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eco-friendly practices , using ethically sourced materials , and promoting transparency in their supply chains .
Finally , experiential retail has been on the rise , with luxury retailers having shifted their focus from transactional sales to creating immersive , experiential environments . They now offer unique events , pop-up stores , interactive installations and collaborations with artists or influencers to engage customers and create memorable brand experiences .
What is the current state of the luxury retail market ? In terms of both consumer and retailer behaviour . The priority is the creation of fully integrated omnichannel experiences for seamless excellence of service , experience , and personalization . This is a data driven ( often AI ) experience , coupled with personal adapted ( VIP / VVIP ) service .
Data is crucial for luxury retailers to understand consumer preferences , personalize experiences , and optimize marketing strategies . Brands are investing in data analytics and artificial intelligence to gain insights and deliver customized offerings , personalized surprise and delight , and personal assistant experience .
Influencers and key opinion leaders continue to play a significant role in luxury retail , in terms of gaining reach of target audiences and driving brand awareness . Equally , when we consider sustainability , consumers are increasingly expecting transparency and eco-friendly practices throughout the supply chain .
Could you elaborate on the insights revealed about UK HNWI and the metaverse ? The growth of understanding of the metaverse is driving the interest in luxury opportunities . Affluent consumers are increasingly knowledgeable about the metaverse , with 38 percent able to explain it to others , compared to 33 percent , this time last year , in 2022 . Similarly , those who would definitely be interested in buying metaverse versions of their favourite luxury brand within that sphere , has risen from 12 percent to 21 percent over the same period .
Could you highlight recent findings from your Global Millionaires 2023 TrendLens report ? Our 2023 report spotlights a great deal of interesting data that gives us invaluable insights into high-net-worth spending behaviors and luxury brands in all sectors . In terms of overall wealth profiles , it was interesting to note that the economic downfall across the globe does
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