The luxury market is experiencing a paradigm shift in growth trends. Brands that wish to prosper must focus on understanding and satisfying the desires of younger consumers. Recent research by Bain & Company and Farfetch predicts that millennials will constitute a staggering 40% of the global luxury market by 2025. Gen Z, too, is showing an increasing affinity for luxury goods, driven by rising wealth and the influence of social media. To truly resonate with these generations, luxury brands must reconsider their distribution channels and product offerings. Presently, comfort combined with a touch of opulence is the recipe for success.

In today's digital landscape, social media is a primary avenue through which consumers discover new products. Engaging with potential customers meaningfully during their discovery phase is crucial. To boost engagement, create stories that strike a chord and inspire them to like your posts and participate through comments. Equally important is your responsiveness to direct messages and comments. Seize the opportunity to showcase your brand's personality – be helpful, and express your gratitude for their patronage.

Elevating the e-commerce game for luxury brands necessitates significant investments. One simple yet transformative strategy is offering swift and often complimentary shipping. With numerous brands providing same-day delivery in various markets, some high-end e-commerce establishments are following suit. Take, for instance, Louis Vuitton, which provides complimentary delivery and the option to pick up or return items in-store, all while waiving international order duties.

Personalisation has long been a hallmark of the luxury market, with around 70% of consumers willing to spend more for personalized customer experiences. Luxury shoppers have grown accustomed to receiving exceptional, individualized attention in high-end brick-and-mortar stores. They are treated like VIPs, with access to personal shoppers and exclusive shopping events. Some stores even go the extra mile by delivering personalized selections to clients for fashion emergencies. Thanks to innovations like artificial intelligence and machine learning, this personalized touch can be replicated effectively in the online sphere.

Digitally native luxury fashion brands have a distinct advantage. They have already captured the hearts and minds of millennial shoppers and are now expanding into physical retail spaces. Consider Mr. Porter, the brother site of Net-A-Porter, which caters to men's fashion and lifestyle luxury brands—a rapidly growing luxury customer base. Much like Net-A-Porter, Mr. Porter offers premium omnichannel assistance to its top customers, referred to as EIPs (Extremely Important People).