seen significant growth in recent years, driven by the integration of AI technology and digital platforms. Luxury houses now offer tailored suggestions based on consumer knowledge and browsing history, enhancing the shopping experience for high-end lifestyle items such as jewelry, watches, cosmetics, accessories, clothes, and more. Innovation marks the new norm in this sector, with mcommerce and cell phones becoming the preferred channels for purchasing luxury items. Offline retailers are responding by upping their digital game, offering personalized services and exclusive experiences online. The luxury market, known for its exclusivity and reputation, is embracing the digital world while maintaining its traditional values. AI-driven recommendations and personalization are key differentiators, setting luxury e-tailing apart from mass market retail. As consumer knowledge and expectations evolve, the luxury industry continues to adapt and innovate, ensuring a seamless and indulgent shopping experience for its discerning clientele.

Market Research Overview

The global broadline retail market encompasses the earnings of enterprises offering general retail services, encompassing discount merchandise vendors, department stores, and online retailers and marketplaces dealing in consumer discretionary merchandise. According to Technavio's market analysis, the market size is determined by the income generated by Internet retailing service providers, third-party online retail platform providers, door-to-door retailing services, department stores, and other businesses dealing in consumer goods and services, including those operating online marketplaces. Market expansion will be fueled by the expanding use of sophisticated mobile devices and high Internet penetration, empowering consumers to access on-demand products and services online.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/