Voice of the Industry: Luxury Goods 2021

June 2021

In the Voice of the Industry series, Euromonitor International connects with industry professionals to explore trends and innovations. This report focuses on the Luxury Goods industry, drawing on a survey of over 300 professionals working in luxury goods in over 40 countries around the world.

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Key Findings

Top findings from Euromonitor International’s Luxury Goods Voice of the Industry survey include:

According to industry professionals, the Coronavirus (COVID-19) pandemic has had a profound and immediate impact on sales of luxury goods.

The biggest change is tied to e-commerce, with almost nine out of 10 industry professionals indicating that internet and e-commerce channels gained share in the past year and had the greatest impact overall, as well as being the most important investment.

Whilst 2020 saw dramatic shifts in retail sales, distribution channels and consumer shopping behaviours, future sales expectations among luxury goods industry professionals are optimistic, although a decrease in sales is anticipated in the short-term.

Digital engagement, customer-centric marketing and sustainable products and features are expected to remain the most influential trends in a post-COVID-19 world.

Introduction

Voice of the Industry: luxury goods
Voice of the Industry: luxury goods snapshot

Key Trends Impacting the Industry

Impact of COVID-19 on luxury sales and market performance
COVID-19 accelerates digitalisation and impacts travel and hospitality
Stakes in digitalisation and e-commerce help shape new business models
Buying less but buying better could favour luxury brands
Crisis pushes shift towards digital shopping and improved customer service

Sales Forecasts and Channel Shifts

E-commerce booms during the pandemic era
Wholesale luxury retailers lose greatest share
Temporary store closures hit wholesale fashion retailers hardest
Leading luxury department stores the biggest casualties of COVID-19
Luxury retailers face increasing challenges from last-mile delivery
Luxury retailers improve competitiveness through own delivery services
Supply chain and transportation constraints to persist into 2021
Investment in digitalisation and e-commerce continues to proliferate
Return to pre-pandemic levels of growth looks optimistic

Shifts in Consumer Behaviour

Expectations of environmental and social purpose increase in priority
Revival in health of global wealth to drive outlook for luxury goods

Industry Innovations

Rethinking relevance of services, product attributes and positioning

About Voice of the Industry

About Euromonitor International’s Voice of the Industry survey series
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