“It may not be widely recognized as such just yet, but digital technology is probably one of the best things to happen to luxury brands in a long time”. These are the opening words of the study “Digital or Die: The Choice for Luxury brands” carried out by Boston Consulting Group and presented during the fashion week in Milan on September 22nd. The research found that the luxury sector is behind other sectors in its understanding the benefits of digital technologies and taking them on. From a survey of 10,000 consumers in ten countries, in addition to interviews with industry leaders, the study aimed to highlight the role of digital in the luxury sector as it continues to have a larger influence on how consumers interact with brands each day. Moreover, it shows that online commerce, which now accounts for 7% of the global personal-luxury market, will grow further to make up 12% of that market by 2020.
