NEW REPORT BY ROYALMOUNT FINDS LUXURY CONSUMERS INCREASINGLY DEMANDING SUPERIOR IN-STORE EXPERIENCES

• 77% of shoppers expect to visit a luxury store as or more often in the year ahead.
• Sustainability narratives should be reflected in physical spaces, as 61% of luxury shoppers agree stores should meet higher environmental standards.
• Almost half (49%) of shoppers believe a store should be more than a space to simply buy luxury products.
• Download the report here.

LONDON, April 14, 2023 /PRNewswire/ -- The demand for physical retail remains a crucial part of the shopping experience among luxury shoppers, according to The Evolving Art of Luxury Experiential Retail, a new report from BoF Insights and Royalmount. BoF Insights, the data and analysis think tank at The Business of Fashion (BoF), partnered with Royalmount, an upcoming shopping district in the heart of Montreal, to examine the shopping preferences of luxury consumers in North America.

Nearly one third of luxury shoppers cite green spaces as being important to them when shopping, and a similar proportion (37%) report feelings of happiness when they shop in-store. As a future destination that will provide a mix of retail, dining, leisure and public spaces, Royalmount embodies the link between these spaces and the emotional responses they create. The physical store is still a major draw for shoppers, with 77% of consumers expecting to visit luxury stores as or more often in the year ahead.

BoF Insights reveal nearly a third (31%) of luxury shoppers visit a physical store at least monthly. Drivers of this behaviour are often based around the tangible benefits of face-to-face interactions; for example, 68% of shoppers prefer to involve a physical store when it comes to customer service.

Supercharged connectivity

More than half (51%) of luxury shoppers say tech-enabled loyalty programmes are the most important offering when visiting a luxury shopping destination, closely followed by complimentary amenities (50%) like free WIFI that enhance their customer journey.

Sustainable Retail

61% of consumers agreed that retail stores should meet higher environmental standards, which is why more brands are utilising their physical stores as a way of representing their values. From Nike recycling old apparel and footwear to create building materials to Reformation encouraging customers to drop off pre-loved items to recycle.

Inclusive Luxury

The factors that attract people to mixed-use facilities include dining options (58%), entertainment (31%) and green spaces (27%). The data also reveals these curated physical retail experiences invoke an emotional reaction in the shopper, with feelings of happiness (37%), curiosity (35%) and inspiration (34%) being some of the most common emotional reactions.

Andrew Lufty, CEO of Carbonleo, said: "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. 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."

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SOURCE Royalmount