Consumer Behavior

Luxury retailers aim to spend big on tech

ehrlif - stock.adobe.com

July 17, 2023

Luxury goods retailers are aiming to boost spending on tech big time over the next three years and push hard on the e-commerce front.

Those are top findings from research released by Communications Specialist Ltd.

The data also revealed that 28% of luxury good sales will take place online within three years and there will be a tech spend increase of 36% over the next three years, according to a press release on the findings.

"The luxury retail sector globally is growing strongly but retailers are having to adapt to changing customer demands and perceptions. The rise of online shopping identified in the research coupled with a need to enhance the in-store experience is putting pressure on the costs of retailers. We are seeing the impact in increased interest from the sector which represents a growing market for secure radio communications and communications technology," Kevin Buchler, CMO, Communications Specialist Ltd, said in the release.

Communications Specialist Ltd commissioned the independent research agency Pure Profile to interview 50 senior executives at luxury retailers with a total turnover of $3.1 billion based in Asia, Africa, Europe, the U.S. and South America.