[UK 24/01/2023] The luxury brand industry has shown promising results heading into the new year, with analysts predicting upward growth. In 2022, there was about a 21% increase in sales within the industry, valued at around £1.2 trillion, according to the latest report from a leading retail group. But in 2023, that number is expected to continue rising, especially in tech-enabled luxury products and services.

This strong growth is expected to be driven by positive consumer spending from Generations Y, Z, and Alpha, as well as increasing demand for high-end goods and services in India and other Southeast Asian and African countries. As a result, businesses in the luxury brand sector must capitalise on the opportunities at hand and ensure they are well-positioned to capture the expected surge in demand.

Increase Consumer Engagement

By creating more engaging customer experiences, luxury brands can ensure that their products and services are seen as desirable. This will involve providing personalised customer experiences, such as interactive digital platforms, and enhancing customer service offerings.

Expand International Reach

As the luxury sector grows, the need for expanded international reach is becoming apparent. Companies must look beyond domestic markets and explore opportunities in other countries. It will require increased investment in digital capabilities, marketing strategies tailored to the local culture, and more targeted product lines.

Focus on Sustainability

Luxury brands must also focus on sustainability to meet changing consumer demands. This includes the implementation of responsible production and sourcing processes and a commitment to protecting the environment. Businesses should give more attention to eco-friendly materials, energy efficiency, and waste reduction.

Invest in Tech

Online shopping saw a surge during the pandemic, and companies must capitalise on this opportunity. Optimising their online brand designs and websites will ensure they remain competitive. This will help them keep up with changing customer expectations. Luxury branding company, Oro&Co, offers their services to businesses looking to stay ahead of the curve with technology.

About Oro&Co

Oro&Co is a leading luxury branding company with more than three decades of experience in digital transformation. Their team of experts provides strategies and solutions, from creative brand design to eCommerce and research, to help companies create engaging experiences for their customers in the luxury market. Their team of professionals has worked with some of the world’s most prestigious brands and organisations, making them a trusted partner for luxury businesses.
Learn more about their branding services on their website at orodesign.co.uk.