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GROUNDBREAKING STUDY SHOWS 51% OF LUXURY RETAIL EMPLOYEES PLAN TO LEAVE THEIR JOBS AMID TALENT CRISIS

A landmark report on the evolving role of client advisors in luxury retail was unveiled by CXG, a leading global customer experience firm specialising in luxury brands. Presented at an exclusive event in Paris on 10 October 2024, this report addresses the pressing challenges faced by the luxury retail sector regarding talent acquisition, development, and retention.

Transforming Luxury Retail: Key Insights

Focusing on developing strategies for recruitment, onboarding, training, and retention, the comprehensive report, titled “The Advisor Effect: Driving Retail Success by Re-imagining The Role of The Client Advisor,” is based on insights gathered from 11,866 surveys conducted with retail employees from 12 luxury brands between 2022 and 2024 and 27 in-depth interviews with senior professionals from various luxury sectors—including fashion, jewellery, and beauty—across Europe, the USA, and China.
 

Key findings from the report include:

• Talent Retention Crisis: A staggering 51% of respondents indicated plans to leave their positions, highlighting a significant talent retention issue within the industry. This marks a notable increase from 30% just two years prior. "Our research shows that the luxury retail sector is at a critical juncture," stated Christophe Caïs, Founder and CEO of CXG. "The rise of digital tools and omnichannel strategies has transformed the traditional luxury retail model, requiring client advisors to blend high-touch personal service with digital proficiency."
• Evolving Roles: The responsibilities of luxury client advisors have expanded dramatically. Modern advisors are now expected to engage in digital interactions and relationship management while mastering storytelling and customer relationship management (CRM) skills. This evolution necessitates a blend of emotional intelligence, adaptability, and technical prowess to enhance customer experiences.
• Impact of Advisor Interactions: In the luxury sector, 78% of customers report that a single negative interaction with an advisor can lead to abandoned purchases. Conversely, advisors who deliver exceptional experiences can boost purchase intent by five times—86% compared to just 17% for those who do not.
• Work-Life Balance Concerns: Alarmingly, only 39% of employees reported having a good work-life balance. Younger generations increasingly seek clear career paths, skill development opportunities, flexible scheduling, and purpose-driven work that extends beyond traditional compensation.
• Strategic Recruitment Initiatives: Luxury brands are now required to source talents from diverse industries while leveraging social media and AI for recruitment. This shift aims to increase the talent pool brands can recruit from.

Future-Proofing Luxury Retail

The recent event in Paris highlighted findings from an extensive report set for release early November 2024. This upcoming report will explore how to reimagine the role of client advisors in luxury retail. It outlines strategies aimed at supporting retail professionals in adapting to these multifaceted roles. Furthermore, the report emphasises the importance of creating purpose-driven work environments that enable advisors to thrive while balancing meaningful engagement with professional growth and flexible work-life integration.

Mr. Christophe Caïs continued, “The findings underscore an urgent need for luxury brands to invest in employee experience, refine their Employer Value Proposition (EVP) strategies, and implement approaches that elevate the role of client advisors. Brands that prioritise talent development and align with evolving employee values will be well-positioned to sustain competitive advantage and deliver exceptional luxury experiences in the future.”

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About CXG:

CXG stands as the leading data-driven consulting and solutions firm specializing in innovative strategies to enhance customer experiences and boost retail performance of premium and luxury brands. Leveraging years of expertise gained from over 220 iconic brand partnerships, CXG guides clients through their entire CX journey, delivering insights and driving meaningful change. CXG’s four core practices—Customer Insights, Measurement, Consulting & Transformation, and the Academy— provide a comprehensive framework for comprehensive CX transformations.

Founded in 2006 in China, CXG has grown into a global powerhouse, with 12 offices catering to 85 countries, and a team of more than 260 professionals. With their growing network of customer experience experts, including evaluators, learning consultants, and strategic consultants, they help brands elevate their experiences.

CXG recognizes that customer needs are ever-evolving. Their tailored solutions across research, measurement, training, coaching, and consulting are designed to meet these dynamic demands, positioning us as the definitive one-stop-shop for all CX transformation needs.

Discover more about how CXG can transform your customer experience at www.cxg.com

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