Zach Campbell, content writer at Juliettes Interiors, sheds light on the synergies between the luxury industry and cryptocurrency
The sharp increase in cReptoCurrency transactions by luxury spenders continued over the course of 2021 through 2022. ThIt refers to the ever-increasing degree of control and influence that the crypto world has on the luxury industry and its customers.
In 2021, per Business Insider MarketThe worldwide cryptocurrency market has soared above $3 trillion (£2.4 trillion) for the first time. This is largely due to the actions of institutional and individual investors who have done so Money invested in digital assets.
Luxury brands see introduction Crypto payments as an opportunity to build customer loyalty. Offering this type of cryptocurrency as a payment method gives customers flexibility, by allowing them to complete their transactions via an alternative payment method, which may be more suited to their needs.
Research shows that more than 56 percent of affluent clients are currently investing in cryptocurrencies, which indicates that more affluent investors are increasingly willing to pay via this format over the coming years.
Compared to non-crypto users, crypto users are more likely to purchase higher quality items. This is due to the fact that the average order value (AOV) for a typical crypto user is $450, versus $200 for non-crypto users. Moreover, nearly 60 percent of high net worth individuals are interested in investing in cryptocurrencies (via triple).
Modern living room design featuring exclusive pieces of furniture by Juliettes Interiors
As a result, major luxury brands have started accepting cryptocurrencies. Like Household names across different industries begin to merge Digital currencies in its purchases, the luxury industry will only benefit from this shift to a new payment method.
This serves as an indication that the crypto world is able to significantly influence the shopping habits and patterns of affluent consumers in the luxury industry. Thus, major brands are securing their space within the crypto arena in an effort to attract wealthy consumers.
The latest evidence of this can be seen in the announcement by Gucci – having already integrated Web3 blockchain technology into its branding – that it will begin accepting cryptocurrency payments at select stores across North America this summer.
TheLuxury Brands and Cryptocurrency Transactions
Luxury fashion companies such as Cartier, PRADA and LVMH, which have endorsed the Aura Blockchain Consortium, are increasingly benefiting from cryptocurrency. Transactionsaccording to Fashionweekonline.
Due to the huge amount of wealth they exchange, luxury brands have adopted this safer method of accepting payments.
Doing so may seem like an easy option, but they know that giving high-income customers the option to purchase high-end items in a form of high-performance currency like crypto makes sense. By doing this, the big name brands are ensuring that they stay ahead of the curve and avoid catching a cold.
This project by Juliettes Interiors was awarded “Best Private Residence Interior Design in France 2018/19” at the European Property Awards
in 2017And Luxury furniture retailer Juliettes Interiors has become one of the first high-end retailers in the UK to accept Bitcoin. Five years later, Juliettes Interiors has seen a sharp increase in cryptocurrency transactions by its clients and is reaping the benefits of taking such an early step into cryptocurrency..
Allow their customers to pay with digital currency to decorate their homes with the most luxurious furniture, or perhaps choose a brand“s interior design service, Juliettes Interiors is proud to offer its clients the increasingly popular payment method.
In fact, a recent transaction saw a customer make a purchase Exclusive custom made coffee table From Juliettes Interiors entirely through Bitcoin, proving the company’s choice to accept a form of currency that hasn’t made a significant penetration into the retail sector.
Commenting on the ability to make crypto payments at Juliettes Interiors, company director Juliette Thomas said: “By adding digital currency to our list of payment options, we have seen a rise in crypto payments, in particular In the last 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 payments via Bitcoin..
“We want to offer our UK and international customers a convenient option. That is why we have chosen to integrate cryptocurrency payments, which are fast, easy and hassle-free.”
Juliet Interiors Customers can pay in Bitcoin to beautify their homes with our luxury interior design service or use cryptocurrency to purchase the world’s finest and most luxurious high-end furniture at juliettesinteriors.co.uk.
