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Luxury goods was one of the consumer goods industries hardest hit by the COVID-19 pandemic during 2020. The fact that sales of luxury goods are intrinsically tied to the premium retail experience became a major Achilles’ heel for the entire industry during the year as the government-mandated closure of all non-essential retail outlets during the quarantine a lockdown that was implanted throughout the country at the peak of the COVID-19 pandemic created an impenetrable barrier between luxury goods brands and their consumer base.
Due to the emergence of COVID-19 in China, Indonesia banned all flights from and to mainland China starting from 5 February. It was subsequently confirmed that the COVID-19 crisis had spread to Indonesia on 2 March 2020, when two locals tested positive for the virus, having been infected by a Japanese national.
It is an unavoidable fact that the COVID-19 pandemic hit sales of luxury goods very hard over the course of 2020. In response, many of the industry’s leading manufacturers and brand owners laid off employees as their revenues dried up, resulting in a lower supply of products in many categories.
One of the most notable trends to emerge in Indonesia’s luxury goods industry over the course of 2020 due to the COVID-19 pandemic was the massive shift in sales away from store-based retailing towards e-commerce. Traditionally, affluent Indonesians have been very reluctant to engage with e-commerce when purchasing luxury goods.
The adverse impact of COVID-19 pandemic on sales of luxury goods is expected to remain in effect until at least the end of 2021, with some categories not expected to recover fully until the end of 2022. Leading brands in most categories are expected to have coped well despite the dramatic decline seen an overall demand, with the most successful players those which have been able to rely on innovation to adapt to the new normal and comply with the new requirements created by the COVID-19 situation.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Luxury Goods industry in Indonesia with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Luxury Goods industry in Indonesia, our research will save you time and money while empowering you to make informed, profitable decisions.
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.