Cross-border e-commerce sales of luxury goods have shown significant growth this year, defying global economic challenges. A recent survey by DTC specialist ESW reveals a 17% increase in cross-border e-sales of luxury goods in the first half of 2022. Chinese consumers, along with those from South Korea and the UAE, were key drivers of this growth.
The survey, titled ESW’s Global Voices: Consumer Pulse 2022, gathered responses from more than 14,000 consumers across 14 countries. It found that the top three cross-border luxury markets were the US, the UK, France, and Italy. The US accounted for 56% of all cross-border luxury purchases, followed by the UK at 32%. Shoppers in the UAE, China, India, and Japan were the most frequent buyers of British luxury products.
Despite ongoing economic uncertainty and geopolitical instability, luxury shoppers worldwide appear undeterred. The survey reveals that 21% of consumers have purchased luxury goods internationally. Chinese consumers lead the pack at 46%, followed by South Korea at 36%, and the UAE at 34%.
Handbags and accessories ranked as the most popular luxury product category at 44%, followed by clothing at 42%, and jewelry at 39%. Interestingly, ESW found that international sales of handbags and accessories, as well as jewelry, exceeded domestic sales. Shoppers cited satisfaction with previous cross-border purchases and limited availability in their home markets as the main reasons for buying from international luxury brands.
The survey also discovered that a majority of cross-border luxury buyers, 70%, are willing to forego the in-store experience in favor of the convenience and speed of online shopping. However, they still expect exceptional customer service during the online buying process, with 79% expecting an experience similar to in-store service.
Natashia Redfern, VP UK Country Sales Director at ESW, emphasized the impressive growth in cross-border luxury sales despite challenging economic conditions. She noted that the luxury category experienced a 50% increase in cross-border sales in 2021, highlighting the efforts of luxury retailers to recreate the in-store brand experience online and cultivate customer loyalty. Redfern also highlighted the significance of a positive previous cross-border purchasing experience in driving long-term customer loyalty and repeat purchases.
Overall, ESW’s survey findings underscore the resilience and appeal of the cross-border luxury e-commerce market. Despite economic and geopolitical uncertainties, consumers worldwide continue to indulge in luxury purchases, with Chinese shoppers leading the way. Luxury retailers must take note of the strong demand for cross-border shopping and strive to deliver exceptional customer experiences online in order to thrive in this growing market.
Useful links:
– [Link 1: The Rise of Cross-Border Luxury E-commerce](https://www.examplelink1.com)
– [Link 2: How Luxury Brands Are Navigating Cross-Border E-commerce](https://www.examplelink2.com)
