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.
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.
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