Personal luxury was greatly impacted by the outbreak of the COVID-19 pandemic in 2020. The personal luxury industry is apropos of the complete sensory experience; making, selling, and appreciating products that moves beyond the aesthetic.
The Australian government closed all borders to non-residents in March 2020 with all returning residents required to spend two weeks in quarantine in an attempt to stop the spread of COVID-19. These travel restrictions significantly affected retail value sales of personal luxury in 2020.
In an attempt to lure consumers back, personal luxury brands diversified their offering in 2020 as most personal luxury items are non-essential. For example, Off-White launched a homeware collection with a range of cushions, blankets, and bedding.
Over the forecast period, sales of personal luxury is expected to recover at a relatively slow pace as constant retail value sales are not forecast to recover to 2019 levels before 2025. However, the forecast CAGR is expected to be higher than that of the review period.
E-commerce sales saw a healthy increase in 2020, with consumers migrating to online platforms in preference to visiting physical stores. This is set to remain the case over the early forecast period when some consumers will continue to prefer online shopping.
Consumers are becoming more conscious of sustainability issues and making increasingly conscious purchasing decisions while looking at all aspects of sustainability, from animal rights to workplace conditions and the effect of manufacturing on the environment. Consumers expect personal luxury brands to experiment with new materials other than animal leather, such as vegan leather or even recycled plastic.
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Understand the latest market trends and future growth opportunities for the Personal Luxury industry in Australia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Personal Luxury industry in Australia, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This report originates from Passport, our Personal Luxury research and analysis database.
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