Sustainability, tech, flexibility are key factors when buying luxury - report
Sustainability is not just a consideration but “a major factor when making a luxurious purchase with 51% seeing it as a sustainable and environmentally-friendly choice”, a new study from buy now, pay later (BNPL) specialist Klarna claims.
The company spoke to 4,000 adult consumers in five countries with around a quarter of them being based in the UK. It said that as many as 75% of shoppers also see a luxury brand’s commitment to innovation and new technologies as key. Meanwhile, 55% of shoppers are seeking out mobile apps and 53% want flexible payment options.
All of those issues come above sustainability as a ‘major factor’, but the company’s The State of Smooth: Unpacking Luxury in 2022 report claims that 73% of consumers are factoring in a luxury brand’s environmental policies in some way when making purchase decisions.
And tech is clearly "critical" to many shoppers. As many as 80% of those who’ve heard of the metaverse are interested in shopping for luxury products there.
Regardless of such ultra-new tech, shoppers now want to make their luxury purchases “in an agile and secure way” with 55% wanting to use a mobile app, 53% looking for flexible payment options, such as BNPL, and 73% saying they would find it helpful to pay over time for luxury products without interest or extra cost.
Some 46% of luxury shoppers made their purchases via the internet last year. Part of that may have been due to lockdowns and temporary store closures linked to the pandemic, but many will continue to buy online in the post-Covid world.
Klarna said that means 41% say secure payments are key when shopping online and 78% value ‘trying before they buy,’ or the ability to touch and feel the products before they have to pay.
Alex Marsh, Head of Klarna UK, commented: “Luxury is evolving. Now more than ever we see consumers making high-end purchases because they increasingly care about quality, sustainability and innovation in their shopping experience.”
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