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Luxury Shopping Online Up Fivefold, Still Growing Fast

Millennials and their shopping habits are starting to make a considerable impact on the luxury sector. Online purchases of luxury goods, including apparel, beauty and accessories, now make up 8 million euros of the industry’s 254 billion euros in sales, an increase of 500 percent since 2009, according to new research from McKinsey & Co. In another seven years, online sales of luxury goods are expected accelerate even more, with McKinsey projecting 74 billion euros in sales by 2025, meaning online shopping will makeup 19 percent of an industry expected to do 309 million euros in annual sales by that time. While such an increase in online shopping would likely be reason enough for luxury brands to keep upping their digital game, about 78 percent of luxury shoppers also go online to check out a brand or an item before they purchase, whether that be online or in-store. “The typical luxury shopper now follows a mixed online/off-line journey, seeking advice of peers on social media or looking for suggestions from trusted bloggers before entering a store, then often posting about their purchases afterwards,” McKinsey said. “The luxury shopper who begins and ends the customer journey is a dying breed — representing just 22

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