ShopperTrak Trends - April 2020
13 April: The Australian National Index was up 36.5 % from the week before and down -83.3 % compared to this time last year.
6 April: The Australian National Index was down -16.7 % from the week before and down -88.3 % compared to this time last year.
30 March: The Australian National Index was down -47.4 % from the week before and down -85.3 % compared to this time last year.
The Australian National Index is an extract from the Market Intelligence tool, which gives you access to custom retail foot traffic reports for countries & cities pre/post any period you choose.
LUXURY RETAIL AND TRAFFIC DATA
INSIGHTS FOR SEAMLESSSTORE EXPERIENCES
Report written by ShopperTrak
Luxury retail is undergoing a transformation.
The physical store is shifting from transactional to experiential. In luxury retail, customers demand personalised experiences and outstanding service. High-spending shoppers expect the choice, convenience and assistance they receive in store to surpass what they would find elsewhere.
Millennials and Generation Z are now making up over 30% of all luxury spending, and this is expected to rise to 55% by 2025, according to Bain.
These digitally-connected consumers may browse websites and enjoy social media engagement with the likes of Gucci, Burberry, Fendi, TAG Heuer and Luis Vuitton, but they are still most likely to complete their purchase in a brand store. As McKinsey points out, online luxury sales will triple by 2025 to nearly one fifth of the total pot, but the fact remains that 80% of luxury purchases will continue to take place in physical stores.
