Public Study B2C France and Italy 2022

Future Challenges and Opportunities in Luxury Fashion

Many consumers see the luxury fashion industry as less innovative, with most purchases starting online but completed in stores. There is also a rising demand for strong ESG commitments from luxury brands. In this study, BCG and Potloc interview 40 industry experts to explore these challenges and opportunities.

Survey details

  • 40

    interviews

Key trends for the luxury industry in 2022

1

Consumers view the luxury industry as less innovative.

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With the exception of a few players, the luxury industry is seen as lagging behind in innovation compared to other industries. 
2

Most customers start the luxury buying process online.

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 Customers still make their luxury purchases in stores, but they are beginning their product searches online. 

Luxury fashion houses need to provide a seamless online experience for customers and are lagging behind mainstream manufacturers when it comes to creating online experiences.
3

Luxury fashion houses should prioritize environmental, social, and governance (ESG) initiatives.

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More customers are making corporate responsibility a key factor in their purchase decisions.

Fashion houses should make a deep and lasting commitment to stronger corporate involvement in the ESG. 
Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG works closely with clients to embrace a transformational approach aimed at benefiting all stakeholders—empowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact.
Potloc is the all-in survey platform where the world's leading consulting and private equity firms transform survey questions into strategic revelations. With unrivaled sample quality, AI-powered analysis, and end-to-end research management, we’ve helped 500+ global firms collect dynamic market insights from 343M+ consumers and professionals across industries and geographies. Tailored for high-speed, high-stakes missions, Potloc surfaces competitive data points to drive corporate strategy, due diligence, pre-due diligence, portfolio monitoring, and marketing.

Key figures from the survey

65%

of growth in the luxury sector between 2021 and 2025 will be outside Europe and the US.

80%

of luxury consumers think luxury fashion houses should be more involved in the product life cycle.

65%

of luxury consumers take into account fashion houses’ commitment to sustainability before making a purchase. 

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