According to a recent study conducted by Klarna, a buy now, pay later (BNPL) specialist, sustainability, technology, and flexibility play a crucial role in consumers’ decision-making process when it comes to luxury purchases. The study, which surveyed 4,000 adult consumers in five countries, found that 51% of respondents consider sustainability to be a major factor when choosing luxury products. This highlights the growing importance of eco-friendly choices in the luxury market.
Furthermore, the study revealed that 75% of shoppers value a luxury brand’s commitment to innovation and new technologies. This indicates the significance of tech advancements in the industry and the desire for brands to stay at the forefront of technological developments.
Although sustainability, technology, and flexibility are prioritized by consumers, the report also emphasizes that 73% of respondents still consider a luxury brand’s environmental policies when making purchase decisions. This shows that consumers are increasingly conscious of the impact their purchases have on the environment.
Technology not only plays a crucial role in attracting luxury shoppers but also affects their preferred methods of purchasing. The study found that 55% of shoppers prefer using mobile apps for their luxury purchases, while 53% prioritize flexible payment options such as BNPL. Additionally, 73% of consumers appreciate the option to pay for luxury products over time without any interest or additional costs. These findings highlight the importance of convenient and secure purchasing methods for luxury shoppers.
The COVID-19 pandemic has significantly accelerated the shift towards online shopping, with 46% of luxury shoppers making their purchases online last year. As the world enters a post-Covid era, online shopping is expected to remain popular, reinforcing the need for luxury brands to provide secure payment options and ensure a seamless online shopping experience.
The study also found that 41% of consumers consider secure payments to be crucial when shopping online. This highlights the need for reliable payment methods that instill trust in the customer.
Furthermore, the study revealed that 78% of shoppers value the opportunity to try products before purchasing them. This emphasizes the significance of tactile experiences and the ability to physically engage with luxury items. Luxury brands should consider incorporating interactive experiences or providing samples to satisfy this consumer demand.
Alex Marsh, Head of Klarna UK, suggests that the luxury industry is evolving, with consumers placing increasing importance on quality, sustainability, and innovation in their shopping experiences. Luxury brands must adapt to these changing consumer demands by integrating eco-friendly practices, embracing technological advancements, and offering convenient and secure payment options. By doing so, luxury brands can attract and retain customers who value sustainability and innovation, ultimately driving growth and success in the industry.
Useful links:
– [Link 1: Sustainable luxury brands that prioritize eco-friendly practices](https://www.examplelink1.com)
– [Link 2: New technologies shaping the luxury industry](https://www.examplelink2.com)
