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For the Record: This Exclusive Category Makes Up 2% of Online Transactions

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By Published On: October 29, 20190 Comments

For a category that only makes up two per cent of the industry, luxury fashion is one of the most exclusive categories in the retail industry. We sat down with Mark Fletcher to discuss the shopping behaviour, attitudes and needs of the luxury fashion shopper.

The fashion industry is cut-throat one minute you’re the hottest brand, the next you’re on the cutting room floor. The luxury industry has remained on top for over a century, curating the hottest trends that inspire the smaller retailers and influence the way the world dresses. How important is this industry, and how many online consumers actually care about the category of fashion?

In the latest Power Retail Shopper Profile Report: Luxury Fashion & Accessories shoppers, the Power Retail advisory board discovered some key differences between the fats fashion shopper and one who prefers to purchase from luxury brands.

First, it’s essential to define the category of luxury. “Luxury can mean different things to different people,” explained Mark Fletcher, the Insights Manager at Power Retail. “So we used a very clear benchmark of $300 or more for online purchases of fashion apparel, shoes and accessories. So while someone may purchase a brand name T-shirt for $75, we can be quite confident that everything in this study does relate to expensive fashion.”

This definition of luxury fashion is quite different from that of fast fashion, which identifies its customers purchasing with a maximum price of $150. “One of the most important findings is that luxury shoppers fall into two main groups; those who typically spend around $150 per month on online shopping and those who spend around $450 per month,” Mr Fletcher explained.

For luxury shoppers, it’s not uncommon for shoppers to turn to influencers when making a purchase decision. Many of the online shoppers will seek advice from influencers before making a big-ticket purchase, and they play an essential role for retailers when deciding their marketing strategies. “…they do like influencers. But it’s not just fashion influencers,” Mr Fletcher said. “These shoppers have a wide range of influencers who they find interesting, including beauty, food and cooking, fitness and celebrity news.”

The Shopper Profile Report: Luxury Fashion and Accessories is an exclusive report for Power Retail and uncovers luxury shopper behaviour, attitudes and needs. For a category that only makes up two per cent of the industry, it’s a hefty and exclusive area for retailers to get involved in. The Power Retail Advisory Board spoke to more than 30,000 Australian online shoppers with over 70 separate measures and metrics condensed into the one report. It’s too important to miss, and you can find the report available for download here.

To hear further detail, be sure to check out the exclusive For the Record podcast with Mark Fletcher on the Power Retail Spotify channel.

https://open.spotify.com/episode/4xFNFqQwUkQsGfrvm65mFz

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