In 2021, the statistics showed a sharp increase in cryptocurrency transactions in the luxury sector. The same phenomenon prevails until now. Are we witnessing a breakthrough of bitcoin (BTC) in the luxury industry and among its consumers?
Cryptocurrencies and their ability to influence
In 2021, Market Business Insider released a report stating that: the global cryptocurrency market has crossed $3 trillion. A first in the history of crypto assets. The driving force behind this growth is the equities of institutional and private investors. They no longer hesitate to invest in digital assets.
Faced with the rise of bitcoin and other cryptocurrencies, luxury brands are rushing to new payment methods. Indeed, cryptocurrencies represent a bold alternative to retain customers and give them a degree of flexibility. In this way, they will be able to transact through an alternative payment method adapted to their needs.
Some researchers believe that 56% of affluent customers are now investing in cryptocurrencies† This number will increase further in the future.
Likewise, some observers argue that cryptocurrency users are more likely to buy high-end items. They were assigned an average order value of $450. However, non-users also buy, but with an average value of $200.
All the more reason for it major brands like Gucci accept bitcoin in select stores in North America† Lately, the big names in luxury are gradually adopting digital currencies. They desperately need to expand their payment solutions.
Luxury Brand and Crypto Transactions
Fashionweekonline believes that well-known brands such as Cartier, PRADA and LVMH, the initiators of the “Aura Blockchain Consortium”, are beginning to develop a penchant for cryptocurrency transactions. The reason: concentrated wealth seems immense. Moreover, this form of payment is currently the safest.
Are they making a mistake by accepting cryptos? Far from there. With the performance represented by crypto assets, these luxury brands wouldn’t want to miss any of the positive effects of bitcoin† And it is not the opportunities to buy high-end products that will be missing by BTC or ETH in his wallet cryptocurrencies.
Take Juliettes Interiors, a luxury furniture store that was the first to accept bitcoin in the UK in 2017. 5 years later, the results are being felt: a wave of crypto transactions and a myriad of benefits associated with early adoption of cryptocurrencies.
Thanks to Juliettes Interiors, some households with affluent crypto wallets will be able to afford high-end furniture and access to the interior design service. This UK retailer is really proud of its excellent track record.
Recently, a customer of the house acquired an exclusive Droplet coffee table by paying with Satoshi Nakamoto’s change. To say that few companies allow this type of transaction at the moment.
Juliette Thomas, director of Juliettes Interiors, says:
†By adding digital currencies to our list of payment options, we have seen a surge in cryptocurrency payments, especially in the past 12 months. Many of our clients are savvy bitcoin investors and we want to make their experience with us as seamless as possible, hence our decision to accept payment via bitcoin.†
†We want to offer our UK and international customers an easy choice. That’s why we chose to integrate cryptocurrency payments, which are fast, easy and hassle-free.she adds.
Prada, Cartier, LVMH, Gucci, Hogan, Louis Vuitton and many more are luxury industry flagships that have recently entered the metaverse and crypto universe. Expect a thriving future for the sector with such initiatives.
Source: Mobile Marketing Magazine
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