The closure of Malaysian borders to foreigners beginning on 17 March 2020 had a negative effect on experiential luxury during that year. Due to these strict regulations, Malaysia experienced a strong dip in international tourist arrivals, which typically provide an important boost to the sales of luxury goods.
Many experiential luxury brands are trying to overcome the obstacles the pandemic has created for their business by providing a phygital shopping experience enhanced with digital concepts. For instance, Glenfiddich unveiled its CNY special edition gift pack designed by acclaimed Chinese artist Rlon Wang in 2021 to celebrate the Lunar New Year holiday.
In June 2020, the country relaxed some of the measures put in place to help control the pandemic as the number of COVID-19 cases declined. Under these regulations, domestic tourism and interstate travel was allowed to restart from the beginning of July.
Experiential luxury will take some time to recover in the forecast period, as current retail value sales are not set to return to 2019 levels until at least 2024. Demand for experiential luxury is expected to remain low and undergo a very slow recovery due to many factors.
E-commerce is set to become increasingly crucial in this category since the onset of the pandemic, as more people will embrace its benefits and industry players will develop their online strategies. By the end of 2022, it is hoped that there will be some recovery in international travel, with the industry set to benefit from pent up demand after two and a half years of restrictions with more tourists craving a luxury and unique travel experience.
Demand for premium and luxury cars is set to recover over the forecast period with the launch of many new luxury car models such as Mercedes Benz E-Class Facelift, Lexus ES250 Facelift and BMW iX4. The opening of international travel borders is also likely to boost demand for luxury hotels.
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Understand the latest market trends and future growth opportunities for the Experiential Luxury industry in Malaysia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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If you're in the Experiential Luxury industry in Malaysia, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This is an aggregation of Luxury Hotels and Luxury Foodservice.
This report originates from Passport, our Experiential Luxury research and analysis database.
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