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Despite modestly positive expectations for 2024, the luxury retailmarket did not pan out as merchants had hoped. According to a 2024 report released by global management consulting firm Bain & Company, this market dropped two per cent from an all-time high of US$387 billion to US$381 billion.
Jewelry hasn’t only been a significant adornment for special occasions for Indians, it’s also an asset of social prestige and financial security for periods of uncertainties. Retailers who earned the trust of these customers, by offering the right range, quality and relevant service, benefited by being preferred over others.
Augmented reality (AR) in the retailmarket could be on the cusp of a massive growth spurt. A new report from Research and Markets said AR investments in retail were valued at roughly $2 billion in 2021, but that number is expected to explode to $61.3 billion by 2031. Google, Inter IKEA Systems B.V., Microsoft Corp.
However, Venus et Fleur’s latest location, the luxury gifting brand’s 10th store, at the River Oaks District shopping complex in Houston, Texas, makes the case for bringing back a bold aesthetic. The 300-square-foot shop packs a punch, both visually and on an olfactory level. The 915-square-foot space was designed by Ringo Studio.
These trends are especially relevant in light of the COVID-19 pandemic, as more than 60% of American buyers altered their shopping habits at some point in the past year. It’s crucial for small and large businesses throughout the retail industry to know what’s next. What Are Retail Trends and How Do You Look Out for Them?
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