Channel shifts accelerated by the Coronavirus pandemic has led to significant changes taking place across the fashion retail landscape with retailers being forced to adapt to these new consumer demands and behavioural shifts. This report examines the impact on store-based shopping during the height of lockdowns to help companies adapt their strategies in a post-pandemic world where digital is now playing a more prominent role in what is traditionally an industry so reliant on physical stores.
This report comes in PPT.
As the northern hemisphere approaches winter, the number of COVID-19 cases has been rising again since mid-September - particularly in Europe and North America, with several countries now heading into further lockdowns.
As consumers continue to isolate during the COVID-19 pandemic, this period has changed our shopping behaviours and accelerated e-commerce adoption to such an extent that the gap between physical and digital in fashion and luxury is becoming increasingly narrower. The chance of a return to “normal” is looking less likely and these channel shifts and new behaviours look set to remain.
Lower disposable incomes and economic uncertainty will accelerate the value shift away from the accumulation of material things which were previously seen as middle class markers of success. The wealthy and affluent are also not exempt from the adverse impact of COVID-19 with the world’s top three wealth segments set to decline
In order to adapt strategies and remain competitive in a post-pandemic world, luxury and fashion retailers will need to explore the shifts in shopping behaviours that took place during this period of abrupt change. Diversification is at the core of these efforts and retailers will need to quickly enhance capabilities and maximise efficiencies across their store-based operations. Technology and innovation will be fundamental to win.
E-commerce will undoubtedly grow as consumers continue to enjoy the convenience of online shopping, and the shift to learning, working, eating, shopping, playing and socialising moves further to the home. Physical retailers will need to go above and beyond to create new bonds and build loyalty with customers who will be looking to be entertained, rewarded and valued.
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
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