1、RXSLXEU24RP499|July 2024WWW.RETAILX.NET2024RetailX Europe LuxuryIn partnership with:2|RetailX|July 2024RXSLXEU24RP 2024 EUROPE LUXURY 2024|INTRODUCTIONFollowing steady growth across much of the 2010s,European luxury online sales have flattened out since the pandemic,with the sector recording virtual

2、ly no growth from its 15.5bn level in 2021.Indeed,2023 brought a small downturn to 15.4bn,as against 15.52bn in 2022.But the sector is still buoyant,with more consumers choosing to buy luxury than ever before.For 92%of consumers,it is quality that drives them to buy,far ahead of other factors,includ

3、ing brand reputation(63.2%)and fashionableness(42.3%).Half(50%)of consumers also believe that the enduring value of these items is an important factor.Generously,37.8%of shoppers buy luxury goods as a gift,while 55.4%of them are looking for discounts and offers when buying luxury with 63.1%seeing hi

4、gh prices as the biggest barrier to buying luxury.European luxury retail sales are dominated by fashion,which generates 5.9bn,more than a third of the sectors total revenue in 2023.Luxury cosmetics accounted for 4.1bn.This is backed up by RetailXs ConsumerX consumer data,which shows that luxury fash

5、ion and apparel was the segment most likely to generate multiple purchases among 43%of shoppers.The largest single group buying luxury fashion are GenZ-ers,with 56%in this cohort saying they have made multiple luxury fashion purchases in the past year.A further 25.5%have made one purchase,Introducti

6、onleaving just 18.5%having not bought a luxury fashion item.This compares with a quarter(25.5%)of Millennials and more than a third(36.7%)of GenX-ers who have bought no luxury fashion this year.But EU luxury ecommerce is tempered by shoppers being wedded to the theatre and experience of physical ret