Today’s affluent consumers demand that luxury brands provide polished experiences underpinned by personalization, consistency, and trust. Discover how payments innovation in customer experience and fraud prevention is unlocking new levels of value in the high-end consumer space.
Elevating luxury customer experiences
The opportunity
Luxury consumers are drawn to luxury goods out of desires for high quality products, to experience exceptional service, and have state-of-the-art devices. They demand excellence in all aspects of the shopping experience, and this extends to their payment experiences, both online and in-store.
Driven by American and Chinese consumption, the global luxury goods market has seen steady revenue growth over the past decade – barring COVID-19 disruptions – and is projected to experience an annual growth rate of 3.22%. This uptick is driven by the continued growth of the industry’s target demographic of High Net Worth Individuals (HNWI), an increase in worldwide travel, and the growing popularity of ecommerce and advertising on social media platforms like Instagram and Weibo.
Having invested in their ecommerce offering during the pandemic, luxury brands are now turning their attention back to the in-store experience – still the favored channel of luxury consumers – and how to connect the two for more sophisticated omnichannel journeys.
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