In this edition of the Glossy+ Research Briefing, we highlight the importance of digital sales to marketers in our 2023 holiday marketing and commerce report — especially during a rocky fourth quarter for luxury brands.
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76% of marketers agree their own e-commerce sites grow more important as the holidays near
Breaking news: After a difficult economic year for digital luxury marketplace Farfetch, South Korean e-commerce company Coupang announced plans on Monday to purchase and provide much needed emergency funding to the struggling e-tailer. Coupang, often described as South Korea’s response to Amazon, is viewing the acquisition as a chance to have a greater foothold in luxury.
Research findings: U.S. credit card data released last week by Barclays showed a 15% dropoff in spending on luxury goods this November compared to the same period last year, according to Reuters. Citi reported similar findings that showed purchases of luxury fashion were down 9.6% year-over-year in November, after an 11.4% decline in October.
These reports do not paint an optimistic picture of what luxury brands might expect from their fourth quarter performance results, especially during the important holiday season — when around 25% of total year sales typically occur.
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With these macroeconomic trends in mind, marketers are hoping to increase end-of-year sales on their owned and operated e-commerce sites. Eighty-five percent of marketers said they have used their own e-commerce sites thus far in 2023 and of those users 76% agreed the channel grows more important to their holiday marketing plans — the largest user group to agree a channel becomes more important to them during the holidays. This is according to survey results from Glossy+ Research’s recent holiday commerce and marketing report.
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