Harnessing Customer Data to Unlock the Luxury Market
U.S. luxury sales have grown in recent years due to strong demand from domestic luxury consumers and foreign tourists, according to a Euromonitor International report. In 2014, luxury sales increased because of robust demand from domestic consumers and foreign tourists visiting the United States. In fact, the global luxury market had 330 million consumers in 2014 and is expected to grow to 440 million with a total spend of $1.2 trillion by 2024. This luxury market is a quilt of diverse customers who can be segmented in a number of ways.