2020 online luxury market valued at 50 billion euros

Global SourcesUpdated on 2023/12/01

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The online luxury market is predicted to more than double in a 5-year span as pure plays attract consumers with their wider product range.

The online luxury market will more than double in the next five years, according to market research firm Verdict Retail. Stores that are exclusively into online retailing are expected to outpace all other retailers by 65 percent from 2015 to 2020 because of customer engagement and product differentiation.

Exclusive online retailers or pure plays will increase their branded offers, sell brands that have a limited selection outside of their domestic market and create country-specific transactional websites to cater to a wider customer base. Some of these online pure plays include Yoox, Net-a-Porter and Avenue 32.

While the online luxury market is forecasted to reach 113.7 percent by 2020 to nearly 50 billion euros, the online share of the total luxury market will remain below 11 percent. This is because most consumers spend on luxury while travelling overseas, particularly in Europe and tax-free markets such as Hong Kong, and still prefer the brick-and-mortar store experience.

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Watercolor painting-inspired leather handbag
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Affluent shoppers still prefer physical stores
Affluent shoppers still prefer physical stores
Affluent shoppers still prefer physical stores

2020 online luxury market valued at 50 billion euros

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