As an ISSP certified eco-luxe lifestyle specialist, I’ve observed the changing expectations of luxury shoppers in recent years. According to an according to The Evolving Art of Luxury Experiential Retail report from BoF Insights and Royalmount, a remarkable 77% of luxury shoppers plan to visit luxury stores just as often or even more in the upcoming year. So, what exactly are these discerning customers looking for within these establishments?
Sustainability has become a significant aspect, with 61% of luxury shoppers insisting that stores should embrace higher environmental standards. As someone deeply invested in eco-conscious living, I can attest to the crucial role of integrating sustainable practices into physical retail spaces. Consider Nike’s creative approach to repurposing old apparel and footwear into building materials, or Reformation’s admirable initiative that encourages customers to drop off pre-loved items for recycling.
In addition, 49% of shoppers believe that a store should offer more than just the opportunity to purchase luxury products. The report emphasizes the importance of carefully curated experiences that evoke emotions like happiness (37%), curiosity (35%), and inspiration (34%).
The future of luxury retail seems to be embodied by destinations such as Royalmount, an upcoming shopping district in Montreal, which skillfully combines retail, dining, leisure, and public spaces to create memorable experiences. First of its kind, the mixed-use site will be one of the only 100% carbon-neutral projects in Canada. With a holistic approach to sustainability from construction through how visitors will interact with the space, Royalmount offers a new model of sustainable luxury that will enrich Montreal’s evolving approach to how people shop, work, live and play.
Furthermore, tech-savvy luxury shoppers are attracted to advanced loyalty programs (51%) and complimentary amenities like free WiFi (50%), which enhance their overall customer journey. They also appreciate the tangible benefits of face-to-face interactions, with 68% preferring to involve a physical store when it comes to customer service.
“Luxury players in the industry must continue to invest in physical spaces, and the three pillars around sustainability, inclusivity and connectivity are essential to creating a place where people want to spend their time,” said CEO of Carbonleo, Andrew Lufty. “At Royalmount, years of research and thought have gone into creating a space where people feel happy and fulfilled – it’s not just about transactions but developing a destination that creates connections and an emotional journey.”
As an eco-luxe lifestyle enthusiast, I can confidently say that the evolution of luxury retail depends on embracing sustainable, inclusive, and emotionally engaging experiences. I encourage you to delve into the full report from BoF Insights and Royalmount [here] to learn more about this fascinating shift in the world of luxury shopping.