In 2020, 63 percent of professionals of the luxury industry thought that corporate social responsibility (CSR) was one of the biggest challenges companies in the sector were facing. Many of the respondents (41 percent) also picked winning young customers as one of the main challenges. Customer relationship management (CRM) ranked last with around 20 percent of luxury professionals considering it a major challenge.
What are the most important challenges the luxury industry is currently facing?
Characteristic
Share of respondents
Corporate social responsibility (CSR) commitment
63%
E-commerce development
43%
Expanding customer base to younger generations (Millenials and Gen Z)
This question was phrased by the source as follows: "Which of the following statements represent the 3 most important challenges for luxury companies according to you?"
The source did not specify the age of the respondents.
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IFOP. (December 18, 2020). What are the most important challenges the luxury industry is currently facing? [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1132517/most-important-challenges-luxury-companies-according-to-professionals-france/
IFOP. "What are the most important challenges the luxury industry is currently facing?." Chart. December 18, 2020. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1132517/most-important-challenges-luxury-companies-according-to-professionals-france/
IFOP. (2020). What are the most important challenges the luxury industry is currently facing?. Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1132517/most-important-challenges-luxury-companies-according-to-professionals-france/
IFOP. "What Are The Most Important Challenges The Luxury Industry Is Currently Facing?." Statista, Statista Inc., 18 Dec 2020, https://www.statista.com/statistics/1132517/most-important-challenges-luxury-companies-according-to-professionals-france/
IFOP, What are the most important challenges the luxury industry is currently facing? Statista, https://www.statista.com/statistics/1132517/most-important-challenges-luxury-companies-according-to-professionals-france/ (last visited July 22, 2024)
What are the most important challenges the luxury industry is currently facing? [Graph], IFOP, December 18, 2020. [Online]. Available: https://www.statista.com/statistics/1132517/most-important-challenges-luxury-companies-according-to-professionals-france/
