Personal luxury will be significantly negatively impacted by the outbreak of COVID-19 in 2020. On one side, the industry has been limited in its activities with fashion shows and events not taking place, due to lockdowns and implemented rules and social distancing.
The Italian government implemented some of the strictest restrictions in Europe, with travellers from several locations having to be COVID-19 tested when entering the country. In addition, rules on travelling vary according to the country of origin, with many travellers avoiding trips to Italy due to the high level of COVID-19 cases.
Prior to the outbreak of COVID-19 in 2020, all brands operating in personal luxury had been investing in sustainability activities; required by stakeholders and demanded by consumers. However, due to the outbreak of COVID-19 in the country, all sustainability activities have been put on hold; however, consumers expect brands to continue to invest in building a greener economy.
Over the forecast period, sales of personal luxury are expected to recover. However, this will align with the roll-out of a COVID-19 vaccine, that will allow consumers to feel more confident to visit stores once more.
Across the forecast period, direct communication with consumers will become increasingly more important for designer brands. This is particularly the case due to the rise of e-commerce in 2020, with consumers migrating to the online platform in preference of visiting physical stores.
Store sales are expected to be impacted by COVID-19 in the forecast period, especially with cases of the virus rising across Europe in Q4 of 2020. Therefore, full recovery in stores is expected to align to a time when the COVID-19 vaccine has started to roll-out, cases have fallen, and consumers feel confident to be in public places once more.
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Understand the latest market trends and future growth opportunities for the Personal Luxury industry in Italy 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 Italy, 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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