Crypto transactions see a sharp increase by Luxury spenders
The sharp increase in Crypto transactions by luxury spenders over the course of 2021 continuing into 2022 suggests the Crypto world has had a significant influence over the luxury industry and its consumers.
The Crypto market in 2021 surged beyond $3 trillion for the first time largely as more institutional and retail investors have pushed money into digital assets.
– Source Market Business Insider –
Luxury brands have introduced Crypto payments as an opportunity to build customer loyalty.
Offering this crypto as a method gives the customer flexibility for whatever reason and an ideal payment method.
Research shows that over 56% of wealthy customers are currently investing in cryptocurrencies, indicating that further affluent investors will increase over the following years.
Compared to non-crypto users, Crypto users are more likely to purchase higher-end items as a typical Crypto user’s average order value (AOV) is US$450, versus US$200 for non-crypto users. As well as this, almost 60% of high-net-worth individuals are interested in crypto investments. As a result, major luxury brands have started accepting cryptocurrency.
– Source Triple A –
In other words, the Crypto world is able to heavily influence the habits and shopping patterns of affluent consumers in the luxury industry. As a result, major brands are securing their space within the crypto arena in an effort to attract wealthy consumers.
LUXURY BRANDS AND CRYPTO TRANSACTIONS
Luxury fashion labels such as Cartier, PRADA and LVMH are increasingly taking advantage of cryptocurrency transactions.
Due to the high amount of wealth they exchange luxury brands have embraced this safer method of accepting payments.
“By adding digital currency to our list of payment options, we have experienced a surge in cryptocurrency payments over the 12 months especially. Many of our clients are savvy bitcoin investors. We want to offer our UK and international customers a real choice with cryptocurrency payments that are quick, easy and hassle-free”
– Juliette Thomas, Director of Juliettes Interiors –