Before the COVID-19 crisis in early 2020, personal luxury was expected to register moderate growth due to the deceleration of spending and first signs of diminishing consumer confidence. The outbreak of COVID-19 generated a steep fall in demand of 80-90% in all categories during the first period.
The shift towards non-store retailing for personal luxury further accelerated during the confinement of the COVID-19 crisis in early 2020. Stores that chose to close their doors during the initial phase of the pandemic encouraged their customers to shop online, with e-commerce capturing a higher share.
Manufacturers and retailers are focusing on promoting affordable luxury products in personal luxury. The idea is to expand the consumer base with extensions that carry prices that allow them to be more affordable to a wider audience.
Global luxury brands tried to tackle the effects of store closures and diminishing demand. Brands such as Chanel and Louis Vuitton with flagship stores located at the PC Hoofstraat in Amsterdam, for instance, offered customers private personal visits by appointment.
De Bijenkorf, the largest luxury department store in the Netherlands, closed its outlets for six weeks during the COVID-19 crisis in order to protect the health of its employees and customers. The retailer encouraged its customers to shop online by launching intensified internet marketing campaigns that included among others special discount offers.
The designer outlet McArthur in Roermond, one of the largest for luxury personal products in the Netherlands, remained open during the pandemic with more limited opening times. Many stores chose to temporarily close while others limited the number of customers and provided hand sanitation.
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Understand the latest market trends and future growth opportunities for the Personal Luxury industry in Netherlands with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Personal Luxury research and analysis database.
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